The Securities and Exchange Commission adopted its long-embattled resource extraction disclosure rule June 27, requiring companies to reveal the payments they make to governments as part of their attempts to develop oil, gas and minerals.
The final rule (RIN:3235-AL53) requires project-level disclosures of payments of $100,000 or more during a fiscal year, including production entitlements, taxes, royalties, fees and infrastructure improvements.
The agency faced a June 27 adoption deadline after Oxfam America Inc. sued to speed up the rulemaking and a federal judge in September ordered the SEC to create an expedited rule schedule.
Litigious History.
The rule, required by ...
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