Post Tagged with: "new SEC rules"

SEC Announces New Rules on Resource Extraction Payments

SEC Announces New Rules on Resource Extraction Payments

On June 27, 2016, the Securities and Exchange Commission (SEC) announced its adoption of rules which will require resource extraction issuers to disclose payments that are not de minimis made to governments for the commercial development of oil, natural gas, or minerals. This includes payments made to the United States federal government as well as foreign governments.  The disclosures will appear in Form SD, which will be required to be filed annually within 150 days of the issuer’s fiscal year end beginning with fiscal years ending after September 30, 2018. “We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers,” the SEC memo states. Key points included in the rules are: The reporting requirements apply to all U.S. and foreign companies who are required to[Read More…]

June 29, 2016 - 11:00 am Closing Bell Story, Oil and Gas 360 Articles, Regulatory