Early one recent morning while you were sleeping, Congress was wide awake, moving toward increased reporting requirements and exposure for large mine operators and those with large parent companies. Just after 5:00 a.m. on June 25, House and Senate conferees emerged from an all-nighter with an overhaul of the U.S. financial regulatory system. Tucked inside were a series of provisions imposing new requirements not on banks, but on mines. The bill’s mining provisions, which start on page 2,293 of the conference report, apply to any “issuer” (a company that issues securities) that (1) is required to submit reports to the Securities and Exchange Commission (SEC) under Sections 13(a) or 15(d) of the Securities and Exchange Act of 1934, and (2) is a mine operator or owner. For the first time, the bill would require that such firms report in their SEC disclosures a number of detailed items relating to their mining and health and safety compliance records.
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Reprinted with permission from Coal Age Magazine.