HEALTH AND SAFETY, SECURITIES AND MERGERS AND ACQUISITIONS CLIENT ALERT: SEC Issues Final Rules Concerning Disclosure of Government Payments by Resource Extraction Issuers

    View Authors 31 August 2012
    On August 22, 2012, the Securities and Exchange Commission (SEC) adopted final rules implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that requires “resource extraction issuers” to report certain payments to the U.S. and foreign governments for the commercial development of oil, natural gas or minerals. The final rules apply to U.S. and foreign companies (including smaller reporting companies) that meet the definition of a resource extraction issuer, which is any company that is required to file an annual report with the SEC and engages in the commercial development of oil, natural gas or minerals. The new rules must be complied with for fiscal years ending after September 30, 2013.