The SEC proposed rules requiring that resource extraction issuers "disclose payments made to foreign governments or the U.S. federal government for the commercial development of oil, natural gas, or minerals."

A prior version of the rule was disapproved by a joint resolution of Congress (see previous coverage here). Under the Dodd-Frank Act, the SEC is statutorily obligated to issue a rule in this area.

According to the SEC, the proposal would require domestic or foreign resource extraction issuers to:

  • annually file a Form SD;

  • disclose payments made by a domestic or foreign issuer, or a subsidiary or entity controlled by the issuer; and

  • publicly disclose company-specific, project-level payment information.

The SEC Commissioners provided several statements on the proposal (see here, here, here, here and here).

Comments must be submitted within 60 days of publication of the proposal in the Federal Register.