SEC Proposes Rules Related to Payments by Oil and Gas Companies and Mining Companies and Mine Safety Disclosure: What Public Companies Need to Know and Do Now
6 January 2011
On December 15, 2010, the US Securities and Exchange Commission (the Commission or the SEC) proposed new disclosure requirements to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) relating to payments to governments by US and foreign oil and gas companies and mining companies, and proposed new disclosure obligations under Section 1503 of the Dodd-Frank Act for mining companies. The Commission is seeking comment on the proposed regulations through January 31, 2011.
This Client Alert summaries key aspects of these proposed rules issued by the Commission, and provides practical guidance to assist you in preparing for the new reporting and disclosure regime once final rules are adopted by the Commission.