SEC Adopts Disclosure Rule For Extraction Cos.

Law360, New York (August 22, 2012, 8:45 PM EDT) -- The U.S. Securities and Exchange Commission on Wednesday adopted a rule requiring American companies to disclose what they pay to foreign governments for the right to extract oil, natural gas and other resources, a measure bitterly opposed by industry leaders.

The SEC voted 2-1 in favor of the rule, which implements a hard-hitting provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the 2010 financial reform law.

The rule requires more than 1,000 publicly traded companies in the United States that engage in oil,...
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