SEC Sued Over Dodd-Frank Disclosure Rule

Law360, New York (October 10, 2012, 7:10 PM EDT) -- Four business groups sued the U.S. Securities and Exchange Commission on Wednesday, claiming the agency had exceeded its authority in carrying out a Dodd-Frank provision requiring companies to disclose what they pay foreign governments for the right to extract oil, natural gas and other resources.

According to the suit — filed by the American Petroleum Institute, U.S. Chamber of Commerce, Independent Petroleum Association of America and National Foreign Trade Council — the SEC rule, adopted in August, will force companies to reveal sensitive information to competitors...
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