SEC Will Revise Invalidated Oil Payment Disclosure Rule

Law360, New York (September 3, 2013, 4:55 PM EDT) -- The U.S. Securities and Exchange Commission confirmed Tuesday that it won't appeal a Washington federal judge's dismissal of its rule requiring oil, gas and mining companies to disclose payments to foreign governments, saying it will instead revise the rule, which is mandated by the Dodd-Frank Act.

U.S. District Judge John D. Bates invalidated the rule July 2, saying the commission misread Dodd-Frank as mandating public disclosure of the payments rather than confidential disclosure to the agency and that the SEC's decision not to grant an exemption...
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