Oil Group Uses Obama Order To Fight Disclosure Rule

Law360, New York (May 21, 2012, 7:40 PM EDT) -- A leading oil industry group urged the U.S. Securities and Exchange Commission on Friday to work more exemptions into a forthcoming rule requiring extraction companies to disclose payments to foreign governments, arguing the rule's current language clashed with a recent White House executive order.

In a letter to the SEC, the American Petroleum Institute claimed the rule as currently proposed ran afoul of a May 1 executive order promoting international regulatory cooperation by forcing companies to disclose payments in foreign countries where such disclosure is prohibited....
To view the full article, register now.