Section 1504: A Burden For Resource Extraction Cos.

Law360, New York (September 7, 2012, 4:10 PM EDT) -- On Aug. 22, 2012, the U.S. Securities and Exchange Commission adopted, by a 2-1 vote, the final rule implementing Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This rule requires certain oil, natural gas and mineral companies to disclose annual payments made to U.S. or foreign governments in an effort to increase the transparency of such expenditures and thereby improve government accountability in resource-rich countries.

The implications of this rule are significant: Section 1504 will likely impose substantial compliance costs on the...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.