EU Panel Backs Transparency Rules For Oil, Gas, Logging Cos.

Law360, New York (September 18, 2012, 2:03 PM EDT) -- European regulators on Tuesday approved draft legislation requiring large resource and extraction companies to fully disclose the payments they make to national governments, replicating a long-delayed and controversial provision of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act.

The European Parliament's Committee on Legal Affairs approved unanimously a negotiation mandate imposing the disclosure rule on large companies extracting oil, gas and minerals and loggers of primary forests, the Parliament said. Any payment of 80,000 euros or above will require disclosure, according to Arlene McCarthy,...
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