Oil Group Blasts SEC Mineral Disclosure Rule In DC Circ.

Law360, Washington (March 22, 2013, 2:13 PM EDT) -- The American Petroleum Institute on Friday urged the D.C. Circuit to overturn a Dodd-Frank Act rule requiring the disclosure of payments companies make to foreign governments for natural gas resources, saying it creates a multibillion-dollar burden and requires the release of confidential business information.

According to the industry group, the U.S. Securities and Exchange Commission should have invoked its exemption authority and nixed the provision early on because it will cost affected companies $14 billion to implement the new rule and force them to reveal key...
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