DC Court Strikes Down SEC Oil Payment Disclosure Rule

Law360, New York (July 2, 2013, 5:27 PM EDT) -- A Washington federal court on Tuesday vacated a controversial U.S. Securities and Exchange Commission rule requiring oil, gas and mining companies to publicly reveal their payments to foreign governments, dealing another setback to the agency's ambitious Dodd-Frank Act rulemaking efforts.

The SEC misread Dodd-Frank as mandating public disclosure of the payments rather than confidential disclosure to the agency, according to the ruling by U.S. District Judge John D. Bates. In addition, the agency’s decision not to grant an exemption for firms doing business in countries that...
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