API, others ask SEC to delay foreign disclosure rule implementation

The American Petroleum Institute and other business groups asked the US Securities and Exchange Commission on Oct. 26 to delay its scheduled Nov. 13 implementation of a new foreign disclosure rule for US extraction industries until their legal challenge of it can be resolved.

API, the Independent Petroleum Association of America, US Chamber of Commerce, and National Foreign Trade Council sued SEC over the regulation in US District Court for the District of Columbia on Oct. 10.

As they argued in their lawsuit, the groups said in their request for the SEC to stay the regulation’s implementation that the rule would give foreign competitors an unfair advantage by requiring disclosure of information beyond what other countries require.

Such matters should be resolved in a court which appears better qualified to rule on them, they told the SEC. “With a stay in place, petitioners will join the commission in seeking expedited judicial review,” their letter said.

Contact Nick Snow at nicks@pennwell.com.

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