SEC adopts foreign government payment disclosure requirement

09/03/2012
The US Securities and Exchange Commission voted to adopt a requirement for US oil and gas and other extractive industries to report payments to foreign governments. The 2-1 vote adds a new provision, Section 13(q), to the 1934 Securities Act under Section 1504 of the 2010 Dodd-Frank Financial Reform Act. The American Petroleum Institute strongly criticized the Aug. 22 action. "The rules will give foreign oil and natural gas companies access to confidential, proprietary information that they could use against US companies when competing for crucial energy resources around the globe," API Chief Economist John C. Felmy said. "State-owned foreign firms could plunder this inform...
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