The US District Court for the District of Columbia's July 2 ruling vacating the US Securities and Exchange Commission's foreign expenditures disclosure requirement under the Dodd-Frank law was good news for the oil and gas industry. But the situation still isn't resolved.
It's not certain whether the SEC will draft a new requirement that addresses shortcomings the court identified. Oxfam America and other groups supporting more extensive foreign transaction disclosure requirements want it to. US oil and gas companies don't, since they feel this would give foreign competitors not bound by such a requirement an unfair advantage.
The requirement under Section 1504 of the Dodd-Frank law clear...