SEC Adopts Final Rules for Resource Extraction Issuers under Dodd-Frank Act
TerraLex published an advisory written by partner Tom Rose, partner-elect Shona Smith and partner Dave Meyers on the SEC’s adoption of final rules requiring resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals. The rules are intended to further the statutory objective to advance U.S. policy interests by promoting greater transparency about payments related to resource extraction to help combat global corruption and empower citizens of resource-rich countries to hold their governments accountable for the wealth generated by those resources. The article details the issuers affected and which payments and subsequent information they will need to disclose.