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SEC Adopts New Disclosure Requirements for Resource Extraction Issuers
18 July 2016
The SEC has adopted final rules requiring resource extraction issuers to disclose annual payments in excess of $100,000 made to foreign governments or the U.S. federal government for the commercial development of oil, natural gas or minerals.
Covered payments include taxes, royalties, fees (including licensing fees), production entitlements, bonuses, dividends, payments for infrastructure improvements and, if required by law or contract, community and social responsibility.
Even if a resource extraction issuer does not itself make a payment, it is required to disclose covered payments that are made by a subsidiary or an entity under its control.
Compliance with the rule is required for fiscal years ending on or after September 30, 2018, at which point annual disclosures must be filed publicly no later than 150 days after the end of a company’s fiscal year.
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