Financial Transparency Coalition

Today was a very big day for advocates of financial transparency. The Securities and Exchange Commission (SEC) voted to approve the final rules for Dodd-Frank Section 1504, which was passed over two years ago. The rules will immediately go into effect. 1504 requires oil, gas, and mining companies to publish all payments they make to governments.

WASHINGTON DC - Global Witness welcomes the long-overdue vote on implementation rules for Sections 1502 and 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act by the United States Securities and Exchange Commission (SEC).

WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) today voted to adopt implementing rules for Section 1504 of the legislation, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments. The release of the rules enables Section 1504 to finally take effect, and the effected companies will shortly need to begin reporting as required by law.

WASHINGTON, DC – More than two years after the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, the U.S. Securities and Exchange Commission (SEC) is scheduled to vote tomorrow morning, August 22, 2012, on implementing regulations for Section 1504 of the bill, which requires companies operating in the oil, gas, and mining sectors to publicly report on the payments they make to foreign governments on a project-by-project basis. The release of the regulations will enable Section 1504 to take effect, and the effected companies will shortly need to begin reporting as required by law.