Financial Transparency Coalition

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.

Today is not just Tax Day in the United States. It is also the first anniversary of the deadline for the SEC to issue rules on Dodd-Frank Secti0n 1504 – the breakthrough transparency provision for the oil, gas, and mining sectors. Task Force Managing Director Tom Cardamone, as a guest post at Trust Law, writes,

This post is the second part of a two-post series. The first post, on the economic costs of Section 1504, is available here. Embedded into the Dodd-Frank Wall Street Reform and Consumer Protection Act–also known as the “financial overhaul bill”—was Section 1504, which will require companies listed on the U.S. stock exchange to disclose payments to governments for oil, gas, and mining. The American Petroleum Industry (API), a U.S. trade association for the oil and gas industry, is pushing back against this provision. In a letter to the SEC, API claims Section 1504 defies Executive Order 13563, which Obama signed...