For the first time, the SEC’s staff issued guidance last week under its rule governing audit committees for listed issuers. The guidance addresses the composition of audit committees for issuers that are listed in both Brazil and the United States, and it takes the form of an interpretive letter from the Division of Corporation Finance
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The SEC’s New Proposal on Resource Extraction Payments: A Deeper Dive
By Nick Grabar, Sandra Flow, Nina E. Bell & Daniel Chor on
Posted in SEC Guidance
Companies in the mining and oil and gas industries are increasingly subject to requirements to disclose the payments they make to governments. In December 2015, the U.S. Securities and Exchange Commission published its proposed rule on the disclosure of “resource extraction payments,” implementing a directive of the Dodd-Frank Act of 2010. The Commission, under pressure…
Resource Extraction Payments – The SEC Tries Again
By Nick Grabar, Sandra Flow, Nina E. Bell & Daniel Chor on
Posted in SEC Guidance
On December 11, 2015, the Securities and Exchange Commission issued a proposed rule on disclosure of resource extraction payments, over two years after a federal court vacated a prior version of the rule. The new proposal is similar in many ways to the SEC’s original rule, adopted in August 2012 – in large part because the SEC is implementing a detailed congressional directive contained in Section 1504 of the 2010 Dodd-Frank Act. However, in addition to addressing the deficiencies the court found in the original rulemaking, the SEC has made other notable changes to reflect global developments in transparency for resource extraction payments, particularly in the European Union and Canada.
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