Rule 13q-1, which requires resource extractions issuers to disclose payments made to foreign governments, was adopted by the SEC on June 27, 2016. This rule was initially adopted in August 2012 but was vacated by the U.S. District Court for the District of Columbia. Since then, several other entities adopted transparency rules that are similar to Rule 13q-1, and the SEC re-proposed the rules for the payment disclosures back in December of last year. Now, the rule has been finalized and resource extraction issuers will be required to disclose the payments in XBRL format using Form SD starting with their fiscal year ending no earlier than September 30, 2018.
Monday, July 11. 2016
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