SEC Issues Final Rules on Disclosure of Payments by Resource Extraction Issuers
On June 27, 2016, the Securities and Exchange Commission (“SEC”) issued new Rule 13q-1 and an amendment to Form SD (collectively, the “final rules”) to implement the Dodd-Frank Act requirement that issuers that engage in the commercial development of oil, natural gas, or minerals (“resource extraction issuers”) disclose annually payments made to the U.S. federal government or any foreign government for the purpose of the commercial development of oil, natural gas, or minerals by such resource extraction issuers, their subsidiaries and other entities under their control.