SEC Proposes Rules Requiring Disclosure of Payments by Resource Extraction Issuers (Fed. Reg.)

The SEC's proposal to require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas or minerals was published in the Federal Register.

Proposed Securities Exchange Act Rule 13q-1 and an amendment to Form SD ("Specialized Disclosure Report") implement Section 13(q) of the Securities Exchange Act, which was added by Section 1504 ("Disclosure of Payments by Resource Extraction Issuers") of the Dodd-Frank Act.

Initial comments on the SEC's proposal must be submitted by January 25, 2016. Reply comments, which may respond only to issues raised in the initial comment period, must be submitted by February 16, 2016.