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SECoil

SECoil

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Published by Staci Matlock
SEC ruling on information U.S. oil companies operating in foreign countries must make public.
SEC ruling on information U.S. oil companies operating in foreign countries must make public.

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Published by: Staci Matlock on Aug 24, 2012
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08/24/2012

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SECURITIES AND EXCHANGE COMMISSION17 CFR Parts 240 and 249
 
[RELEASE NO. 34-67717; FILE NO. S7-42-10]RIN 3235-AK85DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION ISSUERSAGENCY:
Securities and Exchange Commission.
 ACTION:
Final rule.
SUMMARY:
We are adopting new rules and an amendment to a new form pursuant toSection 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating todisclosure of payments by resource extraction issuers. Section 1504 added Section 13(q) tothe Securities Exchange Act of 1934, which requires the Commission to issue rules requiringresource extraction issuers to include in an annual report information relating to any paymentmade by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to aforeign government or the Federal Government for the purpose of the commercialdevelopment of oil, natural gas, or minerals. Section 13(q) requires a resource extractionissuer to provide information about the type and total amount of such payments made foreach project related to the commercial development of oil, natural gas, or minerals, and thetype and total amount of payments made to each government. In addition, Section 13(q)requires a resource extraction issuer to provide information regarding those payments in aninteractive data format.
 
 
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DATES:Effective Date:
[insert date 60 days after publication in the Federal Register]
 Compliance Date:
A
 
resource extraction issuer must comply with the new rules and formfor fiscal years ending after September 30, 2013. For the first report filed for fiscal yearsending after September 30, 2013, a resource extraction issuer may provide a partial yearreport if the issuer’s fiscal year began before September 30, 2013. The issuer will berequired to provide a report for the period beginning October 1, 2013 through the end of itsfiscal year. For any fiscal year beginning on or after September 30, 2013, a resourceextraction issuer will be required to file a report disclosing payments for the full fiscal year.
 FOR FURTHER INFORMATION CONTACT:
Tamara Brightwell, Senior SpecialCounsel, Division of Corporation Finance, Elliot Staffin, Special Counsel, Office of International Corporate Finance, Division of Corporation Finance, or Eduardo Aleman,Special Counsel, Office of Rulemaking, Division of Corporation Finance, at (202) 551-3290,U.S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-4553.
 SUPPLEMENTARY INFORMATION:
We are adopting new Rule 13q-1
1
and anamendment to new Form SD
2
under the Securities Exchange Act of 1934 (“Exchange Act”).
3
 
1
17 CFR 240.13q-1.
2
17 CFR 249.448.
3
15 U.S.C. 78a et seq.
 
 
3
TABLE OF CONTENTS
I. BACKGROUND ........................................................................................................... 5II. FINAL RULES IMPLEMENTING SECTION 13(q) ................................................. 13A. Summary of the Final Rules ....................................................................................... 13B. Definition of “Resource Extraction Issuer” and Application of the DisclosureRequirements .............................................................................................................. 181. Proposed Rules ......................................................................................................... 182. Comments on the Proposed Rules ............................................................................ 183. Final Rules................................................................................................................ 28C. Definition of “Commercial Development of Oil, Natural Gas, or Minerals” ............. 351. Proposed Rules ......................................................................................................... 352. Comments on the Proposed Rules ............................................................................ 363. Final Rules................................................................................................................ 41D. Definition of “Payment” ............................................................................................. 471. Types of Payments ................................................................................................... 482. The “Not De Minimis” Requirement ....................................................................... 663. The Requirement to Provide Disclosure for “Each Project” .................................... 784. Payments by “a Subsidiary...or an Entity Under the Control of…”......................... 88E. Definition of “foreign government”............................................................................ 951. Proposed Rules ......................................................................................................... 952. Comments on the Proposed Rules ............................................................................ 963. Final Rules.............................................................................................................. 100F. Disclosure Required and Form of Disclosure ........................................................... 1021. Annual Report Requirement................................................................................... 1022. Exhibits and Interactive Data Format Requirements ............................................. 1123. Treatment for Purposes of Securities Act and Exchange Act ................................ 126G. Effective Date ........................................................................................................... 1311. Proposed Rules ....................................................................................................... 1312. Comments on the Proposed Rules .......................................................................... 131

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