On August 22, 2012, the U.S. Securities and Exchange Commission (SEC) voted to approve regulations to implement Section 1504, or the Cardin-Lugar Amendment, of the Dodd-Frank Financial Reform and Consumer Protection Act. Section 1504 requires any oil, gas or mining company reporting to the SEC to disclose their country and project-level payments to host governments each year. The following provides…
Thanks to public pressure and a lawsuit by Oxfam America, the SEC has done it, and last month saw the draft rule published. PWYP-US is currently analysing the details, but overall, it’s good news – it is comparable to the EU Directives (so most companies which are listed in both the US and EU will be able to submit the same report in both places) and the early general verdict is that this is a strong proposed rule, which requires public disclosure of payments by company and by project.
Today, the Securities and Exchange Commission (SEC) voted in favor of a proposed rule for Section 1504 of the Dodd-Frank Act. Publish What You Pay – United States welcomes the decision by the SEC to propose a rule in line with the international standard on extractives payment transparency.
PWYP-US submitted this letter to the Securities and Exchange Commission’s rulemaking record for its implementing rule for Section 1504 of the Dodd-Frank Act. View it on the SEC website. For a comprehensive analysis of the companies subject to Section 1504 of the Dodd-Frank Act, download the data.
Publish What You Pay – United States (PWYP-US) welcomes today’s commitment by the Securities and Exchange Commission to quickly finalize a rule for Section 1504 of the Dodd-Frank Act, a groundbreaking oil, gas and mining transparency law. Read the full press release here.
No competitive disadvantage from payment disclosure, says leading natural resource economist Transparency advocates are fighting to prevent Big Oil from weakening Section 1504 of Dodd-Frank, the landmark oil, gas, and mining payment transparency provision. Section 1504, if properly implemented, will enable citizens to monitor the revenue their governments receive from extractives companies, and help citizens ensure that revenue generated from…
On the 5th Anniversary of Section 1504 of the Dodd-Frank Act, Publish What You Pay U.S. and Global Witness call on the U.S. government to renew its leadership in tackling corruption in the oil, gas and mining sector by moving forward with strong implementation of Section 1504. Obstruction by big oil has delayed the Securities and Exchange Commission (SEC) rule…
This post originally appeared on www.publishwhatyoupay.org In 2010, President Obama signed into law the Dodd-Frank Act, section 1504 of which obliges all extractive companies listed in the US to publicly disclose the payments they make to governments around the world. Five years on, despite inspiring similar legislation by other jurisdictions around the world, this law has yet to come into…
On December 17th, 2014 the Government of Canada passed into law the Extractive Sector Transparency Measures Act as part of omnibus legislation Bill C-43. Under this Act, publicly traded and large private oil, gas, and mining companies must publicly disclose payments to governments, not just in Canada, but around the world. Read this fact sheet to find out more.
CSOs Put Limited Data to Good Use, Call for Project-Level Reporting What most profoundly distinguishes American Petroleum Institute (API) from civil society organizations in resource-rich countries working to make a more transparent and accountable extractives sector? (Hint: the answer we’re looking for is not “the ability to pay for an army of high-priced lawyers” – although that works too.) Put…