FACT SHEET – SEC Rules for Oil and Mineral Payment Disclosure (22/08/12)
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 a summary of the key requirements. Direct quotes from the SEC rules are in italics.