FACT SHEET – EU rules for disclosure of payments to governments by oil, gas and mining and logging companies

On 26 June 2013 the European Parliament and Council of the European Union (EU Member States) signed into law new payment disclosure requirements for the extractive and forestry industries. These new rules require oil, gas, mining and logging companies to annually disclose the payments they make to governments on a country-by-country and project-by-project basis.

Section 1504 Legislative History Timeline

Section 1504 of the Dodd-Frank Financial Reform and Consumer Protection Act, also referred to as the Cardin-Lugar Amendment, emerged following several years of work within the U.S. Congress, wherein industry, investors, and civil society were provided with ample opportunities to influence the final language of the requirements. Review this timeline of Section 1504’s legislative history.

FACT SHEET – SEC Rules for Oil and Mineral Payment Disclosure

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…