The SEC adopted amendments to consolidate and update property disclosure requirements for mining registrants. The agency also provided guidance on the updated requirements.
The amendments will provide investors with a more complete understanding of a registrant's mining properties, which would enable them to make better informed investment decisions. The SEC stated that the amendments will further align the agency's disclosure requirements for mining properties with current industry and global regulatory standards.
The final rule amendments include several changes to the proposed rules that align the property disclosure requirements more closely with those in the Committee for Reserves International Reporting Standards ("CRIRSCO"). As explained in the SEC Fact Sheet, the changes are intended to decrease compliance burdens and costs for registrants that are subject to CRIRSCO-based codes.
Registrants will not be required to comply with the final rule amendments until January 1, 2021. Industry Guide 7, which provides a description of property by issuers engaged or to be engaged in significant mining operations, will remain in effect until all registrants are required to comply with the final rules.
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