The SEC adopted final Exchange Act Rule 13q-1 and amended Form SD in order to require resource extraction issuers to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas and minerals in an interactive data format. In a separate Order, the SEC determined that the current reporting requirements of the European Union's Accounting and Transparency Directives (as implemented in a European Union or European Economic Area member country), Canada's Extractive Sector Transparency Measures Act, and the United States' Extractive Industries Transparency Initiative are "substantially similar" to the SEC's resource extraction rules, subject to certain conditions. The final rule, form amendment and Order were published in the Federal Register.
The final rule and form amendment are effective on September 26, 2016. Resource extraction issuers are required to comply with the rule and amendment for fiscal years ending on or after September 30, 2018. The final Order is immediately effective.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
