May 28, 2014

OMB could recommend SEC to propose fresh Dodd-Frank disclosure rules

From: PennEnergy

, OGJ Washington Editor

The White House Office of Management and Budget may recommend that the US Securities and Exchange Commission propose revised requirements for publicly traded US oil, gas, and mining firms to disclose payments to foreign governments.

Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act mandates that such disclosures be required, OMB’s Office of Information and Regulatory Affairs said in a notice. US District Court for the District of Columbia vacated and remanded the SEC’s previous attempt to implement the rule in July 2013, it noted (OGJ Online, July 2, 2013).

The SEC subsequently said it would not appeal the court’s decision, but try to rework its proposal to address shortcomings the ruling identified instead (OGJ Online, Sept. 4, 2013).

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