|October 5, 2012|
Previously published on October 2012
On August 22, 2012, the SEC adopted final rules ("Final Rules") to implement the resource extraction issuer disclosure requirements of the Securities Exchange Act of 1934 (the "Exchange Act"), which were added by the Dodd-Frank Wall Street Reform and Consumer Protection Act. These rules will require public companies engaged in the commercial development of oil, natural gas, or minerals to disclose, in the XBRL interactive data standard, payments to the U.S. federal government and foreign governments. We previously reported on the Commission's proposed rules in a February 2011 Commentary, and, for the most part, the Final Rules are consistent with the proposed rules.