It could soon mean tighter rules for resource extraction issuers. According to Sarah Klein of Becker & Poliakoff, the U.S. Securities and Exchange Commission has voted to impose new guidelines on both foreign and domestic issuers to disclose payments made to governments for the commercial development of oil, natural gas or minerals.
“The types of activities targeted include exploration, extraction, processing, and export of oil, natural gas, or minerals, and the acquisition of a license for similar activities,” says Klein. She goes on to note that payments caught under the new rules would include: taxes, royalties, fees, production entitlements, bonuses, dividends and payments made for infrastructure improvements.
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