The Securities and Exchange Commission (SEC) (click here) announced its adoption of rules which will require resource extraction issuers to disclose payments that are not de minimis made to governments for the commercial development of oil, natural gas, or minerals.
This includes payments made to the United States federal government as well as foreign governments. The disclosures will appear in Form SD, which will be required to be filed annually within 150 days of the issuer’s fiscal year end beginning with fiscal years ending after September 30, 2018.
“We are adopting Rule 13q-1 and an amendment to Form SD to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to the disclosure of payments by resource extraction issuers,” the SEC memo states....
The Republicans have decided the free market system (the system that crashes everything) is better than obtaining information and GOVERNING.
The SEC is a long standing agency to protect Americans from the ravages of Wall Street. It was developed by the USA government and became a lawful organization in 1934.
It is the responsibility of the Commission to:
Congress has the right of a joint resolution under the law. This is a crony effort by Congress and the US Senate already has it's own bill. The interruption of Congress in the smooth governance of the SEC will result in unstable economic conditions in the USA.
Hubris is not governance and corruption is corruption.
January 24, 2017
By Ben Grossman-Cohen