Court Sets May 6 Hearing on Dueling Motions Over SEC Resource Extraction Rulemaking

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By Yin Wilczek

April 8 — A U.S. district court has scheduled a May 6 hearing on a relief organization's lawsuit to expedite the Securities and Exchange Commission's rulemaking for resource extraction payment disclosures.

In a lawsuit filed in September, Oxfam America Inc. asked the U.S. District Court for the District of Massachusetts to award it summary judgment over the SEC's failure to issue the rule. Pleading unreasonable delay, the organization asked the court to direct the SEC to issue a rule proposal within 30 days after granting summary judgment or by Aug. 1, whichever is sooner. It also asked that a rule be finalized by Nov. 1.

SEC Says Approach Reasonable 

For its part, the SEC has filed a cross-motion for summary judgment arguing that judicial intervention is not warranted because its approach is reasonable.

The SEC told the court that it may not repropose a resource extraction rule until spring 2016.

The hearing is before Judge Denise Casper.

Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act directs the SEC to require the resource extractive industries to disclose payments made to governments to further the commercial development of oil, natural gas or minerals.

A rule that the SEC adopted in 2012 was invalidated by the U.S. District Court for the District of Columbia on the basis of two “substantial” rulemaking errors.

To contact the reporter on this story: Yin Wilczek in Washington at

To contact the editor responsible for this story: Ryan Tuck at

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