Stay up-to-date with the latest developments in securities law through access to both news and all statutes and regulations. Find relevant corporate filings through a searchable EDGAR database. And...
House Republicans Jan. 30 will begin efforts to revoke a corporate reporting requirement meant to stem corruption in resource-rich nations.
The rule requires oil, gas and mining companies listed in the U.S. to report to the Securities and Exchange Commission payments they make to the federal and foreign governments, including taxes and royalties.
The House Rules committee is meeting Jan. 30 to discuss a resolution that would undo it with the rarely used Congressional Review Act. House Majority Leader Kevin McCarthy (R-Calif.) pointed to the regulation as one of several he wants to “ax” in a Jan. 25 op-ed in the Wall Street Journal.
The disclosure rule was established by the Dodd-Frank Act and is set to go into effect in 2018 following years of legal battles.
The SEC’s first attempt at a rulemaking was thrown out after the agency was sued by the American Petroleum Institute, a trade association whose members include Chevron Corp. and Exxon Mobil Corp.
The agency’s second attempt at the disclosure rule came after Oxfam sued to expedite the rulemaking. Oxfam, the Natural Resource Governance Institute and other civil society groups are quick to point out that companies such as BP, Royal Dutch Shell and BHP Billiton have already reported more than $150 billion in payments to governments of upwards of 100 countries under similar disclosure regimes in Canada and Europe.
“Despite this, no European company has suffered any disadvantage as a result of disclosures it has made,” the Financial Accountability and Corporate Transparency Coalition wrote in a Jan. 26 letter to lawmakers urging them to reject the resolution.
By using the Congressional Review Act, legislators could undo the regulation, but the Dodd-Frank mandate for it would remain, unless Congress nixes that too. The resource disclosures were targeted for repeal in a far-reaching set of proposed financial reforms from last Congress that is expected to be introduced in a substantially similar form in the coming weeks.
Also next week, Commodity Futures Trading Commissioner Sharon Bowen will speak about the CFTC’s regulatory outlook Jan. 30 at the Commodity Markets Council’s State of the Industry conference in Miami. CFTC Chief Economist Sayee Srinivasan will speak on the outlook for agriculture markets at the conference the same day.
On Jan. 31, Mike Gill, chief of staff for CFTC acting Chairman J. Christopher Giancarlo, will speak on a panel on the outlook for derivatives regulation. Former CFTC chairman Jim Newsome and former commissioner Jill Sommers will join him on the panel at the CMC conference.
To contact the reporter on this story: Andrea Vittorio in Washington at email@example.com
To contact the editor responsible for this story: Yin Wilczek at firstname.lastname@example.org
Copyright © 2017 The Bureau of National Affairs, Inc. All Rights Reserved.
All Bloomberg BNA treatises are available on standing order, which ensures you will always receive the most current edition of the book or supplement of the title you have ordered from Bloomberg BNA’s book division. As soon as a new supplement or edition is published (usually annually) for a title you’ve previously purchased and requested to be placed on standing order, we’ll ship it to you to review for 30 days without any obligation. During this period, you can either (a) honor the invoice and receive a 5% discount (in addition to any other discounts you may qualify for) off the then-current price of the update, plus shipping and handling or (b) return the book(s), in which case, your invoice will be cancelled upon receipt of the book(s). Call us for a prepaid UPS label for your return. It’s as simple and easy as that. Most importantly, standing orders mean you will never have to worry about the timeliness of the information you’re relying on. And, you may discontinue standing orders at any time by contacting us at 1.800.960.1220 or by sending an email to email@example.com.
Put me on standing order at a 5% discount off list price of all future updates, in addition to any other discounts I may quality for. (Returnable within 30 days.)
Notify me when updates are available (No standing order will be created).
This Bloomberg BNA report is available on standing order, which ensures you will all receive the latest edition. This report is updated annually and we will send you the latest edition once it has been published. By signing up for standing order you will never have to worry about the timeliness of the information you need. And, you may discontinue standing orders at any time by contacting us at 1.800.372.1033, option 5, or by sending us an email to firstname.lastname@example.org.
Put me on standing order
Notify me when new releases are available (no standing order will be created)