SEC Set to Propose Resource Extraction, Fund Rules

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By Rob Tricchinelli

Dec. 4 — The Securities and Exchange Commission will meet Dec. 11 to potentially propose rules on resource extraction disclosure requirements and investment companies' use of derivatives.

Section 1504 of the Dodd-Frank Act requires the SEC to write a rule mandating that companies disclose payments they make to foreign governments to help develop oil, natural gas or mineral resources.

The SEC's first attempt at the rule was struck down in July 2013 after American Petroleum Institute and other industry groups sued to block it (128 SLD, 7/3/13).

On Dec. 11, the agency is also set to propose a rule dealing with how mutual funds may use derivatives. The proposal will be the third of five outlined by Chairman Mary Jo White in December 2014 that are designed to improve SEC oversight of the asset management industry (239 SLD, 12/12/14).


At least a dozen SEC officials will address an American Institute of Certified Public Accountants conference Dec. 9-11 in Washington, including White, who will give a Dec. 9 keynote.

Enforcement Director Andrew Ceresney will give updates on accounting cases, and Corporation Finance Director Keith Higgins will lead a panel on CorpFin developments.

The SEC's chief accountant, James Schnurr, and James Doty, chairman of the Public Company Accounting Oversight Board, will also speak at the conference.

Hill, Futures

In the House, eight of 10 members of the Financial Stability Oversight Council will testify at an oversight hearing held by the Financial Services Committee.

White and Commodity Futures Trading Commission Chairman Timothy Massad are among the regulators slated to appear. Treasury Secretary Jacob Lew and Fed Chairman Janet Yellen are not attending.

Overseas, Jeffrey Bandman, acting director of the CFTC's Division of Clearing and Risk, will give an update Dec. 9 on the status of financial reform in the U.S. at the Futures Industry Association's Asia Derivatives Conference in Singapore—including a sneak peek at the CFTC's early 2016 agenda.

To contact the reporter on this story: Rob Tricchinelli in Washington at

To contact the editor responsible for this story: Phyllis Diamond at

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