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Resource Guide: 2020 SEC Rulemaking for Section 1504, U.S. Oil and Mining Anti-Corruption Rule

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On December 18, 2019, the U.S. Securities and Exchange Commission (SEC) proposed a draft implementing rule for Section 1504, a key oil and mining anti-corruption law in the United States enacted with bipartisan support in 2010. The provision mandates regulations requiring all oil, gas, and mining companies listed on U.S. stock exchanges to disclose the payments they make to governments by project and by company. The SEC issued a strong rule in 2016 that Publish What You Pay (PWYP) welcomed, but this rule was vacated in 2017 by Congress after a push by the U.S. oil industry lobby.

The PWYP US coalition and its member organizations – including Global Witness, the Natural Resource Governance Institute, One, and Oxfam – strongly condemn the proposed rule issued in December 2019 and are working to improve and strengthen the final rule.

The draft rule was published on the U.S. Federal Register on January 15, 2020, initiating a 60-day public comment period which will conclude on March 16, 2020.

The full text of the December 2019 proposed rule can be read here

The dissenting statements on the December 2019 proposed rule for Section 1504 by SEC Commissioner Allison Herren Lee can be read here and by SEC Commissioner Robert J. Jackson, Jr. can be read here.

PWYP US member statements
Press coverage of the SEC’s 2019 Proposed Rule
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