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Proposed SEC Rule Aims to Curb Corruption in Oil, Gas, Mineral Industries

'Oil derrick east of Freer, TX IMG 0969' by Billy Hathorn at en.wikipedia. Licensed under CC BY-SA 3.0 via Wikimedia Commons proposed help  combat global corruption and  empower citizens of  resource - rich countries to hold their governments accountable  for the wealth generated by those  resources." 

Specifically, if an issuer engages in commercial development of oil, natural gas or minerals, then they would need to disclose both the payment and information about the payment that includes: 
  • Type and total amount of such payments made for each project of the resource extraction issuer relating to the commercial development of oil, natural gas, or minerals.
  • Type and total amount of such payments for all projects made to each government.
  • Total amounts of the payments by category.
  • Currency used to make the payments.
  • Financial period in which the payments were made.
  • Business segment of the resource extraction issuer that made the payments.
  • The government that received the payments, and the country in which the government is located.
  • The project of the resource extraction issuer to which the payments relate.
  • The particular resource that is the subject of commercial development.
  • The subnational geographic location of the project.

The information would be disclosed on the Form SD, and would need to be included in an exhibit and electronically tagged using XBRL. The SEC is taking comments until Jan. 26.