Judge orders U.S. SEC to expedite resource extraction rule

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Publisher: Reuters
Author: Sarah Lynch
 

A federal judge has ordered the U.S. Securities and Exchange Commission to fast-track a final rule requiring oil, gas and mining companies to disclose payments to foreign governments, after a human rights group complained the regulator was dragging its feet.

In a Sept. 2 ruling, Judge Denise J. Casper for the U.S. District Court for the District of Massachusetts handed Oxfam America a major victory, and told the SEC it will get 30 days to file an “expedited schedule” with the court for how it plans to finalize the rule.

“The SEC is now more than four years past the deadline set by Congress for the promulgation of the final rule,” Casper wrote in her decision.

“The court concludes… that the SEC’s delay in promulgating the final extractive payments disclosure rule can be considered unlawfully withheld.”

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By : Securex /September 04, 2015 /Uncategorized /0 Comment