At an open meeting this morning, the Securities and Exchange Commission (SEC) adopted resource extraction rules, as required by the Dodd-Frank Act. Resource extraction issuers that file reports pursuant to Securities Exchange Act Section 13 or 15(d) will be required to disclose payments made to the U.S. federal government or foreign governments for the commercial development of oil, natural gas, or minerals. The final rules will be effective 60 days following publication in the Federal Register. Following a two-year transition period, an issuer will be required annually to submit Form SD no later than 270 days following the end of its most recently completed fiscal year. For example, if the rules were to become effective on March 1, 2021, the compliance date for an issuer with a December 31 fiscal year-end would be Monday, September 30, 2024 (i.e., 270 days after its fiscal year end of December 31, 2023).
A client alert will follow. See the SEC’s press release and fact sheet here, the final rules here, and a related order here.