Regulatory Alerts2016-07-27 | 2016-15677Added
Order Recognizing Substantial Similarity of EU, Canadian, and USEITI Resource Extraction Payment Disclosure Requirements to Rule 13q-1
The Securities and Exchange Commission issued an order recognizing that resource extraction payment disclosure regimes in the European Union, Canada, and the U.S. Extractive Industries Transparency Initiative are substantially similar to Rule 13q-1 under the Securities Exchange Act of 1934. This determination allows resource extraction issuers to satisfy their disclosure obligations under Rule 13q-1 by filing reports that comply with the equivalent foreign or domestic transparency requirements. The order specifies conditions for this alternative reporting, including that USEITI reports only satisfy obligations for payments to the Federal Government and must adhere to specific fiscal year and deadline standards.
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