Tags: oil | company | payments | ruling

Court Tosses Rule on Disclosure of Oil Company Payments to Foreign Govts

Tuesday, 02 Jul 2013 04:18 PM

By Dan Weil

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
A U.S. District Court Judge Tuesday jettisoned a Securities and Exchange Commission (SEC) rule that would make U.S. oil and mining companies fully reveal payments they make to foreign governments.

Business groups, including the American Petroleum Institute (API) and Chamber of Commerce, challenged the rule, which was struck down by Judge John Bates, The Hill reports.

They argued that the rule was too costly and would have forced them to give up proprietary business information.

Bates vacated the rule, established by the 2010 Dodd-Frank bank reform law, passing it back to the SEC. The SEC overstepped by requiring that full filings from companies be made public, rather than just summaries, he decided.

The SEC "offers no persuasive arguments that the statute unambiguously requires public disclosure of the full reports," Bates wrote.

Human rights groups supported the rule, saying the information it requires would help prevent corruption and help guarantee that energy development in Africa and elsewhere benefits the local population, according to The Hill.

The business groups were obviously pleased with their victory. "Today's decision is a win for American jobs, for our economy and for international transparency," Harry Ng, API general counsel said in a statement.

"U.S. companies are leading the way to increase transparency, but the rule would have jeopardized transparency efforts already underway by making American firms less competitive against state-owned oil companies."



© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Poll: Veterans Not Happy With President or Obamacare

Saturday, 19 Apr 2014 18:02 PM

Most veterans and active-duty members of the military believe the United States is heading in the wrong direction, do no . . .

California Man Survives Avalanche on Mount Everest

Saturday, 19 Apr 2014 16:07 PM

California man says he feels lucky that he survived an avalanche that killed at least 13 people on Mount Everest. Kenwoo . . .

Carriage Horse Foes Picket Liam Neeson's NYC Home

Saturday, 19 Apr 2014 14:11 PM

Animal rights activists protesting outside Liam Neeson's home say they don't agree with him that New York's carriage hor . . .

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved