Hot Topic | February 2020

SEC proposes extractive industry payment disclosures

The SEC has proposed new rules on disclosure of payments by extractive industry issuers to foreign governments and the US federal government. KPMG explains the key impacts of the proposed rules.

Applicability

SEC Release No. 34-87783; File No. S7-24-19

SEC extractive industry issuers required to file an annual report on Form 10-K, Form 20-F or Form 40-F

Relevant dates

  • March 16, 2020 – Comments due on proposed rules

Key impacts

The proposals would introduce rules that:

  • Outline the required disclosure for payments to any foreign government or the US federal government
  • Provide an extended filing timeline compared with previous rules over disclosure of extractive industry payments

Report contents

  • Background and impacts
  • Key provisions of the proposed rules
  • Effective date and transition

 

 

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