SEC staff answers frequently asked questions about the resource extraction rule

On May 30, the staff of the SEC’s Division of Corporation Finance published answers to nine frequently asked questions relating to Exchange Act Rule 13q-1, which requires U.S. and foreign “resource extraction issuers” to provide annual disclosures on Form SD regarding certain payments of $100,000 or more made to governments (including the U.S. federal government) and governmental entities in connection with the commercial development of oil, natural gas or minerals. Rule 13q-1 and Item 2.01 of Form SD set forth the disclosure requirements implementing Section 13(q) of the Exchange Act, which was added by Section 1504 of the Dodd-Frank Act.

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