WASHINGTON—The oil industry sued to overturn a U.S. rule requiring companies to report their payments to foreign governments to develop oil and gas fields, arguing the information would provide valuable secrets to competitors.
The Securities and Exchange Commission regulation, mandated by the 2010 Dodd-Frank financial law, aims to help people in oil-rich countries hold their government officials to account for the money the governments receive for oil and mineral rights.
The American Petroleum Institute, the U.S. Chamber of Commerce and two other business groups argued in papers filed in federal court in Washington, D.C., Wednesday that the SEC exceeded its authority when it adopted the final rule in August and that it ignored companies’ suggestions for limiting the rule’s cost. The SEC is required by federal law to weigh the costs of its regulations.
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- Oil groups sue SEC over rule requiring foreign payment disclosure (bizjournals.com)
- Oil Industry Says Obama’s Regulatory Decisions Moving in ‘Wrong Direction’ (cnsnews.com)
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