The European Parliament approved a law...mandating oil, gas, mining and logging companies to disclose the payments they make to foreign governments for access to natural resources...It will cover payments such as taxes, royalties, permits, bonuses and the like...“The adoption of these laws is a watershed moment in the global drive for greater transparency,” Arlene McCarthy, a member of the British Labour party...As with U.S. legislation, there will be no exception for payments made in countries where disclosure is prohibited...The rules come into effect in Fall 2015...Along with the U.S. legislation, 70% of the value of the global extractive industries will be required to make the disclosures...Oil businesses...have been trying to stymie the U.S. rules, suing to block them. A U.S. federal appeals court refused to hear the challenge until the case goes through the district court level.