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Article

2 Jul 2013

Author:
Sarah N. Lynch, Reuters

Federal judge tosses out SEC payment disclosure rule [USA]

In a blow to U.S. securities regulators and human rights groups, a district court judge…tossed out a new rule requiring oil, gas and mining companies to disclose payments to foreign governments. The Securities and Exchange Commission's extractive resources rule was added to the 2010 Dodd-Frank Wall Street reform law. Proponents…say it would help combat corruption and wasteful spending in resource-rich nations. Trade groups[’]…lawsuit laid out a litany of allegations, including claims the agency misinterpreted the law by forcing the public disclosure of detailed data on payments…U.S. District Judge John Bates…agreed with a handful of the groups' claims…The decision…may not bode well for another pending legal challenge…to a third Dodd-Frank regulation known as the "conflict minerals" rule. The rule calls for manufacturers to disclose if their products contain certain minerals from the war-torn Democratic Republic of Congo.