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Article

2 Jul 2013

Author:
US District Court for the District of Columbia

American Petroleum Institute, et al. v. Securities and Exchange Commission - Memorandum Opinion

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Acting pursuant to a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act…, the Securities and Exchange Commission promulgated a Rule requiring certain companies to disclose payments made to foreign governments in connection with the commercial development of oil, natural gas, or minerals. Plaintiffs—associations of oil, natural gas, and mining companies whose members are subject to the Rule—raise a host of challenges to the Rule and contest both the Rule and the underlying statute on First Amendment grounds…[T]he parties have filed cross-motions for summary judgment. For the reasons set forth below, the Court will grant plaintiff s’ motion, vacate the Rule, and remand to the Commission for further proceedings.