[The] United States…celebrates today’s release by the Securities and Exchange Commission (SEC) of a long-awaited rule for the landmark transparency provision, Section 1504, of the Dodd-Frank Act. Section 1504… requires oil, gas and mining companies listed on US stock exchanges to publicly report, by project, the payments made to US and foreign governments for access to natural resources in all countries of operation.

PWYP-US, a civil society coalition dedicated to creating a more open and accountable extractives sector, has led the nearly six-year long effort to secure a strong Section 1504 rule. The implementing rule, which requires project-level reporting, by company, with no categorical exemptions for supposed host-country prohibitions, aligns with similar payment transparency requirements already in effect in 30 countries.

…Jana Morgan, Director of PWYP-US…[states] “This rule will give investors the tools they need to assess and mitigate risk in the volatile extractives market, as well as empower citizens to hold their governments accountable for how their resource wealth is used.”

…PWYP-US is disappointed that the SEC has allowed for an unnecessary two-year phase-in period before companies are required to report, as well as the provision allowing a one year delay in reporting for payments related to exploratory activities.

[Also refers to BHP Billiton, Eni, ExxonMobil, Total]