Big Oil Bracing for Fight to Keep Government Payments Hidden
- New SEC measure said to seek more specifics than firms wanted
- Agency's original rule was overturned after industry lawsuit
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Big energy companies are bracing for the next round in their fight to stop U.S. regulators from making them reveal what they pay foreign governments for rights to extract oil, gas and minerals.
The Securities and Exchange Commission plans to vote Dec. 11 on a revised proposal for addressing a Dodd-Frank Act requirement that firms whose shares trade in the U.S. publicly report payments such as taxes, royalties and other fees, according to a notice posted Friday. Lawmakers inserted the provision in the landmark financial-regulation overhaul, saying it would help reduce corruption in poor countries.