Jenner & Block

Client Alert: SEC’s Resource Extraction Rule Is Vacated

The U.S. District Court for the District of Columbia today vacated the SEC’s resource extraction rule adopted by the SEC to implement Section 1504 of the Dodd-Frank Wall Street Reform Act.  The Court found that the SEC misinterpreted the law by forcing the public disclosure of reports detailing payments of oil, gas and mining companies to foreign governments. The Court also found that the SEC’s decision to deny any exemption for countries that prohibit payment disclosure was arbitrary and capricious.