James Tillen Comments on Dodd-Frank Provision in Compliance Week

"Dodd-Frank Causes New Oil & Gas Pains"
Compliance Week
08.24.10A new disclosure provision within the Dodd-Frank Wall Street Reform and Consumer Protection Act would require the SEC to draft rules mandating Resource Extraction Issuers to track and disclose any payments made to the U.S. federal government or a foreign government for the purpose of commercial development of oil, natural gas, or minerals. This new provision will bring increased disclosure burdens to the oil and gas industries. Because the provision includes payments made to foreign government, “issuers could face this data-gathering obligation in almost every country in which they’re doing business,” says James Tillen.
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