PWYP Europe members reassure and encourage US regulator on oil and mining transparency

Source: PWYP International
Date: 3 May 2022

PWYP members in Europe have written to the US Securities and Exchange Commission (SEC), which regulates US stock exchanges, and notified the body that the European Commission is developing counterpart legislation in Europe. The need for extractive industry transparency rules in the EU has been backed by the British and French governments which have both publicly stated their support this year following the passing in the United States of the Dodd-Frank Act. Section 1504 of the DFA requires all US and foreign companies to file an annual report with the SEC publicly reporting how much they pay governments for the purpose of the commercial development of oil, natural gas and minerals. With America on board and progress in the EU, significant steps are being made towards capturing payments made by extractive companies all over the world. Disclosing this information will give citizens of resource-rich countries essential information to hold their governments to account and ensure that natural resources generate benefits for everyone, rather than a select few. The SEC is currently drawing up the regulations in order to implement section 1504, and PWYP Europe members have urged the SEC to keep as closely as possible to the release date of the regulations as mandated by the legislation.

Download the PDF of the letter from PWYP members to the SEC