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B-330657 1 (2019-01-10)

handle is hein.gao/gaobadvky0001 and id is 1 raw text is: GAO U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-330657 January 10, 2019 The Honorable Mike Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Maxine Waters Chairwoman The Honorable Patrick McHenry Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Modernization of Property Disclosures for Mining Registrants Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Securities and Exchange Commission (Commission) entitled Modernization of Property Disclosures for Mining Registrants (RIN: 3235-AL81). We received the rule on November 1, 2018. The rule was received by the House of Representatives on November 2, 2018, and received by the Senate on November 13, 2018. It was published in the Federal Register as a final rule on December 26, 2018. 83 Fed. Reg. 66,344. The effective date of the final rule is February 25, 2019, except for the amendments to 17 C.F.R. §§ 229.801(g) and 229.802(g), which will be effective on January 1, 2021. The final rule adopts amendments to modernize the property disclosure requirements for mining registrants, and related guidance, currently set forth in Item 102 of Regulation S-K under the Securities Act of 1933 and the Securities Exchange Act of 1934 and in Industry Guide 7. According to the Commission, the amendments are intended to provide investors with a more comprehensive understanding of a registrant's mining properties, which should help them make more informed investment decisions. The Commission states that the amendments also will more closely align the Commission's disclosure requirements and policies for mining properties with current industry and global regulatory practices and standards. In addition, the final rule is rescinding Industry Guide 7 and relocating the Commission's mining property disclosure requirements to a new subpart of Regulation S-K.

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