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GAO-12-1042R 1 (2012-09-27)

handle is hein.gao/gaobadpbe0001 and id is 1 raw text is: GAO Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-323907 September 27, 2012 The Honorable Tim Johnson Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Spencer Bachus Chairman The Honorable Barney Frank Ranking Member Committee on Financial Services House of Representatives Subject: Securities and Exchange Commission: Disclosure of Payments by Resource Extraction Issuers 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 Disclosure of Payments by Resource Extraction Issuers (RIN: 3235-AK85). We received the rule on August 23, 2012. It was published in the Federal Register as a final rule on September 12, 2012, with an effective date of November 13, 2012. 77 Fed. Reg. 56,365. The final rule and amendment to a new form is adopted pursuant to section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act relating to disclosure of payments by resource extraction issuers. Section 1504 added section 13(q) to the Securities Exchange Act of 1934 (Exchange Act), which requires the Commission to issue rules requiring resource extraction issuers to include in an annual report information relating to any payment made by the issuer, a subsidiary of the issuer, or an entity under the control of the issuer, to a foreign government or the federal government for the purpose of the commercial development of oil, natural gas, or minerals. Section 13(q) requires a resource extraction issuer to provide information about the type and total amount of such payments made for each project related to the commercial development of oil, natural gas, or minerals, and the type and total amount of payments made to each government. In addition, Section 13(q) GAO-12-1042R

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