Details

  • Service: Audit, Tax, Advisory
  • Industry: Consumer Markets, Diversified Industrials, Energy & Natural Resources, Technology, Telecommunications
  • Type: White paper
  • Date: 6/12/2012

Financial Transparency in the Extractive Industries - Dodd-Frank Section 1504 

This publication identifies a rule under the Dodd-Frank Act Section 1504 requiring all U.S. and foreign companies reporting to the Securities and Exchange Commission (SEC) that extract oil, natural gas or minerals to provide data about any payment to governments, in the United States and elsewhere, for the commercial development of these resources.
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The conflict mineral rule, which falls under section 1502 of the Dodd-Frank Act, affects any industry that has 3TG in its supply chain. The Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank” or the “Act”) focuses on assuring stability in the U.S. financial markets, but also covers non-financial companies that use extract minerals, oil and gas.

Title XV of the Act includes sections relating to Conflict Minerals (Section 1502), Mine Safety Disclosures (Section 1503) and Payments to Governments by Resource Extraction Issuers (Section 1504). In passing these sections into law, the U.S. Congress aims to improve transparency and provide investors and citizens new tools to hold companies and governments accountable for their actions.