On August 22, the Securities and Exchange Commission adopted a final rule implementing disclosure and reporting requirements regarding the use by issuers of conflict minerals from the Democratic Republic of the Congo (DRC) and adjoining countries (collectively, the Covered Countries) added as Section 13(p) to the Securities Exchange Act of 1934 (Exchange Act) by Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act. “Conflict minerals” are tantalum, tin, gold, tungsten, their derivatives, or any other minerals or their derivatives determined by the US Secretary of State to be financing conflict in the Covered Countries.
Continue Reading SEC Adopts Final Rules Regarding Conflict Minerals Disclosure

On August 22, the Securities and Exchange Commission adopted final rules to implement Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the Dodd-Frank Act), which added Section 13(q) to the Securities Exchange Act of 1934. The new rules will require SEC registrants that are engaged in the development of oil, natural gas or minerals (resource extraction issuers) to report payments made to foreign governments, including sub-national governments, or to the US federal government of taxes, royalties, fees (including license fees), production entitlements, bonuses, dividends and infrastructure improvements on a new Form SD. A payment may be excluded if it (or any series of related payments) is less than $100,000 during the most recent fiscal year of the issuer. Disclosable payments include payments made by a subsidiary or other entity controlled by the issuer. The payments required to be disclosed include, for each “project,” payments in connection with exploration, extracting, processing, export or the acquisition of a license for any such activity.Continue Reading SEC Adopts Final Resource Extraction Rules

On August 8, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (the “Banking Agencies”) announced an extension to the comment period with respect to three notices of proposed rulemaking (originally released on June 7) that would revise and replace current

On July 30, the Board of Governors of the Federal Reserve System (Board) announced the approval of a final rule establishing risk-management standards for certain financial market utilities (FMUs) designated as systemically important by the Financial Stability Oversight Council. The final rule also establishes requirements for advance notice of proposed material changes to the rules, procedures, or operations of certain designated FMUs. FMUs, such as payment systems, central securities depositories, and central counterparties, provide the infrastructure to clear and settle payments and other financial transactions. The final rule (Regulation HH) is substantively similar to the proposed rulemaking, with two exceptions. The final rule includes a new provision that would allow the Board to waive the application of certain Regulation HH standards to a particular type of designated FMU, "where the risks presented by or the design of that designated FMU would make application of certain standards inappropriate." In addition, the Board has revised the illustrative list of changes that do not require an advance notice, in part to include changes to a designated FMU’s fees, prices, or other charges.Continue Reading Federal Reserve Finalizes Financial Market Utility Rules