Thursday, October 25, 2012
Oxfam America Seeks To Intervene In Challenge To SEC’s New Extractive Industry Disclosure Regulation
On behalf of Oxfam America, we have filed a Motion to Intervene in a suit filed by the American Petroleum Institute and others challenging a new regulation governing payments for the extraction of natural resources. The “Cardin-Lugar” provision of the Dodd-Frank Wall Street Reform Act directs the Securities and Exchange Commission (SEC) to issue regulations mandating that publicly traded companies disclose payments they make to governments - at home and abroad - associated with extracting oil, natural gas, and minerals. The SEC recently issued implementing regulations requiring these disclosures, which will both provide vital information to investors while at the same time allowing people in communities where these natural resources are found, and their international allies, to hold governments accountable for natural resource revenues. API has challenged the regulation on First Amendment and other grounds, and we represent Oxfam in defending the regulation. Our motion to intervene is here.