New SEC Anti-Corruption Rules Make It Harder For Oil Companies To Bribe Foreign Countries

07/05/2016 Forbes

oil well.jpgThe Securities and Exchange Commission (SEC) issued landmark transparency rules on June 27 requiring oil, gas and mining companies listed on U.S. stock exchanges to disclose all payments they make to the U.S. and foreign governments.

Under the new rules, companies and their subsidiaries are required to file annual reports starting in 2018 disclosing how much they pay governments in taxes, royalties, fees, production entitlements, bonuses and dividends for exploration, extraction and other activities.

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