Document ID: SEC-2011-0159-0001
Agency: sec
Document Type: Proposed Rule
Title: Disclosure of Payments by Resource Extraction Issuers
Posted Date: 2011-02-03T05:00Z

[Federal Register Volume 76, Number 23 (Thursday, February 3, 2011)]
[Proposed Rules]
[Pages 6111-6112]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-2359]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 229 and 249

[Release No. 34-63795; File No. S7-42-10]
RIN 3235-AK85

Disclosure of Payments by Resource Extraction Issuers

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: The Securities and Exchange Commission is extending the 
comment period for a release proposing amendments to its rules pursuant 
to Section 1504 of the Dodd-Frank Wall Street Reform and Consumer 
Protection Act. [Release No. 34-63549; 75 FR 80977 (December 23, 
2010)]. The original comment period for Release 34-63549 is scheduled 
to end on January 31, 2011. The Commission is extending the time period 
in which to provide the Commission with comments on that release for 30 
days until Wednesday, March 2, 2011. This action will allow interested 
persons additional time to analyze the issues and prepare their 
comments.

DATES: Comments should be received on or before March 2, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml);
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S7-42-10 on the subject line; or
     Use the Federal eRulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, U.S. Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number S7-42-10. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments 
also are available for Web site viewing and

[[Page 6112]]

printing in the Commission's Public Reference Room, 100 F Street, NE., 
Washington, DC 20549, on official business days between the hours of 10 
a.m. and 3 p.m. All comments received will be posted without change; we 
do not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly.

FOR FURTHER INFORMATION CONTACT: Tamara Brightwell, Senior Special 
Counsel, Division of Corporation Finance, or Elliot Staffin, Special 
Counsel in the Office of International Corporate Finance, Division of 
Corporation Finance, at (202) 551-3290, U.S. Securities and Exchange 
Commission, 100 F Street, NE., Washington, DC 20549.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing amendments to its rules to implement Section 1504 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act. Section 
1504 added Section 13(q) to the Securities Exchange Act of 1934, 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, or by a subsidiary or another entity 
controlled by 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 
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) requires a 
resource extraction issuer to provide certain information regarding 
those payments in an interactive data format, as specified by the 
Commission. This release was published in the Federal Register on 
December 23, 2010.
    The Commission originally requested that comments on the release be 
received by January 31, 2011. The nature of the proposed disclosure 
requirements differs from the disclosure traditionally required by the 
Exchange Act, and the proposal requested comment on a variety of 
significant aspects of the proposed rules. The Commission has received 
requests for an extension of time for public comment on the proposal 
to, among other things, allow for the collection of information and to 
improve the quality of responses.\1\ The Commission believes that 
providing the public additional time to consider thoroughly the matters 
addressed by the release and to submit comprehensive responses to the 
release would benefit the Commission in its consideration of final 
rules. Therefore, the Commission is extending the comment period for 
Release No. 34-63549 ``Disclosure of Payments by Resource Extraction 
Issuers'' for 30 days, to Wednesday, March 2, 2011.
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    \1\ See, e.g., letters from National Mining Association (January 
3, 2011); National Stone, Sand & Gravel Association (January 13, 
2011); and World Gold Council (January 7, 2011). Comments are 
available on the Commission's Internet Web site at http://www.sec.gov/comments/s7-42-10/s74210.shtml.

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    By the Commission.

    Dated: January 28, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-2359 Filed 2-2-11; 8:45 am]
BILLING CODE 8011-01-P