Document ID: SEC-2021-0056-0001
Agency: sec
Document Type: Notice
Title: Order: Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, the United Kingdom, Norway, and Canada as Alternative Reporting Regimes that Satisfy the Transparency Objectives of Section 13(q) under the Securities Exchange Act of 1934
Posted Date: 2021-01-15T05:00Z

[Federal Register Volume 86, Number 10 (Friday, January 15, 2021)]
[Notices]
[Page 4726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2020-28104]

  Federal Register / Vol. 86, No. 10 / Friday, January 15, 2021 / 
Notices  

[[Page 4726]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-90680]

Order Recognizing the Resource Extraction Payment Disclosure 
Requirements of the European Union, the United Kingdom, Norway, and 
Canada as Alternative Reporting Regimes that Satisfy the Transparency 
Objectives of Section 13(q) Under the Securities Exchange Act of 1934

December 16, 2020.
    For the reasons set forth in the Commission adopting release 
``Disclosure of Payments by Resource Extraction Issuers'' for 17 CFR 
240.13q-1 (Rule 13q-1) and the accompanying amendments to Form SD,\1\ 
the Commission hereby finds that the following resource extraction 
payment disclosure regimes are alternative reporting regimes that 
satisfy the transparency objectives of Section 13(q) under the Exchange 
Act for purposes of alternative reporting under Rule 13q-1(c) and 
paragraph (c) of Item 2.01 of Form SD:
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    \1\ See Release No. 34-90679.
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    1. Directive 2013/34/EU of the European Parliament and of the 
Council of 26 June 2013 on the annual financial statements, 
consolidated financial statements and related reports of certain types 
of undertakings (``EU Accounting Directive'') \2\ as implemented in a 
European Union or European Economic Area member country;
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    \2\ OJ L 182, 29.6.2013.
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    2. Directive 2013/50/EU of the European Parliament and of the 
Council of 22 October 2013 amending Directive 2004/109/EC on 
transparency requirements in relation to information about issuers 
whose securities are admitted to trading on a regulated market, 
Directive 2003/71/EC of the European Parliament and of the Council on 
the prospectus to be published when securities are offered to the 
public or admitted to trading and Commission Directive 2007/14/EC on 
the implementation of certain provisions of Directive 2004/109/EC (``EU 
Transparency Directive'') \3\ as implemented in a European Union or 
European Economic Area member country;
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    \3\ OJ L 294, 6.11.2013.
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    3. United Kingdom's Reports on Payments to Governments Regulations 
2014; \4\
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    \4\ 2014 UK Statutory Instrument No. 3209.
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    4. Norway's Regulations on Country-by-Country Reporting; \5\ and
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    \5\ FOR-2013-12-20-1682.
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    5. Canada's Extractive Sector Transparency Measures Act 
(``ESTMA'').\6\
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    \6\ S.C. 2014, c. 39, s. 376.
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    Issuers are advised that our determination of an alternative 
reporting regime satisfying the transparency objectives of Section 
13(q) with respect to each of these five regimes may be subject to 
reconsideration if there should be any significant modifications to 
such regime.
    The Commission also hereby finds that this determination is in the 
public interest and consistent with the protection of investors. 
Accordingly, it is hereby ordered pursuant to Section 36(a) of the 
Exchange Act\3\ that a resource extraction issuer, as defined in Item 
2.01(d) of Form SD, that submits a report complying with the reporting 
requirements of either the EU Accounting Directive or the EU 
Transparency Directive, in each case as implemented in a European Union 
or European Economic Area member country, the United Kingdom's Reports 
on Payments to Governments Regulations 2014, Norway's Regulations on 
Country-by-Country Reporting, or
    Canada's ESTMA, in accordance with the requirements set forth in 
paragraph (c) of Item 2.01 of Form SD, will satisfy its disclosure 
obligations under Rule 13q-1.

    By the Commission.
Vanessa A. Countryman,
Secretary.
[FR Doc. 2020-28104 Filed 1-14-21; 8:45 am]
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