Document ID: SEC-2016-0147-0001
Agency: sec
Document Type: Proposed Rule
Title: Disclosure of Payments by Resource Extraction Issuers; Extension of Comment Period
Posted Date: 2016-01-27T05:00Z

[Federal Register Volume 81, Number 17 (Wednesday, January 27, 2016)]
[Proposed Rules]
[Pages 4598-4599]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2016-01545]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 240 and 249

[Release No. 34-76958; File No. S7-25-15]
RIN 3235-AL53

Extension of Comment Period for Disclosure of Payments by 
Resource Extraction Issuers

AGENCY: Securities and Exchange Commission.

ACTION: Extension of comment period.

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SUMMARY: The Securities and Exchange Commission is extending the 
comment period for a release proposing new Rule 13q-1 and an amendment 
to Form SD to implement Section 1504 of the Dodd-Frank Wall Street 
Reform and Consumer Protection Act relating to disclosure of payments 
by resource extraction issuers [Release No. 34-76620 (Dec. 11, 2015); 
80 FR 80057 (Dec. 23, 2015)]. The comment period for the proposal is 
divided between an initial comment period and a period for reply 
comments. The original initial comment period is scheduled to end on 
January 25, 2016 and the original period for reply comments is 
scheduled to end on February 16, 2016. The Commission is extending the 
time period in which to provide the Commission with initial comments 
until February 16, 2016 and to provide reply comments until March 8, 
2016. This action will allow interested persons additional time to 
analyze the issues and prepare their comments.

DATES: The comment period for the proposed rule published on December 
23, 2015 (80 FR 80057), is extended. Initial comments are due on 
February 16, 2016. Reply comments, which may respond only to issues 
raised in the initial comment period, are due on March 8, 2016. In 
developing the final rules, the Commission may rely on both new 
comments and comments that have been received to date, including those 
that were provided in connection with the prior rules that the 
Commission issued under Section 13(q).

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

Electronic Comments

     Use the Commission's Internet comment forms (http://www.sec.gov/rules/proposed.shtml);
     Send an email to rule-comments@sec.gov. Please include 
File Number S7-25-15 on the subject line; or
     Use the Federal Rulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Brent J. Fields, 
Secretary, Securities and Exchange Commission, 100 F Street NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number S7-25-15. This file number 
should be included on the subject line if email 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 printing in the 
Commission's Public Reference Room, 100 F Street NE., Room 1580, 
Washington, DC 20549, on official business days between the hours of 
10:00 a.m. and 3:00 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.
    Studies, memoranda or other substantive items may be added by the 
Commission or staff to the comment file during this rulemaking. A 
notification of

[[Page 4599]]

the inclusion in the comment file of any such materials will be made 
available on the SEC's Web site. To ensure direct electronic receipt of 
such notifications, sign up through the ``Stay Connected'' option at 
www.sec.gov to receive notifications by email.

FOR FURTHER INFORMATION CONTACT: Shehzad K. Niazi, Special Counsel; 
Office of Rulemaking, Division of Corporation Finance, at (202) 551-
3430; or Elliot Staffin, Special Counsel; Office of International 
Corporate Finance, Division of Corporation Finance, at (202) 551-3450, 
U.S. Securities and Exchange Commission, 100 F Street NE., Washington, 
DC 20549.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing new Rule 13q-1 and an amendment to Form SD 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 directs the Commission to issue 
rules requiring resource extraction issuers to include in an annual 
report information relating to any payment made by the issuer, a 
subsidiary of the issuer, or an entity under the control of 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.
    The Commission originally requested that initial comments on the 
release be received by January 25, 2016 and that reply comments, which 
may respond only to issues raised in the initial comment period, be 
received by February 16, 2016. The Commission has received a request 
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. 34-76620 
``Disclosure of Payments by Resource Extraction Issuers'' until 
February 16, 2016 for initial comments and until March 8, 2016 for 
reply comments.
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    \1\ Letter from American Petroleum Institute (Jan. 7, 2016). 
Comments are available on the Commission's Web site at http://www.sec.gov/comments/s7-25-15/s72515.shtml.

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    By the Commission.

    Dated: January 21, 2016.
Brent J. Fields,
Secretary.
[FR Doc. 2016-01545 Filed 1-26-16; 8:45 am]
 BILLING CODE 8011-01-P