A bill to update the oil and gas and mining industry guides of the Securities and Exchange Commission.

Bill: 114-s-2716
Sponsor: full_name: Sen. Reed, Jack [D-RI]
Introduced: 2016-03-17
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Government information and archives

Mining

Oil and gas

Securities

Securities and Exchange Commission (SEC)
Latest action: action_date: 2016-03-17
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (Sponsor introductory remarks on measure: CR S1597)

Summaries:
action_date: 2016-03-17
action_desc: Introduced in Senate
text: <p>This bill directs the Securities and Exchange Commission (SEC), within 180 days of enactment of this bill, to update:</p> <ul> <li>the Securities Act industry guides entitled &quot;Prospectuses relating to interests in oil and gas programs&quot; and &quot;Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations,&quot; </li> <li>the Exchange Act industry guide entitled &quot;Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations,&quot; and </li> <li>regulations concerning disclosure by registrants engaged in oil and gas producing activities.</li> </ul> <p>In making such updates, the SEC shall work with the Investor Advisory Committee, which shall solicit and consider public input or appropriate disclosures to include and make specific recommendations to the SEC. </p> <p>If the SEC fails to meet the deadline, it must report to and testify before specified congressional committees explaining why it failed to meet it. </p>

tv_txt: II 114th CONGRESS 2d Session S. 2716 IN THE SENATE OF THE UNITED STATES March 17, 2016 Mr. Reed (for himself, Mrs. Feinstein , and Mr. Whitehouse ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To update the oil and gas and mining industry guides of the Securities and Exchange Commission.

1. SEC industry guides (a) Definition In this section, the term Commission means the Securities and Exchange Commission. (b) Updates to industry guides Not later than 180 days after the date of enactment of this Act, the Commission shall— (1) update— (A) the industry guides described in subsections (d) and (g) of section 229.801 of title 17, Code of Federal Regulations and section 229.802(g) of title 17, Code of Federal Regulations; and (B) subpart 229.1200 of title 17, Code of Federal Regulations; and (2) in making the updates required under paragraph (1), work with the Investor Advisory Committee, which shall— (A) solicit and consider public input on appropriate disclosures to include; and (B) submit specific recommendations to the Commission. (c) Enforcement If the Commission fails to meet the deadline under subsection (b), the Chairman of the Commission shall provide a report to and testify before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives explaining why the Commission failed to meet the deadline.