Yesterday the Securities and Exchange Commission issued an order denying a joint motion to stay the effectiveness of Exchange Act Rule 13q-1 and new Form SD (related to disclosure of payments by resource extraction issuers) pending the outcome of the American Petroleum Institute, Chamber of Commerce, Independent Petroleum Association of America and the National Foreign Trade Council’s petition for review filed with the U.S. Court of Appeals for the D.C. Circuit on October 10, 2012.
The Court of Appeals has directed expedited briefing and argument on the parties’ petition for review, and the Commission notes in its order that a determination on Rule 13q-1’s validity may be made as soon as this spring.
Resource extraction issuers are not required to begin complying with the new rules until the fiscal year ending after September 30, 2013.
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