81 FR 49163 - Order Recognizing the Resource Extraction Payment Disclosure Requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as Substantially Similar to the Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934

SECURITIES AND EXCHANGE COMMISSION

Federal Register Volume 81, Issue 144 (July 27, 2016)

We are issuing an order recognizing the resource extraction payment disclosure requirements of the European Union, Canada and the U.S. Extractive Industries Transparency Initiative as substantially similar to the requirements of Rule 13q-1 under the Securities Exchange Act of 1934.

[Federal Register Volume 81, Number 144 (Wednesday, July 27, 2016)]
[Rules and Regulations]
[Pages 49163-49164]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2016-15677]


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SECURITIES AND EXCHANGE COMMISSION

17 CFR Part 240

[Release No. 34-78169]


Order Recognizing the Resource Extraction Payment Disclosure 
Requirements of the European Union, Canada and the U.S. Extractive 
Industries Transparency Initiative as Substantially Similar to the 
Requirements of Rule 13q-1 Under the Securities Exchange Act of 1934

AGENCY: Securities and Exchange Commission.

ACTION: Order.

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SUMMARY: We are issuing an order recognizing the resource extraction 
payment disclosure requirements of the European Union, Canada and the 
U.S. Extractive Industries Transparency Initiative as substantially 
similar to the requirements of Rule 13q-1 under the Securities Exchange 
Act of 1934.

DATES: July 27, 2016.

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: Order Recognizing the Resource Extraction 
Payment Disclosure Requirements of the European Union, Canada and the 
U.S. Extractive Industries Transparency Initiative as Substantially 
Similar to the Requirements of Rule 13q-1 under the Securities Exchange 
Act of 1934 (``Exchange Act'').

June 27, 2016

    For the reasons set forth in the adopting release for Rule 13q-1 
and the accompanying amendments to Form SD,\1\ the Commission hereby 
finds that the following resource extraction payment disclosure regimes 
are substantially similar to the disclosure

[[Page 49164]]

requirements of Rule 13q-1 for purposes of the alternative reporting 
provisions of paragraph (c) of Item 2.01 of Form SD:
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    \1\ See Section II.J.3.b of Exchange Act Release No. 34-78167 
(June 27, 2016).
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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'') as implemented in a 
European Union or European Economic Area member country;
    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'') as implemented in a European Union or 
European Economic Area member country;
    3. Canada's Extractive Sector Transparency Measures Act 
(``ESTMA''); and
    4. The U.S. Extractive Industries Transparency Initiative 
(``USEITI'').
    Issuers are advised that our determination of substantial 
similarity with respect to each of these four regimes may be subject to 
reconsideration if there should be any significant modifications to 
those regimes.
    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 that a resource extraction issuer, as defined in Item 
2.01(d) of Form SD, that files 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, ESTMA, or the USEITI, in 
accordance with the requirements set forth in paragraph (c) of Item 
2.01(c) of Form SD and the conditions specified below, will satisfy its 
disclosure obligations under Rule 13q-1.

Conditions

    1. USEITI reports only satisfy a resource extraction issuer's 
disclosure obligations under Item 2.01(a) of Form SD for payments made 
to the Federal Government.
    2. A resource extraction issuer may not follow the USEITI 
submission deadline to the extent it differs from the 150 day deadline 
in General Instruction B.2 of Form SD and must provide the required 
payment information on a fiscal year basis.

    By the Commission.
Brent J. Fields,
Secretary.
[FR Doc. 2016-15677 Filed 7-26-16; 8:45 am]
 BILLING CODE 8011-01-P