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US SEC approves Dodd-Frank transparency rules

Financial regulators in the US have adopted new transparency rules

US financial regulators have adopted new rules requiring US-listed oil and gas companies to disclose a broad range of payments made to the US and other governments in countries around the world where they do business. The move had been opposed by the industry but has drawn praise from transparency campaigners as a positive step towards greater openness in the industry. The new rules were passed in a close vote – by three to two - on 22 August by the Securities and Exchange Commission (SEC) as part of the 2010 Dodd-Frank Wall Street Reform Act. Under the regulations, companies will have to report payments to governments of more than $100,000 for taxes, fees, royalties, dividends infrastructu

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