S.Amdt. 3732

1. Adds Subtitle K--Resource Extraction Issuers SEC. 995. DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION ISSUERS on page 1030, between lines 9 and 10

   Adds a sectionPrinted page

   Inserted: Subtitle K--Resource Extraction Issuers SEC. 995. DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION ISSUERS.

   Inserted: Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m), as amended by this Act, is amended by adding at the end the following:

   Inserted: "(o) Disclosure of Payments by Resource Extraction Issuers.--

   Inserted: "(1) Definitions.--In this subsection--

   Inserted: "(A) the term 'commercial development of oil, natural gas, or minerals' includes the acquisition of a license, exploration, extraction, processing, export, and other significant actions relating to oil, natural gas, or minerals, as determined by the Commission;

   Inserted: "(B) the term 'foreign government' means a foreign government, an officer or employee of a foreign government, an agent of a foreign government, a company owned by a foreign government, or a person who will provide a personal benefit to an officer of a government if that person receives a payment, as determined by the Commission;

   Inserted: "(C) the term 'payment'--

   Inserted: "(i) means a payment that is--

   Inserted: "(I) made to further the commercial development of oil, natural gas, or minerals; and

   Inserted: "(II) not de minimis; and

   Inserted: "(ii) includes taxes, royalties, fees, licenses, production entitlements, bonuses, and other material benefits, as determined by the Commission;

   Inserted: "(D) the term 'resource extraction issuer' means an issuer that--

   Show 29 more inserted paragraphsShow less

   Inserted: "(i) is required to file an annual report with the Commission; and

   Inserted: "(ii) engages in the commercial development of oil, natural gas, or minerals;

   Inserted: "(E) the term 'interactive data format' means an electronic data format in which pieces of information are identified using an interactive data standard; and

   Inserted: "(F) the term 'interactive data standard' means standardized list of electronic tags that mark information included in the annual report of a resource extraction issuer.

   Inserted: "(2) Disclosure.--

   Inserted: "(A) Information required.--Not later than 270 days after the date of enactment of the Restoring American Financial Stability Act of 2010, the Commission shall issue final rules that require each resource extraction issuer to include in the annual report of the resource extraction issuer information relating to any payment made by the resource extraction issuer, a subsidiary of the resource extraction issuer, or an entity under the control of the resource extraction issuer to a foreign government or the Federal Government for the purpose of the commercial development of oil, natural gas, or minerals, including--

   Inserted: "(i) the type and total amount of such payments made for each project of the resource extraction issuer relating to the commercial development of oil, natural gas, or minerals; and

   Inserted: "(ii) the type and total amount of such payments made to each government.

   Inserted: "(B) Interactive data format.--The rules issued under subparagraph (A) shall require that the information included in the annual report of a resource extraction issuer be submitted in an interactive data format.

   Inserted: "(C) Interactive data standard.--

   Inserted: "(i) In general.--The rules issued under subparagraph (A) shall establish an interactive data standard for the information included in the annual report of a resource extraction issuer.

   Inserted: "(ii) Electronic tags.--The interactive data standard shall include electronic tags that identify, for each payment made by a resource extraction issuer to a foreign government or the Federal Government--

   Inserted: "(I) the amount of the payment;

   Inserted: "(II) the currency used to make the payment;

   Inserted: "(III) the financial period in which the payment was made;

   Inserted: "(IV) the business segment of the resource extraction issuer that made the payment;

   Inserted: "(V) the government that received the payment, and the country in which the government is located;

   Inserted: "(VI) the project of the resource extraction issuer to which the payment relates; and

   Inserted: "(VII) such other information as the Commission may determine is necessary or appropriate in the public interest or for the protection of investors.

   Inserted: "(D) International transparency efforts.--To the extent practicable, the rules issued under subparagraph (A) shall support the commitment of the Federal Government to international transparency promotion efforts relating to the commercial development of oil, natural gas, or minerals.

   Inserted: "(E) Effective date.--With respect to each resource extraction issuer, the final rules issued under subparagraph (A) shall take effect on the date on which the resource extraction issuer is required to submit an annual report relating to the fiscal year of the resource extraction issuer that ends not earlier than 1 year after the date on which the Commission issues final rules under subparagraph (A).

   Inserted: "(3) Public availability of information.--

   Inserted: "(A) In general.--To the extent practicable, the Commission shall make available online, to the public, a compilation of the information required to be submitted under the rules issued under paragraph (2)(A).

   Inserted: "(B) Other information.--Nothing in this paragraph shall require the Commission to make available online information other than the information required to be submitted under the rules issued under paragraph (2)(A).

   Inserted: "(4) Authorization of appropriations.--There are authorized to be appropriated to the Commission such sums as may be necessary to carry out this subsection.".

   Inserted: SEC. 996. SENSE OF CONGRESS.

   Inserted: It is the sense of Congress that--

   Inserted: (1) the President should work with foreign governments, including members of the Group of 8 and the Group of 20, to establish domestic requirements that companies under the jurisdiction of each government publicly disclose any payments made to a government relating to the commercial development of oil, natural gas, and minerals; and

   Inserted: (2) the President should commit the United States to become a Candidate Country of the Extractive Industries Transparency Initiative.

   Original wording

   On page 1030, between lines 9 and 10, insert the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed