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Exxon Mobil Corporation Message Board

  • bluecheese4u bluecheese4u Apr 26, 2013 2:10 PM Flag

    Appeals court tosses out challenge to SEC oil rule

    Ben Geman - 04/26/13 11:46 AM ET

    A federal appeals court has dismissed an oil industry challenge to Securities and Exchange Commission rules that require petroleum and mining companies to disclose payments to foreign governments, ruling that the case belongs in a lower court.

    The Friday ruling by the U.S. Court of Appeals for the District of Columbia Circuit doesn’t wade into the substance of the controversial SEC rule and doesn’t end the legal battle over the regulation.

    Instead the appellate judges agreed with Oxfam America, which intervened in the case to defend the SEC rule, that the industry challenge belongs in federal district court. The appellate judges dismissed the case “for lack of jurisdiction.”

    The American Petroleum Institute (API), the U.S. Chamber of Commerce and other groups had already filed suit in district court alongside the appellate challenge, and Friday’s ruling notes, “Their caution proved prescient.”

    To read why, specifically, the appeals court believes it’s not the proper venue for the challenge right now, click here.

    The SEC rule in question forces SEC-listed oil, natural gas and mining companies to reveal payments to governments related to projects in their countries, such as money for production licenses; taxes; royalties and other aspects of energy and mineral projects.

    It’s aimed at increasing transparency to help undo the “resource curse,” in which some impoverished countries in Africa and elsewhere are plagued by high levels of corruption and conflict alongside their energy and mineral wealth.

    Industry groups say the rules will create costly burdens, and put SEC-listed oil companies at a disadvantage when competing for contracts overseas against state-owned Russian and Chinese competitors.

    Their lawsuit argues the SEC’s economic analysis underlying the rule is badly flawed and that the rule violates the First...


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