On September 19, 2016, the SEC published a small entity compliance guide on its final resource extraction rules. The final rules, adopted by the SEC in June 2016, require certain disclosure by reporting companies in commercial development of oil, natural gas, or minerals. Under the rules, these resource extraction issuers must provide disclosure relating to payments they made to US or foreign governments. The final rules implemented disclosure requirements as required under Section 13(q) of the Exchange Act, which was enacted as part of the Dodd-Frank Act.

The guide provides a summary and explanation of the final rules, which resource extraction issuers will be required to comply with for fiscal years ending on or after September 30, 2018.

For more information on the final rules, see Legal Update, SEC Adopts Final Rules on Payment Disclosure by Resource Extraction Issuers.