Plowing ahead after the election with a contested regulation, the Securities and Exchange Commission has rejected a plea from the oil and mining industries to delay new rules forcing their companies to disclose payments to foreign governments.
The American Petroleum Institute, U.S. Chamber of Commerce and other industry lobbies have been pursuing a lawsuit challenging the new rules and wanted the SEC to delay compliance until after the courts decide.
But the SEC rejected that request Thursday, saying the industries failed "to demonstrate imminent, irreparable harm” if the regulations take effect.
The rules are an outgrowth of the Dodd-Frank Wall Street reform legislation and were designed to increase transparency over how American companies gain access to minerals, oils and gas in impoverished countries, especially in Africa, where pay-to-play corruption and violent conflict are intertwined with business.
The industry groups say they support increased transparency, but that the SEC regulations go too in putting their companies at a disadvantage by disclosing corporate secrets to competitors like state-owned companies from Russia, China and the Middle East.
You can view the order here.
