Not later than 270 days after the date of enactment of the Dodd - Frank Wall Street Reform and Consumer Protection Act, the Commission shall issue final rules that require each resource extraction
issuer to include in an 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...
Under the proposed amendments, the disclosure of any oil and
gas metric requires the
reporting issuer to identify the standard, methodology and meaning of the metric, and to provide a cautionary statement as to the reliability of the metric.