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Article

16 Jul 2013

Author:
Michael D. Goldhaber, Litigation Daily (USA)

The Global Lawyer: Will the U.S. Get Back on the Transparency Train?

[A] federal judge in Washington, D.C. vacated the Securities and Exchange Commission's Dodd-Frank section 1504 rule, which would force U.S.-listed petroleum and mining companies to disclose payments to all governments around the world. In accepting the arguments of the American Petroleum Institute and tossing the "Publish What You Pay" rule, the district court for the District of Columbia was wrong on the law and wrong on the policy...The one certain consequence of section 1504's vacatur is that the E.U.—whose directive cannot be challenged until after it is implemented by member nations—will become the policy leader in revenue transparency. The SEC should gather its nerve to re-propose its own rule, the D.C. courts should show more respect for Congress, and all players should welcome a thoughtful debate on costs and benefits. [refers to Royal Dutch Shell]