A proposed rule mandating the disclosure of payments made by oil, gas and mining companies to foreign governments has become the target of anti-corruption advocates and even some businesses who say it fails to align with international standards. The updated rule, proposed by the U.S. Securities and Exchange Commission in December, seeks to ease the compliance burden the disclosure obligations placed on the extractive industry, according to the agency. But some companies, in written comments to the SEC, have said the proposal will do the opposite. The proposed revisions have led to a divergence between the SEC’s rule and the reporting requirements adopted abroad. Directors at anti-graft group Transparency International said in a letter that the proposed rule could spur other countries to eliminate their transparency laws.

Source: Wall Street Journal March 18, 2020 19:18 UTC