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SEC Delays Corporate Anti-Corruption Measure

WASHINGTON — Oil and mining interests are fighting back against an anti-corruption measure included in last summer’s financial reform package that was supposed to go into effect at the end of this week.Despite a statutory April 15 deadline,…

WASHINGTON — Oil and mining interests are fighting back against an anti-corruption measure included in last summer’s financial reform package that was supposed to go into effect at the end of this week.

Despite a statutory April 15 deadline, the Securities and Exchange Commission has delayed its final rulemaking on the measure, which calls for publicly traded companies listed on U.S. stock exchanges to disclose how much they pay foreign governments to acquire drilling and mining rights in their countries.

The new requirement is intended to make it more difficult for foreign leaders to hide and pocket the funds that energy and mining companies pay them. Oil and mining interests — which have historically turned a blind eye to where their money went once it left their hands — are complaining that the new rule will endanger contracts and give an advantage to competitors unburdened by such requirements.

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