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SEC Fights Back Against Industry on Extractive Disclosure - Corruption Currents - WSJ

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The Securities and Exchange Commission fired back at the oil industry’s lawsuit to block a rule mandating companies to disclose their payments to foreign governments.

In a reply brief filed late Wednesday at the U.S. Court of Appeals, the SEC slammed contentions made by the U.S. Chamber of Commerce and the American Petroleum Institute, saying they attempted “an eleventh-hour shift in strategy” when arguing that the rule violates the First Amendment.

“Petitioners ignore both that regulated entities are subject to innumerable comparable federal, state and local public reporting requirements and that their novel theory could have wide-ranging and potentially devastating implications for these important government programs,” the SEC said in the filing.