On 24 May 2011 Rees Warne of Catholic Relief Services gave this presentation in the session, "Initiatives in the International Context: Linkages and Impacts on Africa".

1. United States Dodd-Frank Act: Disclosure Requirements for Publically Traded Oil, Gas and Mining Companies Rees Warne Policy Advisor for Extractive Industries: Catholic Relief Services Member: PWYP-US Management Committee

2. Dodd-Frank Act: Section 1504 Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (US Public Law 111-203) Requires all oil, gas and mining companies that are listed on US stock exchanges To disclose what they pay to the governments of the countries where they operate

6. Disaggregated information

7. For each country where they operate (“Country-by-Country” reporting)

8. For each “project” in each country (Project-by-Project reporting)

10. July 2010: President Obama signed the law

11. August to October 2010: 1st public comment period

12. December 2010: SEC provided draft rules

13. December 2010 – present: 2nd public comment period

15. Comments on Proposed Rules (1) All comments submitted to the SEC are public http://www.sec.gov/comments/s7-42-10/s74210.shtml Many comments support strong rules (especially comments from PWYP; development, environmental, human rights and faith-based organizations; and some investors and companies)

16. Comments on Proposed Rules (2) Other comments seek weaker rules (especially comments from major oil companies) Exemptions for countries that prohibit disclosure Remove project by project reporting Claim that strong rules would weaken the EITI Claim that law would hurt US companies Our Responses Countries that prohibit disclosure are precisely the countries where transparency is most important Different project agreements have different payment requirements The law and rules are designed to be consistent with – and complementary to – the EITI Other markets are exploring adoption of similar disclosure requirements – we strongly support this

19. As data compiled by the SEC