EG Justice Urges the SEC to Draft Robust Transparency Rules
EG Justice Urges the SEC to Draft Robust Transparency RulesMarch 30, 2011
In a four page public comment submitted to the U.S. Securities and Exchange Commission (SEC) on Tuesday, EG Justice highlighted the impact that a provision of the Wall Street reform legislation package may have in curbing corruption, increasing government accountability, and reducing investor uncertainty in Equatorial Guinea.
The SEC is in the process of designing the rules that will enforce Section 1504 of the Dodd-Frank Financial Reform act, which was passed in the U.S. Congress in July 2010. The American Petroleum Institute, as well as a number of oil, gas, and mining companies, are lobbying the SEC in an effort to dilute the rules.
In its submission, EG Justice urged the SEC to design a robust set of rules that will put an end to financial secrecy in the oil, gas, and mining industries and provide Equatoguinean citizens with information they can use to hold their government accountable for the use of the country's significant oil revenues.