Oil trade group vows fight to narrow SEC disclosure rule

The oil industry’s most powerful trade group says it will push the Securities and Exchange Commission to narrowly apply a provision in the Wall Street reform law that requires companies to disclose payments to foreign governments.

The SEC floated draft rules Wednesday that require project-level disclosure by oil and mining companies in their filings with the commission. The American Petroleum Institute — which has been pressing regulators to carve out exemptions from the rules — renewed its attack on the provision in the Wall Street bill Thursday.

“This unilateral approach to revenue disclosure would give foreign oil and natural gas companies access to confidential, proprietary information that they could use against U.S.-listed companies when competing for crucial energy resources around the globe,” said Misty McGowen, a director in API’s office of federal relations, in a statement.

She said the group “will continue to work with the SEC on the anti-competitive aspects of this statute.” We have more on the disclosure mandate here and here.