SEC oil rule rewrite won’t come any time soon

The Securities and Exchange Commission (SEC) is unlikely to float revised oil and mining industry disclosure mandates within the next year, the latest federal regulatory agenda shows.

The SEC is rewriting the controversial mandate that forces companies to disclose payments to foreign governments. The planned revision follows a July court ruling that tossed out an earlier version of the rule.

The SEC's latest agenda, released Wednesday, does not list the revised rule, signaling that it’s far from completion. “The list represents our best estimate as to what would be ready for Commission consideration by fall of 2014,” SEC spokesman John Nester said.

The July court decision and the SEC’s decision not to challenge it was a victory for oil and business groups that called the original version of the rule burdensome.

The regulation, which is required under the 2010 Dodd-Frank financial reform law, been the focus of an intense lobbying and political battle between oil companies and human rights groups.

The timeframe for the rewrite — or lack thereof — provides advocates on both sides plenty of time to continue lobbying the regulators.

Politico spotted the rule’s omission from the regulatory agenda earlier Wednesday.