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124 STAT. 2220 PUBLIC LAW 111–203—JULY 21, 2010

(3) the term ‘‘operator’’ has the meaning given the term
in section 3 of the Federal Mine Safety and Health Act of
1977 (30 U.S.C. 802).
(f) EFFECTIVE DATE.—This section shall take effect on the day
that is 30 days after the date of enactment of this Act.

SEC. 1504. DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION
ISSUERS.
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C.
78m), as amended by this Act, is amended by adding at the end
the following:
‘‘(q) DISCLOSURE OF PAYMENTS BY RESOURCE EXTRACTION
ISSUERS.—
‘‘(1) DEFINITIONS.—In this subsection—
‘‘(A) the term ‘commercial development of oil, natural
gas, or minerals’ includes exploration, extraction, proc-
essing, export, and other significant actions relating to
oil, natural gas, or minerals, or the acquisition of a license
for any such activity, as determined by the Commission;
‘‘(B) the term ‘foreign government’ means a foreign
government, a department, agency, or instrumentality of
a foreign government, or a company owned by a foreign
government, as determined by the Commission;
‘‘(C) the term ‘payment’—
‘‘(i) means a payment that is—
‘‘(I) made to further the commercial develop-
ment of oil, natural gas, or minerals; and
‘‘(II) not de minimis; and
‘‘(ii) includes taxes, royalties, fees (including
license fees), production entitlements, bonuses, and
other material benefits, that the Commission, con-
sistent with the guidelines of the Extractive Industries
Transparency Initiative (to the extent practicable),
determines are part of the commonly recognized rev-
enue stream for the commercial development of oil,
natural gas, or minerals;
‘‘(D) the term ‘resource extraction issuer’ means an
issuer that—
‘‘(i) is required to file an annual report with the
Commission; and
‘‘(ii) engages in the commercial development of
oil, natural gas, or minerals;
‘‘(E) the term ‘interactive data format’ means an elec-
tronic data format in which pieces of information are identi-
fied using an interactive data standard; and
‘‘(F) the term ‘interactive data standard’ means
standardized list of electronic tags that mark information
included in the annual report of a resource extraction
issuer.
‘‘(2) DISCLOSURE.—
Deadline. ‘‘(A) INFORMATION REQUIRED.—Not later than 270 days
Regulations. after the date of enactment of the Dodd-Frank Wall Street
Reports. Reform and Consumer Protection Act, the Commission
shall issue final rules that require each resource extraction

LAWS issuer to include in an annual report of the resource extrac- tion issuer information relating to any payment made by the resource extraction issuer, a subsidiary of the resourcePUBLIC with on anorris VerDate Nov 24 2008 04:10 Sep 04, 2010 Jkt 089139 PO 00203 Frm 00846 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203