New rules adopted late in June by for issuers reporting under the US Securities and Exchange Commission (SEC) held the promise that oil, gas and mining companies operating in Canada that file annual transparency reports might now be able to use that same report to meet new US requirements.
According to professional services firm KPMG, the new US transparency reporting requirements were similar to Canada’s Extractive Sector Transparency Measures Act (ESTMA), which required Canadian resource companies to report tax and other payments they made to Canadian and foreign governments.
