Washington—A group of business organizations, including the American Petroleum Institute, filed a lawsuit October 10 against the US Securities and Exchange Commission challenging a rule requiring companies in the extractive industries to disclose payments to foreign governments. The SEC adopted the rule in August as part of its effort to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act. The rule, which becomes effective in October 2013, requires that any payment or series of payments exceeding $100,000 in a fiscal year be disclosed publicly. Payments include taxes, royalties, licensing fees, production entitlements, bonuses, dividends and infrastructure improvements.
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