On 27 June 2016, the U.S. Securities and Exchange Commission announced the adoption of new resource extraction issuers disclosure rules. Under the rules, an issuer is required to disclose payments made to the U.S. federal government or a foreign government if the issuer engages in the commercial development of oil, natural gas, or minerals, and is required to file annual reports with the Commission under the Securities Exchange Act. The issuer must also disclose payments made by a subsidiary …