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  • Statement At Open Meeting On Disclosure Of Payments By Resource Extraction Issuers, SEC Commissioner Elad L. Roisman, Dec. 16, 2020

    Date 16/12/2020

    Before commenting on the rule, I want to offer my thanks and appreciation to the staff in the Division of Corporation Finance, the Division of Economic and Risk Analysis, and the Office of General Counsel.  To say writing this rule required threading the needle does not begin to express the challenge you faced.  The Commission’s first attempt at writing this rule was struck down by the D.C. Circuit Court in 2013.[1]  Its second attempt was disapproved by a joint resolution of Congress under the Congressional Review Act (“CRA”) in 2017.[2]  Meanwhile, the statutory mandate to issue this rule has remained in effect.  To make fulfilling this mandate an even more difficult task, there is little case law or other guidance on how to proceed with a new rule in a situation like this.  Considering all of this context, it seems more apt to describe this challenge as threading a needle where only one half of the needle’s eye is visible.  Thank you for all of your very hard work on what was a considerable challenge.

  • Sneak Peek: ACER's Findings On How Member States Are Doing On The 70% Target For Electricity Cross-Zonal Trading

    Date 16/12/2020

    Europe’s Clean Energy Package has set a binding minimum 70% target for electricity interconnector capacity for cross-zonal trading.

  • BME: MARF Registers A New 55 Million-Euro Bond Issue From Greenalia

    Date 16/12/2020

    • With this transaction, the company will replace its previous issues on the Luxembourg MTF and a loan to finance wind farms, and will fund new green projects

  • Statement On Rules Governing The Disclosure Of Payments By Resource Extraction Issuers, SEC Commissioner Allison Herren Lee, Dec. 16, 2020

    Date 16/12/2020

    The statutory mandate under which we act today is fundamentally about transparency. Enhancing transparency to promote accountability and fight corruption. Under Section 1504 of the Dodd-Frank Act, Congress tasked us with crafting rules that would require issuers in the extractive industries to disclose their payments to foreign governments so those governments can be held accountable for the money flowing in.[1] In other words, empowering citizens through information. That goal is in keeping with the United States’ long history as a leader in international efforts to combat corruption. And it is in keeping with the SEC’s role in anti-corruption efforts: enforcing the Foreign Corrupt Practices Act, ensuring compliance with anti-money laundering rules, and participating in the important work of the Financial Action Task Force, a global effort to fight money laundering and terrorist financing. There is nothing new or unusual about the SEC’s role in this space, and Congress treads familiar ground with this mandate.

  • ESMA Supports IFRS Foundation’s Efforts On International Standardisation In Sustainability Reporting

    Date 16/12/2020

    The European Securities and Markets Authority (ESMA), the EU’s securities markets regulator, has today published its response to the IFRS Foundation’s consultation on sustainability reporting. ESMA recommends establishing high-quality international standards while also catering for the needs of jurisdictions that are at different stages in their sustainability efforts.