| inbluevt | Date: Tuesday, 2013/07/02, 8:25 PM | Message # 1 | DMCA |
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WASHINGTON, Jul 2 2013 (IPS) - A federal judge here on Tuesday struck down a key new regulatory provision that would require large U.S.-listed extractives companies to disclose
payments made to foreign governments, a rule that rights groups had long
pushed as a way to cut down on corruption in developing countries.
The judgement is being seen as technical, however, and could allow government regulators to tweak and re-issue the rule.
The ruling is seen as a major victory for the American Petroleum Institute (API), a lobby group that sued the U.S. government following the rule’s adoption, last August, on several grounds, including that it
would force businesses to divulge proprietary secrets, impose significant costs and infringe on their Constitutionally mandated right to free speech.
“The court has vacated the SEC’s requirement that U.S. companies report competitive information that can be used against them by global competitors,” Harry Ng, API vice president and general counsel, said in a statement.
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Message edited by inbluevt - Tuesday, 2013/07/02, 8:27 PM |
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