SEC says won't appeal resource payment disclosure ruling

WASHINGTON Tue Sep 3, 2013 7:14pm BST

WASHINGTON (Reuters) - U.S. securities regulators announced Tuesday they will not appeal a July federal court decision which tossed out a new rule requiring oil, natural gas and mining companies to disclose the payments they make to foreign governments.

Instead, Securities and Exchange Commission spokesman John Nester said the SEC intends to revise the rule, which was required by the 2010 Dodd-Frank Wall Street reform law, through a new rulemaking process.

"The court remanded the matter for further SEC proceedings, which the commission will undertake informed by the court's decision," Nester said.

(Reporting by Sarah N. Lynch; Editing by Gerald E. McCormick)

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