U.S. SEC Passes New Anti-Corruption Provisions for Oil, Gas & Mining Companies According to IPSA International

Resource extraction issuers must now report, on a project-by-project basis, all payments made to foreign governments including those by a subsidiary or entity controlled by the issuer, for commercial development of oil, natural gas and mineral projects.

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IPSA International, Inc.

Sections 1502 and 1504 of the Dodd-Frank Act represent the latest efforts by international regulators to address corruption and increase transparency among resource extraction companies.

(PRWEB) August 24, 2012

Mr. Robert Weiner, Managing Director and Regional Counsel for IPSA International, Inc. discusses the U.S. Securities and Exchange Commission’s newly passed provisions for U.S. and foreign oil, gas and mining companies listed on U.S. exchanges.

“Sections 1502 and 1504 of the Dodd-Frank Act represent the latest efforts by international regulators to address corruption and increase transparency among resource extraction companies. These laws have far reaching consequences and place greater pressure on SEC reporting issuers including U.S and foreign oil, natural gas and mining companies to conduct anti-bribery and corruption due diligence as part of their annual disclosure and SEC reporting requirements. IPSA’s Dodd-Frank compliance services incorporate documented and defensible risk assessment, investigative and supply chain due diligence to assist U.S. listed issuers operating in areas of the world where bribery and corruption are prevalent.”

Under Section 1504 of the Dodd-Frank Act, resource extraction issuers are now required to report, on a project by project basis, all payments made, including those by a subsidiary or any entity controlled by the issuer, to a foreign government for the purpose of commercial development of oil, natural gas or mineral projects. Under Section 1502 of the Dodd-Frank Act, commonly referred to as the ‘Conflict Minerals’ provision, U.S. listed issuers that utilize tin, tungsten, tantalum, and gold are required to conduct and disclose due diligence on their supply chains in order to identify whether the minerals originated in the Democratic Republic of Congo or adjoining countries.

ABOUT IPSA International, Inc.

IPSA International, Inc. has a 20 year history of successfully completing complex multi-jurisdictional engagements in the areas of anti-money laundering, anti-bribery and corruption, due diligence, and litigation support. Assignments include large-scale internal investigations, regulatory driven remediation and compliance reviews for Fortune 100 corporations, banking and financial institutions, and law firms. Our senior investigators and advisors deliver timely, accurate and defensible intelligence that supports our clients in making better informed decisions, ensuring compliance and mitigating risk. IPSA International has offices in the U.S., U.K. and Canada, resources in over 75 countries and research capabilities in 20 languages. Please visit us at http://www.ipsaintl.com

CONTACT:

Mr. Robert Weiner, JD, CIPP
Managing Director and Regional Counsel
IPSA International, Inc.
Email: info(at)ipsaintl(dot)com
Phone: 800.997.4772
Address:
1185 Avenue of the Americas
Suite 1750
New York, NY 10036
Website: http://www.ipsaintl.com


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