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U.S. SEC denies request to delay transparency rule

Nov 12 2012 Aruna Viswanatha, Reuters

U.S. securities regulators denied a request to delay new rules that will require oil, gas and mining companies to disclose payments to foreign governments, after business groups also sued to force changes to the rule. In an order dated Thursday, the Securities and Exchange Commission said the groups had failed to demonstrate the "imminent, irreparable harm" that is required to grant a stay. The denial comes as the SEC and other regulators face a barrage of lawsuits from industry seeking to stop or delay new financial regulation, much of it stemming from the 2010 Dodd-Frank law. The rule at issue is championed by humanitarian organizations. It aims, in part, to combat corruption abroad by U.S. energy companies. But industry groups have argued the rule is far too costly and would give rivals sensitive business information. The American Petroleum Institute, the Chamber of Commerce and other business groups sued the SEC last month and said the disclosure rule went

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