A federal judge on Tuesday threw out a controversial Securities and Exchange Commission rule that would force oil and mining companies to disclose payments to foreign governments.

The decision is a victory for oil industry and business groups that claim the requirements would have imposed costly burdens and forced disclosure of commercially sensitive information.

U.S. District Court Judge John D. Bates vacated the rule and sent it back to the SEC. The American Petroleum Institute (API), which challenged the standards alongside the Chamber of Commerce and other business groups, praised the decision.