The Securities and Exchange Commission (SEC) on Tuesday said it plans to rewrite regulations that would force oil and mining companies to disclose payments to foreign governments.
A court struck down a version of the regulations in July, and an SEC spokesman said the agency does not intend to appeal the ruling.
“The court remanded the matter for further SEC proceedings, which the Commission will undertake informed by the court’s decision,” SEC spokesman John Nester said.
The move by a federal judge to vacate the 2012 disclosure regulation handed a victory to industry groups that alleged the rule would impose costly burdens and force companies to disclose sensitive information.
The decision is a setback for human rights groups, like Oxfam America, that cheered the SEC for refusing to include an array of exemptions sought by industry in the original regulations.