SEC Final Rule: Mine Safety Disclosure
|FINAL RULE: The SEC issued the final rules on December 29, 2011.|
|Proposal Date||Final Rule Issue||Effective Date|
|February 3, 2011||December 29, 2011||January 27, 2012|
On December 21, 2011, the U.S. Securities and Exchange Commission (SEC) finalized rules for mine safety disclosure. Under the rules, mining companies are required to report mine safety conditions to the SEC, and abide by safety and health requirements that already apply to mines under the Federal Mine Safety and Health Act of 1977, enforced by the Mine Safety and Health Administration (MSHA).
Rules were proposed on December 15, 2011 and added to the Federal Register on December 29, 2011. Final rules go into effect on January 27, 2012.
Finals rules require mining companies to disclose the following information in quarterly and annual reports filed with the SEC:
- "Significant and substantial violations of mandatory health or safety standards under section 104 of the Mine Act for which the operator received a citation from MSHA;
- Orders under section 104(b) of the Mine Act;
- Citations and orders for unwarrantable failure of the mine operator to comply with section 104(d) of the Mine Act;
- Flagrant violations under section 110(b)(2) of the Mine Act;
- Imminent danger orders issued under section 107(a) of the Mine Act;
- The dollar value of proposed assessments from MSHA;
- Notices from MSHA of a pattern of violations or potential to have a pattern of violations under section 104(e) of the Mine Act;
- Pending legal actions before the Federal Mine Safety and Health Review Commission; and
- Mining-related fatalities"
Mining companies are also required to file a Form 8-K when a mine is believed to be in imminent danger.
- SEC adopts new mine safety disclosure rules. Reuters. Retrieved on December 21, 2011.
- SEC Adopts Dodd-Frank Mine Safety Disclosure Requirements. SEC. Retrieved on December 21, 2011.