미국 Dodd-Frank법과 채굴산업 투명성 이니셔티브가 해외 자원개발 산업에 갖는 함의에 관한 소고 = Impact of the US Dodd-Frank Act and the Extractive Industry Transparency Initiative on Overseas Natural Resource Development Industry

다국어 초록 (Multilingual Abstract)

Natural resources, such as oil, gas, and minerals, belong to a country’s citizens and extraction of these resources is supposed to lead to economic growth and social development. However, when poorly managed it has often lead to corruption and conflict. There were academic researches on the Resource Curse by scholars detailing how the potential benefits of oil, gas and mining were not being realized and were associated with increased poverty, conflict and corruption. Considering the complexities of the governance of extractive resources, it was agreed that more openness regarding how a country manages its natural resource wealth is necessary, and coordinated efforts was made to establish an international regime for the openness in the extractive industry.
The Extractive Industries Transparency Initiative (EITI) is an international regime to promote open and accountable management of natural resources. It seeks to strengthen government and company systems, inform public, and enhance trust, by disclosing details of revenue of payment relating to extractive industries. EITI is based on voluntary participation by the governments of host countries and it does not have mandatory power to enforce the rules. However, the enactment of US Dodd-Frank Act Section 1504 makes it possible to enforce disclosure of details of payment made by extractive companies to host governments. In this paper, the interaction between EITI and Section 1504 and its impact on the extractive industry is explored. From this perspective, this paper examines the structure of EITI, the US legislation of Dodd-Frank Act Section 1504, the court decision in API vs SEC and the impact of Dodd-Frank Act and EITI on the overseas natural resources development industry.

참고문헌 (Reference)

1 배윤정, "채굴산업 회사들의 대정부지출내역 공시의무에 관한 미법원 판결" CGS Report 2013

2 최철, "채굴산업 투명성 이니셔티브와 관련 해외입법 연구" EMRD 2014

3 Publish What You Pay, "United States Legislative History: Cardin-Lugar Amendment or Section 1504 of the Dodd-Frank Financial Reform and Consumer Protection Act"

4 EITI International Secretariat, "The EITI Standard" 2013

5 Darby, Sefton, "The Case for Company-by-Company Reporting of Data in the Extractive Industries Transparency Initiative" Revenue Watch Institute 2009

6 "SEC Release No. 34-67717 (File No. S7-42-10)"

7 Moran, Theodore H., "Reform EITI to Require Compliant Countries to Publish Disaggregated Company-by-Company Revenue Payment" Center for Global Development 2013

8 Moran, Theodore H, "Promoting Universal Transparency in Extractive Industries: How and Why?" Center for Global Development 2011

9 Publish What You Pay, "Oil Company Lawsuit Against US Securities and Exchange Commission Threatens Global Transparency Initiative"

10 EITI International Secretariat, "Factsheet" 2014

11 Publish What You Pay, "Fact Sheet-SEC Rules for Oil and Mineral Payment Disclosure"

12 Publish What You Pay, "Fact Sheet - EU rules for disclosure of payments to governments by oil, gas and mining (extractive industry) and logging companies"

13 David-Barrett, "European Research Centre for Anti-Corruption ad State-Building" 2013

14 "Am. Petroleum Inst. v. S.E.C., CIV.A. 12-1668 JDB, 2013 WL 3307114"

15 Darby, Sefton, "Advancing the EITI in the mining sector: implementation issues" World Bank 2013