LEGISLATIVE CHANGE IN THE EXTRACTIVE INDUSTRIES: DISCLOSURE AND REPORTING REQUIREMENTS

摘要

The issues highlighted above as legal conflicts, compliance costs and market competition suggest that the rules do not necessarily reflect the legal and commercial realities of operating in the extractive industries. Furthermore, the disclosure regime only partially assists in overall transparency policy objectives. The new EU transparency regime is intended to benefit local communities living in resource-rich emerging markets by providing access to previously unavailable information. While these reforms are without doubt a step in the right direction for the industry, a disclosure regime is itself not a cure for corruption and tax evasion. Disclosure in the extractive industries must be underpinned by tax and fiscal regimes promoting a fair re-distribution of profits.