SEC denies request to delay transparency rule
Agencies: Washington, Nov 10 2012, 12:13 IST
ongoing efforts by making U.S. firms less competitive against state owned firms in China and Russia that have no interest in transparency.
The court overseeing the challenge to the rule established an expedited schedule for the case and will likely issue a decision by spring 2013, almost one year before the first filings would be due, the SEC said.
Under the new rule, companies are expected to include the information in the 2013 annual reports, due after February 2014, at the earliest.
Business groups have won several challenges to other Dodd-Frank rules, giving others ammunition to file new challenges.
On Thursday exchange operator CME Group asked a U.S. court to prevent the Commodity Futures Trading Commission from enforcing new swap reporting rules stemming from the law.
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