Progress Report for Proposed Update to SEC Industry Guide 7 and 2017 SME Guide.
Presented by Harry Parker and Brian Groff
Thursday, March 29, 2018, 2:00-3:00 pm MT
Cost: List Price $90 / Member $45 / Students $10
Industry Guide 7 (IG7) is the SEC guide for mineral property and reserves disclosure. This guide was published in 1981. A proposed replacement, called rule S-K 1300, was issued in 2016. Comments provided by SME and many domestic and foreign mining companies expressed that the proposed rule was too burdensome in terms of disclosure information that would not be material to an investor, required the release of confidential information that might cause a company to lose a competitive advantage, and would limit economic analyses in initial assessments to Measured and Indicated Mineral Resources.
In late 2016 the NMA met with the Commissioners, who suggested NMA and SME prepare an alternative for consideration. The proposed IG7 encouraged registrants to consult the 2017 SME Guide when seeking to interpret Industry Guide 7. The proposed IG7 also enabled commercially sensitive information to be submitted to the SEC staff on request. The SEC has been studying the NMA/SME proposal since September 2017.