15 U.S.C. § 78m–2: Reporting requirements…

Summary

Companies that must file reports with the SEC and that run coal or other mines, or have a subsidiary that does, must include mine-safety information in each regular report filed on or after July 21, 2010. For every mine they operate they must give counts of several enforcement actions (serious violation citations, orders, unwarrantable-failure citations, flagrant violations, imminent-danger orders), the total dollar amount of proposed MSHA assessments, and the number of mining deaths. They must also list any mines that got written MSHA notice of a pattern of violations or a potential pattern, and say if there are any pending cases before the Federal Mine Safety and Health Review Commission about those mines. Also, on or after July 21, 2010, those companies must file a current report on Form 8‑K when a mine they operate receives an imminent-danger order or written MSHA notice of a pattern or potential pattern of violations. Breaking these reporting rules is treated the same as breaking the Securities Exchange Act and can bring the same penalties. The SEC can make rules to carry out these requirements. “Issuer” and “securities laws” are defined in the Securities Exchange Act. “Coal or other mine” and “operator” are defined in the Mine Safety and Health Act. These rules take effect 30 days after July 21, 2010.

Title 15, §78m–2

Commerce and Trade, Source: USLM XML via OLRC

(a)Reporting mine safety information

Each issuer that is required to file reports pursuant to section 13(a) or 15(d) of the Securities Exchange Act of 1934 [15 U.S.C. 78m(a), 78o(d)] and that is an operator, or that has a subsidiary that is an operator, of a coal or other mine shall include, in each periodic report filed with the Commission under the securities laws on or after July 21, 2010, the following information for the time period covered by such report:

(1)For each coal or other mine of which the issuer or a subsidiary of the issuer is an operator—

(A)the total number of violations of mandatory health or safety standards that could significantly and substantially contribute to the cause and effect of a coal or other mine safety or health hazard under section 104 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C. 814) for which the operator received a citation from the Mine Safety and Health Administration;

(B)the total number of orders issued under section 104(b) of such Act (30 U.S.C. 814(b));

(C)the total number of citations and orders for unwarrantable failure of the mine operator to comply with mandatory health or safety standards under section 104(d) of such Act (30 U.S.C. 814(d));

(D)the total number of flagrant violations under section 110(b)(2) of such Act (30 U.S.C. 820(b)(2));

(E)the total number of imminent danger orders issued under section 107(a) of such Act (30 U.S.C. 817(a));

(F)the total dollar value of proposed assessments from the Mine Safety and Health Administration under such Act (30 U.S.C. 801 et seq.); and

(G)the total number of mining-related fatalities.

(2)A list of such coal or other mines, of which the issuer or a subsidiary of the issuer is an operator, that receive written notice from the Mine Safety and Health Administration of—

(A)a pattern of violations of mandatory health or safety standards that are of such nature as could have significantly and substantially contributed to the cause and effect of coal or other mine health or safety hazards under section 104(e) of such Act (30 U.S.C. 814(e)); or

(B)the potential to have such a pattern.

(3)Any pending legal action before the Federal Mine Safety and Health Review Commission involving such coal or other mine.

(b)Reporting shutdowns and patterns of violations

Beginning on and after July 21, 2010, each issuer that is an operator, or that has a subsidiary that is an operator, of a coal or other mine shall file a current report with the Commission on Form 8–K (or any successor form) disclosing the following regarding each coal or other mine of which the issuer or subsidiary is an operator: (1)

(2)The receipt of written notice from the Mine Safety and Health Administration that the coal or other mine has—

(B)the potential to have such a pattern.

(c)Rule of construction

Nothing in this section shall be construed to affect any obligation of a person to make a disclosure under any other applicable law in effect before, on, or after July 21, 2010.

(d)Commission authority

(1)Enforcement

A violation by any person of this section, or any rule or regulation of the Commission issued under this section, shall be treated for all purposes in the same manner as a violation of the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) or the rules and regulations issued thereunder, consistent with the provisions of this section, and any such person shall be subject to the same penalties, and to the same extent, as for a violation of such Act or the rules or regulations issued thereunder.

(2)Rules and regulations

The Commission is authorized to issue such rules or regulations as are necessary or appropriate for the protection of investors and to carry out the purposes of this section.

(e)Definitions

In this section

(1)

(2)the term “coal or other mine” means a coal or other mine, as defined in section 3 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C. 802), that is subject to the provisions of such Act (30 U.S.C. 801 et seq.); and

(3)the term “operator” has the meaning given the term in section 3 of the Federal Mine Safety and Health Act of 1977 (30 U.S.C. 802).

(f)Effective date

This section shall take effect on the day that is 30 days after July 21, 2010.

Notes & Related Subsidiaries

Editorial Notes

References in Text

Such Act, referred to in subsecs. (a)(1)(F) and (e)(2), is the Federal Mine Safety and Health Act of 1977, Pub. L. 91–173, Dec. 30, 1969, 83 Stat. 742, which is classified principally to chapter 22 (§ 801 et seq.) of Title 30, Mineral Lands and Mining. For complete classification of this Act to the Code, see

Short Title

note set out under section 801 of Title 30 and Tables. The Securities Exchange Act of 1934, referred to in subsec. (d)(1), is act June 6, 1934, ch. 404, 48 Stat. 881, which is classified principally to this chapter. For complete classification of this Act to the Code, see section 78a of this title and Tables. Codification Section was enacted as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and not as part of the Securities Exchange Act of 1934 which comprises this chapter.

Statutory Notes and Related Subsidiaries

Definitions For definitions of terms used in this section, see section 5301 of Title 12, Banks and Banking.

§78m–2 Reporting Requirements Regarding Coal or Other Mine Safety