WASHINGTON (AP) -- A federal appeals court has dismissed a challenge to a new federal rule requiring publicly traded companies to disclose payments of $100,000 or more to foreign governments.
A three-judge panel ruled Friday that it lacks jurisdiction to hear the lawsuit against the Securities and Exchange Commission rule. The panel says the lawsuit should begin at the district court level.
Business groups including the American Petroleum Institute are challenging the rule on several grounds, including that it amounts to compelled speech in violation of the First Amendment.
The groups have also filed a challenge in U.S. District Court.
The rule stems from the 2010 Dodd-Frank financial overhaul law. It's aimed at providing greater transparency in foreign projects.