On October 31, 2018, the SEC adopted final rules modernizing disclosure requirements for companies with material mining operations (excluding oil and gas) as part of its ongoing "disclosure effectiveness initiative" launched in 2013. The rules will implement extensive changes to the existing disclosure regime and align U.S. disclosure requirements more closely with current industry and global regulatory practices and standards, specifically the Committee for Mineral Reserves International Reporting Standards (CRIRSCO). The rules will replace the SEC's 30-year old Industry Guide 7 and cover both U.S. companies and foreign private issuers that file reports with the SEC.