To update the oil and gas and mining industry guides of the Securities and Exchange Commission.

This bill directs the Securities and Exchange Commission (SEC), within 180 days of enactment of this bill, to update:

• the Securities Act industry guides entitled "Prospectuses relating to interests in oil and gas programs" and "Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations,"
• the Exchange Act industry guide entitled "Description of Property by Issuers Engaged or To Be Engaged in Significant Mining Operations," and
• regulations concerning disclosure by registrants engaged in oil and gas producing activities.

In making such updates, the SEC shall work with the Investor Advisory Committee, which shall solicit and consider public input or appropriate disclosures to include and make specific recommendations to the SEC.

If the SEC fails to meet the deadline, it must report to and testify before specified congressional committees explaining why it failed to meet it.