WASHINGTON (AP) — A federal appeals court judge asked Friday how a new federal rule requiring publicly traded companies to disclose payments of $100,000 or more to foreign governments squares with the First Amendment’s free speech protection.

The Securities and Exchange Commission rule applies to payments for commercial development of oil, gas or minerals. Business groups including the American Petroleum Institute are challenging the rule on several grounds — including their argument that it amounts to compelled speech in violation of the First Amendment. The rule, which stems from the Dodd-Frank 2010 financial overhaul law, is aimed at providing greater transparency in foreign projects.