The Extractive Sector Transparency Measures Act(the Act or ESTMA) was enacted on December 16, 2014, and brought into force on June 1, 2015. Answer the following questions:

6a. Briefly explain ESTMA and its main requirements (4 points)

6b. Relative to a voluntary regime, discuss whether or not ESTMA is more or less effective in reducing information asymmetry. In your answer address specific type(s) of information asymmetry.(6 points)