Conflict Minerals’ Effective Date Gets a Stay
Announced on May 2nd, the U.S. Securities and Exchange Commission (“the Commission”; “SEC”) issued a stay of the effective date for companies to comply with parts of its final rule, Conflict Minerals. The stay affects parts of Exchange Act Rule 13p-1 and Form SD, which mandates public disclosure of a company’s use of conflict minerals from the Democratic Republic of the Congo or neighboring countries. Due to last month’s decision by the Court of Appeals for the District of Columbia Circuit (“the Court”), such disclosure was ruled as violating the First Amendment. As companies move forward applying the final rule. Read More.
Topics: Assurance & Accounting "A&A", Conflict Minerals, Court of Appeals, Democratice Republic of Congo "Congo", Division of Corporation Finance "Corp Fin", U.S. Securities and Exchange Commission "SEC"
SEC to Move Forward with Conflict Minerals Rule
Despite the U.S. Court of Appeals for the District of Columbia Circuit’s (“the Court”) recent ruling, U.S. Securities and Exchange Commission (“SEC”) Chair Mary Jo White announced that the SEC will continue to carry out most of its Conflict Minerals final rule. The final rule, which forces companies to publicly reveal whether or not they have used conflict minerals from the Democratic Republic of the Congo or neighboring countries and file the disclosure on an SEC-issued form, was ruled by the Court as a violation of the U.S. Constitution’s First Amendment. During her testimony at the April 29th “Oversight of. Read More.