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SEC acting chairman directs the staff to reconsider conflict minerals guidance

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Jan 31, 2017

On January 31, 2017, Michael Piwowar, who was recently appointed as acting chairman of the Securities and Exchange Commission (SEC), made public statements related to the Commission’s 2014 guidance on its August 2012 final rule on conflict minerals.

The SEC partially stayed compliance with the conflict minerals rule after an April 2014 appellate court ruling found that the rule violated the First Amendment of the U.S. Constitution. Mr. Piwowar noted:

"[T]he temporary transition period provided for in the Rule has expired. And the reporting period beginning January 1, 2017, is the first reporting period for which no issuer falls within the terms of that transition period. In light of this, as well as the unexpected duration of the litigation, I am directing the staff to consider whether the 2014 guidance is still appropriate and whether any additional relief is appropriate in the interim."

A comment letter page has been set up on the SEC’s Web site.

Review Mr. Piwowar’s statements on the conflict minerals rule and on the reconsideration of the rule’s implementation on the SEC’s Web site.

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