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Federal appeals court rejects business group’s motion to stay entire conflict minerals rule

  • SEC (US Securities and Exchange Commission) Image

May 16, 2014

On Wednesday, the U.S. Court of Appeals for the District of Columbia Circuit rejected an emergency motion filed by the National Association of Manufacturers, the U.S. Chamber of Commerce, and the Business Roundtable to stay the SEC’s conflict minerals rule in its entirety until the U.S. District Court for the District of Columbia addresses the appeals court’s earlier remand order.

The group argued that the conflict minerals rule no longer achieves its purpose, that it is likely to be vacated, and that a stay would avoid “forcing companies to implement an interim procedure for filing truncated reports under unilateral staff guidance that is subject to change at any time.”

For more information, including a brief history of the conflict minerals issue, see the related Deloitte Accounting Journal entry.

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