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SEC provides guidance on implementing conflict minerals rule

  • SEC (US Securities and Exchange Commission) Image

May 01, 2014

On April 29, the staff in the SEC’s Division of Corporation Finance released a statement in response to a recent ruling by the U.S. Court of Appeals for the District of Columbia Circuit that portions of Rule 13p-1 of the Securities Exchange Act of 1934 and SEC Form SD violate the First Amendment of the U.S. Constitution to the extent that they require issuers to describe certain of their products as “not been found to be ‘DRC conflict free.’”

On May 2, the SEC issued an order suspending the effective date of compliance with those portions of the rule and form pending completion of the judicial review, after which the stay will terminate. However, the SEC’s statement indicates that subject to any further actions that may be taken by the courts and the SEC, the SEC still expects issuers to file any reports (Form SD or a Conflict Minerals Report) required by the rule on or before June 2, 2014 (the due date), and that those reports should comply with and address the provisions of the rule that the court upheld.

For more information, see:

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