SEC’s Conflict Minerals Rule Upheld by Federal Court
Yesterday, the U.S. District Court for the District of Columbia upheld the SEC’s final rule1 on conflict minerals by rejecting a lawsuit filed by the U.S. Chamber of Commerce, the Business Roundtable, and the National Association of Manufacturers. The plaintiffs, who challenged the final rule on the basis that (1) it is too costly to implement and (2) its required disclosures violate a registrant’s First Amendment rights, may appeal the court’s ruling.
As a result of the court’s decision, the final rule continues to be effective on a calendar-year basis beginning with the calendar year ending on December 31, 2013. A registrant that meets the final rule’s reporting requirements must file a Form SD with the SEC by May 31, 2014.
See Deloitte’s September 11, 2012, Heads Up for more information about the SEC’s final rule.
