On May 14, a U.S. Appeals Court denied a Motion for Stay filed by industry groups to delay the U.S. Securities and Exchange Commission’s (SEC) June 2 deadline for conflict minerals reporting. Public companies are required to report conflict minerals information from 2013 to the SEC by the June 2 deadline.
In April, the US Appeals Court for the District of Columbia struck down a narrow part of the rule on free speech grounds, saying companies should not be forced to say that their products are not “conflict free.” The rest of the rule remained intact.
In a guidance document released by the SEC following the appeals court decision, the agency said it expects companies to continue to conduct the proper due diligence to determine the origin of the minerals and file the reports with the commission. However, companies will be relieved from certain audit requirements in the rule and also will not be forced to state whether or not their products are conflict free.
IPC will continue to monitor and keep you up to date on evolving conflict minerals issues.