Category Archives: Conflict Minerals

SEC Chair Jay Clayton Voices Support for Disclosure Reform; Could Include Conflict Minerals

According to a Reuters article, the new Chairman of the U.S. Securities and Exchange Commission (SEC), Jay Clayton indicated his support for reducing disclosure rules during a July 12, 2017 speech to the Economic Club of New York. During the speech, Clayton laid out his regulatory philosophy and said the SEC staff was working to […]

EU Commission Adopts Guidelines for Social Responsibility (Including Conflict Minerals) Reporting

On June 26, 2017, the European Union (EU) finalized “Guidelines on non-financial reporting,” to support companies in fulfilling their reporting obligations under current non-financial disclosure requirements. The adoption of the voluntary guidelines will supplement the already existing EU rules on non-financial reporting (Directive 2014/95/EU). Companies falling within its scope have to disclose relevant information on […]

House Financial Services Committee Passes Bill to Repeal Conflict Minerals

Today, the House Financial Services Committee approved the Financial Choice Act (H.R. 10) to repeal and replace the Dodd-Frank Act of 2010, including a repeal of the Section 1502 conflict minerals requirements. IPC appreciates Chairman Hensarling and Subcommittee Chairman Huizenga’s continued focus on the burdens and unintended side-effects of Section 1502.  Although IPC members are […]

IPC Files Comments Calling on the Administration to Address Conflict Minerals

On April 28, 2017, IPC filed comments with the Department of State regarding conflict minerals. In our comments, IPC called upon the Department of State to expand existing diplomatic efforts to drive peace, security, and governance in Central Africa and encouraged Congress and the Administration to replace Section 1502 with appropriate and effective programs to […]

Acting SEC Chairman Halts Enforcement of Conflict Minerals Rule Citing IPC Comments

Acting U.S. Securities and Exchange Commission (SEC) Chairman Mike Piwowar said in an April 7, 2017 statement that the SEC is suspending enforcement of the costliest requirements of its conflict minerals rule. The statement came following an April 3, 2017 U.S. District Court decision remanding the rule back to the SEC to address First Amendment […]

IPC Comments on SEC Conflict Minerals Regulation

On March 16, 2017, IPC filed comments with the Securities and Exchange Commission (SEC) asking the SEC to consider modifications of the rule and Section 1502 to reduce the burden on U.S. manufacturing industries. The comments were filed in response to Acting SEC Chairman Michael S. Piwowar’s January 31, 2017 statement, questioning the effects of […]

IPC Supports EU Vote for Voluntary Conflict Minerals Requirements for Manufacturers

On March 16, 2017, the European Union (EU) Parliament voted to adopt regulations regarding the sourcing of conflict minerals in high risk zones. The regulations, which require supply chain due diligence self-certification of tin, tantalum and tungsten, their ores, and gold originating in conflict-affected and high-risk areas, are mandatory for smelters and importers of raw […]

Trump Administration Considers Suspension of Conflict Minerals Regulation

The Trump Administration is considering an executive order that would suspend the SEC conflict minerals rule for two years. Under the 2010 Dodd-Frank law, the president has the authority to temporarily suspend or revise the rule for two years if it is in the national security interest of the United States.  An unsourced draft White […]

SEC to Reconsider Conflict Minerals Guidance

On January 31, 2017, Acting Securities and Exchange Commission (SEC) Chairman Michael S. Piwowar released a public statement directing the SEC staff to consider whether their 2014 guidance is still appropriate and whether any additional relief is appropriate.  The guidance was issued by the SEC after the April 2014 D.C. Circuit Court of Appeals’ finding […]

OECD Public Consultation on Due Diligence Guidance for Supply Chain Issues

The Organization for Economic and Cooperative Development (OECD) is currently developing a general OECD Due Diligence Guidance for Responsible Business Conduct and Companion to the Due Diligence Guidance to provide practical support to companies on the implementation of the OECD Guidelines for Multinational Enterprises. Both the U.S. Dodd-Frank and the recent EU legislation reference the OECD […]