Securities Law Alert: SEC Issues Statement on D.C. Court Of Appeals Decision on Conflict Minerals Rule: First Reports Due by June 2, 2014, as Scheduled

By Maureen Gorsen
Alston & Bird LLP

May 6, 2014

On April 29, 2014 the U.S. Securities and Exchange Commission’s(SECs) Division of Corporation Finance (the “Division”) issued a statement providing guidance on the decision in the case National Association of Manufacturers, et al. v. SEC, et al., No. 13-5252 (D.C. Cir. April 14, 2014.) The case challenged SEC’s “Conflict Mineral Rules” (Section 13(p)(1) of the Exchange Act and Rule 13p-1 thereunder). The case left some questions about the first reporting period; however the Division’s statement clarified that all reports for the first reporting period must be submitted to the SEC by June 2, 2014. Also included in the statement, the Division instructed companies that they will not be required to describe their products as “DRC conflict free,” having “not been found to be DRC conflict free,” or “DRC conflict undeterminable.”

For more information, please view our advisory.

Written byMaureen Gorsen, Partner, Environmental Compliance, Permitting & Transactions| Alston & Bird LLP