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UPDATE: SEC & Amnesty International Seek Review of Conflict Mineral Ruling

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The Securities and Exchange Commission’s (SEC) and Amnesty International’s petitions for an en banc review of a U.S. Court of Appeals’ decision on conflict mineral rules came in under the wire on October 2.

In a majority opinion issued by the District of Columbia Circuit Court of Appeals on August 18, 2015, a three-judge panel upheld the April 2014 ruling which found Dodd-Frank’s requirement for businesses to publicly state, using specified language, whether or not their products are “DRC conflict free” qualifies as compelled speech under the First Amendment.

The decision was the second time courts ruled in favor of the National Association of Manufacturers, who is the primary appellant in the case.

The SEC’s and Amnesty International’s petitions for review of this decision came late on the last day of eligibility. An en banc review will put the case before the court’s bench of judges, rather than a panel.

Both the SEC and Amnesty International cited several examples in their petitions, arguing the court’s decision conflicts with its own previous applications of case law. The SEC also claimed in its petition that “the panel’s opinion also addresses issues of exceptional importance,” and should be reviewed by the entire court.

What Do These Petitions Mean For Your Organization?

As mentioned in an earlier post, a review of the court’s opinion does not change anything for businesses in the interim. An SEC statement on April 29, 2014, removed the requirement for businesses to list their products as “DRC conflict free, DRC conflict undeterminable,” or “not been found to be DRC conflict free.” The statement was issued in order to align with the court’s decision while the SEC attempts to have it overturned.

It remains unlikely businesses will require an independent private sector audit for the upcoming filing year, as they are only necessary if a company voluntarily chooses to describe its products as “DRC conflict free.”

 

If you have any questions about the pending rehearing or conflict mineral compliance under Dodd-Frank, contact us at info@assentcompliance.com.


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