Conflict Minerals Rule Update: SEC Issues Order Confirming Guidance and Denies NAM Motion for Stay

On May 2, 2014, the SEC issued an order partially staying its Conflict Minerals Rule. Essentially, the order reiterates the SEC’s April 29, 2014, guidance that the Commission will not require companies subject to the conflict minerals reporting requirements to state in their conflict minerals disclosures whether or not their products are “DRC conflict free” in light of the U.S. Court of Appeals for the District of Columbia’s holding that the Rule’s compelled designation of products as not “DRC Conflict Free” is unconstitutional. To read the full order, click here.

Significantly, in a footnote, the order denies a motion for a complete stay of the Rule filed by the National Association of Manufacturers, the Chamber of Commerce and Business Roundtable on April 30. In a separate statement made on April 30, NAM promised to file a motion for injunctive relief with the U.S. Court of Appeals for the D.C. Circuit if the SEC denied its motion; we are monitoring the Court’s docket and will post an additional update as soon as NAM files the anticipated motion.

 

Written by:

Published In:

NAM
SEC

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Akin Gump Strauss Hauer & Feld LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »

All the intelligence you need, in one easy email:

Great! Your first step to building an email digest of JD Supra authors and topics. Log in with LinkedIn so we can start sending your digest...

Sign up for your custom alerts now, using LinkedIn ›

* With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name.
×
Loading...
×