On July 23, 2013, the US District Court for the District of Columbia found “no problems with the SEC’s rulemaking” by its adoption of the Conflict Minerals Rule pursuant to Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). In granting summary judgment to the Securities and Exchange Commission (the “Commission”) and upholding the Conflict Minerals Rules, the Court concluded that the Plaintiffs’ (the National Association of Manufacturers, the Chamber of Commerce and Business Roundtable) “claims lack merit.”

In rendering its opinion, the Court disagreed with the Plaintiffs’ argument that the ‘conflict minerals’ disclosure scheme and Section 1502 of Dodd-Frank compels speech in violation of the First Amendment of the Constitution. The Court also disagreed with the Plaintiffs’ other arguments in concluding that the Commission did not ignore its statutory obligations under the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) in approving the Conflict Minerals Rule, nor was its rulemaking arbitrary and capricious under the Administrative Procedures Act.

Please see full memo below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Written by:

Published In:


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.

© Shearman & Sterling 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.