SEC Publishes Small Entity Compliance Guide for Conflict Minerals

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The SEC has published a small entity compliance guide for the conflict minerals rules. The publication gives helpful summary advice.

The guide notes an entity is considered to be “contracting to manufacture” a product if it has some actual influence over the manufacturing of that product. This determination is based on the company’s facts and circumstances, taking into account the degree of influence the company exercises over the product’s manufacturing. A company is not deemed to have influence over the manufacturing if it merely:

• affixes its brand, marks, logo, or label to a generic product manufactured by a third party;

• services, maintains, or repairs a product manufactured by a third party; or

• specifies or negotiates contractual terms with a manufacturer that do not directly relate to the     

  manufacturing of the product.

The guide also includes useful discussions of:

• determining whether conflict minerals originated in the covered countries;

• what must be included in the conflict minerals report;

• due diligence on recycled or scrap materials; and

• independent private sector audits.

Check dodd-frank.com frequently for updated information on the JOBS Act, the Dodd-Frank Act and other important securities law matters.

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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.

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