The SEC has filed documentation with the District of Columbia Court of Appeals seeking an en banc rehearing of the conflict minerals decision. The original decision found that one piece of the disclosure required by the rule—the requirement that issuers report to the Securities and Exchange Commission and state on their website “that any of their products have not been found to be ‘DRC conflict free’”—compelled speech in violation of the First Amendment.  The SEC is seeking a rehearing because the same court granted en banc rehearing in American Meat Institute v. United States Department of Agriculture, to consider whether rational basis review can apply to compelled disclosures even if they serve interests other than preventing deception.

 

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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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