On May 30, 2013, the SEC Division of Corporation Finance (the Division) issued responses to frequently asked questions (FAQs) on various aspects of the reporting requirements regarding conflict minerals originating in the Democratic Republic of the Congo and adjoining countries (Conflict Minerals Rules).
The SEC Staff provided responses to 12 FAQs ranging from substantive interpretations, such as whether packaging is covered – it is not – to procedural applications of the Conflict Minerals Rules. A myriad of other issues will continue to be debated. For the upcoming first reporting deadline of May 31, 2014 for the 2013 calendar year, and in the likely absence of further SEC Staff guidance, each issuer will ultimately need to make judgments on how best to comply with the Conflict Minerals Rules based on its specific facts and circumstances and in consultation with its advisors and relevant industry association. Accordingly, we would urge all SEC reporting issuers to proceed apace with their conflict minerals compliance programs and due diligence inquiries to satisfy this new reporting obligation.
Please see full memo below for more information.
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