New Day for the US Conflict Minerals Rule
It’s Inauguration Day in the US, and it’s likely to be a new day for the US conflict minerals rule. Where have we been and where are we going?
2012 – 2016
Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG). In 2014, SEC reporting companies began reporting on their “reasonable country of origin inquiry” and their due diligence measures by filing their first Form SDs. A handful of companies also provided independent private-sector audits (IPSAs) as contemplated by the rule. The rule itself included no specific required form of disclosure. So, the initial filings on Form SD varied a bit. But, because industry groups and lawyers had suggested approaches to the reporting before the first due date, the filings did show significant commonalities. Within two years, reporting companies had largely settled on standard formatting for their disclosures on Form SD and for their conflict minerals reports.
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