If you previously spent time pouring over the SEC’s Form SD to develop your compliance approach, you’ll want to be aware that in January the SEC posted a “new Form SD” on its website. But, the new form won’t require any changes to your programs or disclosure because the new form is nearly identical to the form issued when the Conflict Minerals Rule was first adopted. The only substantive change the SEC made to the Form SD was to include the effective date [November 13, 2012] of the rule in subsection (2) to the instructions to Item 1.01. The other changes made to the Form SD include the additions of a valid OMB control number and a signature block.
As you are already likely aware, the conflict minerals rule requires a reporting company to provide its annual conflict minerals information on Form SD, the first of which is due by May 31. Industry groups are starting to discuss sample forms of the disclosures. We believe that in the next couple of months reporting companies will start to converge on some standard approaches to the Form SD and Conflict Minerals Report disclosures.