General

Subscribe to General RSS Feed

EU Conflict Minerals Regulation — OECD Guidance Workshops

Now that the EU Conflict Minerals Regulation (EU Regulation) is in full effect, EU importers of tin, tantalum, tungsten, and gold and derivative products need to determine whether they are covered by the EU Regulation.  Those EU importers that are covered by the EU Regulation are required to implement a supply chain due diligence process … Continue Reading

OECD Due Diligence Guidance — Workshops

If you are an EU importer of tin, tantalum, tungsten or gold (3TG) covered by the EU Conflict Minerals Regulation, as of 1 January your due diligence process must comply with the OECD Due Diligence Guidance. Non-compliance may have serious legal and reputational consequences. You may have listened to webinars and read white papers on … Continue Reading

Department of Labor’s “Do-Good” Investing Rule — Biden Administration Review

In yesterday’s post, we said we expected that the Biden Administration would re-focus attention on the US conflict minerals rule.  In a similar vein, by the end of Inauguration Day, the Biden Administration indicated that it wants a review of recent amendments to a Labor Department rule that require that ERISA plan fiduciaries put financial … Continue Reading

COVID-19 in Conflict Minerals Reports — Update

As we discussed in a previous post, early in 2019, some companies were expressing concern that, because of the impacts of the shut-downs associated with COVID-19, certain of their suppliers might not be able to provide responses to their conflict minerals inquiries in a timely manner.  They worried that their conflict minerals disclosures for calendar … Continue Reading

EU Conflict Minerals Regulation Flowchart — Launching Today!

We are pleased to announce the launch of our EU Conflict Minerals Regulation Flowchart, which promises to be a valuable tool for those charged with compliance with the EU conflict minerals regulation. In 2017, the EU adopted its conflict minerals regulation, which is intended to help businesses identify and address the risk that 3TGs (tin, tantalum, … Continue Reading

EU Conflict Minerals Regulation – Step 1: Check Your Customs Declarations

While many companies are working to complete their due diligence and prepare conflict minerals disclosure for their SEC filings due May 31, others are considering whether they will be subject to the EU conflict minerals regulation when its due diligence and disclosure obligations take effect on 1 January 2021. When companies had to determine whether they were covered … Continue Reading

EU Conflict Minerals Regime

You’re no doubt working hard to complete your due diligence analysis and finalize your Form SD (and Conflict Minerals Report) as required by the US Conflict Minerals Rule.  But, around the corner is another conflict minerals regime that could impact your business — the EU Conflict Minerals Regulation.  The EU’s due diligence and disclosure obligations … Continue Reading

Costs of Conflict Minerals Compliance (1 of 3) – Why lower than expected?

The out-of-pocket costs of compliance with the SEC conflict minerals rule have been lower than those originally estimated by industry and by the SEC. But, it’s not because the original estimates were over-stated or inflated.  And, these lower than expected out-of-pocket costs don’t mean that business’ concerns about compliance were misplaced.  These lower costs have resulted mostly (but … Continue Reading

Financial CHOICE Act Passes in the House — Would Repeal SEC Conflict Minerals Rule

Today, on June 8, 2017, the US House of Representatives passed the Financial CHOICE Act by a vote of 233 to 186.  The bill was sponsored by House Financial Services Committee Chairman Jeb Hensarling (R-Texas). The headline of the bill is that it would reverse much of the Dodd-Frank Wall Street Reform and Consumer Protection … Continue Reading

EU Conflict Minerals Regulation — Finally Published in the Official Journal!

At long last, the EU Conflict Minerals Regulation was published today in the Official Journal of the European Union.  The EU Conflict Minerals Regulation 2017 (as published) will enter into force 20 days after publication (June 8, 2017) and take effect 1 month after that (July 8, 2017). The effective date is January 2021, but companies would … Continue Reading

Final EU Conflict Minerals Regulation – Only the Publication Step Remains

Today, April 3, 2017, the European Council took the last procedural step and approved the EU conflict minerals regulation. Publication in the Official Journal of the European Union will be the next and final step of the process. The publication could occur in 3 to 6 weeks.  Here is the text of the official EU Conflict Minerals … Continue Reading

European Conflict Minerals Regulation — Details On What EU Importers Must Do

The proposed EU conflict minerals regulation has almost reached the last step before becoming an official EU regulation. On March 16, 2017, the European Parliament voted to approve the regulation, and the Council of the EU is expected to formally approve it in the weeks to come.  The Council’s vote will be the last step … Continue Reading

Conflict Minerals Rule Legal Challenge — Done and Done

“Hear ye, Hear ye.”  The parties to the legal challenge of the SECs conflict minerals rule have agreed that no further court proceedings are necessary and have requested that the US District Court enter a judgment in accordance with the decisions of the Court of Appeals — that is, that certain elements of the rule violated reporting entities’ First … Continue Reading

Executive Order on Conflict Minerals? Not Yet

You may have read that President Trump signed an executive order repealing or waiving the SEC conflict minerals rule.  Not true — at least not yet.  As of February 14th, no executive order relating to the conflict minerals rule had been signed.  But, a leaked draft of an executive order and rumors about a plan … Continue Reading

Piwowar’s Statement on SECs Conflict Minerals Rule – We Could Have Seen It Coming

In a move that has already been widely reported, on January 31, 2017, the SEC’s Acting Chairman Michael Piwowar issued a statement on the SECs conflict minerals rule, in which he directed the SEC staff to “consider whether the [April] 2014 guidance is still appropriate and whether any additional relief is appropriate in the interim.” … Continue Reading

Conflict Minerals in 2017 – What’s New?

It’s January 2017, and some believe it will be the last year for the SECs conflict minerals rule. Political and Legislative Environment President Trump’s inclination to roll back regulation reduces or even eliminates the likelihood of a Presidential veto of any Congressional action to repeal Section 1502 of the Dodd-Frank Act and the SECs conflict minerals … Continue Reading

UK Modern Slavery Act — Let The Posting Begin

Many organizations started voluntarily posting their modern slavery and human trafficking statements months ago. But now, the Modern Slavery Act’s transition period is over, and there are real deadlines to meet.  Covered companies with financial years ending 31 March 2016 must post statements as soon as reasonably practicable but within six months of their financial year end.  … Continue Reading

EU Conflict Minerals Regulation — Source Intelligence Webinar

Dynda Thomas will be participating in a Source Intelligence-hosted webinar titled “EU Conflict Minerals:  When, What and How to Comply.” She will discuss the key provisions and the status of the proposed EU regulation and how to build your compliance program so that you are ready when the regulation is adopted (likely later this year).  Other speakers include:  Leah … Continue Reading

Here We Go Again — New Proposed Resource Extraction Payment Rules

As we discussed in posts on September 3, 2015 and on October 2, 2015, Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act required the SEC to issue resource extraction payment rules.  The purpose of those rules was to promote the federal government’s desire for transparency about resource extraction payments made by commercial entities to governments around the world.   The initial … Continue Reading

Supply Chain Disclosure Risk 30-Minute Boot Camp — September 15

Those of you involved with conflict minerals compliance will want to consider how recent supply chain litigation relates to your conflict minerals policies and disclosures. In the last two posts in our Supply Chain Law blog (here  and here), we discussed the most recent supply chain litigation trend:  litigation based on companies’ California Transparency in Supply Chains Act disclosures.  … Continue Reading

FORM SD – EDGAR Filing Glitch — Conflict Minerals Report is “Exhibit 1.02”

The Division of Corporation Finance has confirmed that there is a glitch in the EDGAR filing system.  EDGAR is not accepting Exhibit 1.01 to the Form SD but is accepting Exhibit 1.02.  Therefore, despite the Instructions to the Form SD, you will need to refer to your Conflict Minerals Report as “Exhibit 1.02” in order for the filing … Continue Reading
LexBlog