In its first two months, the Biden Administration has given significant attention to climate-related and environmental, social, and governance (ESG) disclosure issues. February 1, 2021 — The SEC announced the appointment of Satyam Khanna as the Senior Policy Advisor for Climate and ESG. He is to oversee the SEC’s efforts relating to climate risk and … Continue Reading
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
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 … Continue Reading
In less than 7 months, the EU conflict minerals regulation will take full effect, and importers into the European Union of certain threshold amounts of tin, tantalum, tungsten and gold (3TG) and of metals containing 3TG will be subject to it. As of today, despite Brexit, importers into the UK will be subject to it … Continue Reading
We have been following this year’s conflict minerals filings to determine whether reporting companies have highlighted any impact of the COVID-19 shut-downs on their conflict minerals due diligence measures or results. Based on our review of the 320 filings through May 27, 2020, 14 conflict minerals reports included references to “COVID-19,” “coronavirus” and/or the “pandemic. … Continue Reading
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
As of March 26, 2020, the filing deadline for Form SD’s is unchanged from the May 31 deadline included in the text of the Conflict Minerals Rule (and in the instructions to the Form SD). Note: because May 31, 2020 is a Sunday, the filing deadline for the Form SD’s for reporting year 2019 is … Continue Reading
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
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
Almost two months after the negotiations of the EU conflict minerals regulation were concluded, there has been some movement towards the end of the European legislative cycle. On January 24, 2017, the European Parliament’s International Trade Committee approved the text of the conflict minerals regulation submitted following the three-way trilogue negotiations that were completed on … Continue Reading
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
The next and last step of the legal challenge of the SEC’s 2012 conflict minerals rule would be for the SEC to file a petition for writ of certiorari to the U. S. Supreme Court. The deadline for making that filing has been extended again, this time from March 9th to April 7th, 2016.… Continue Reading
Companies and industry groups have been working for over 3 years on investigation and due diligence processes to determine the source and chain of custody of the tin, tantalum, tungsten and gold (3TG) in their products. But, there could now be pressure to add to the list of conflict minerals. Compliance Week raised this question last week in … Continue Reading
When the US Securities and Exchange Commission’s conflict minerals rule was issued in 2012, US reporting companies (and their suppliers) developed and implemented conflict minerals compliance programs. Companies have continued to enhance and beef up their programs since then. Now, companies should be supplementing their compliance programs to be ready to address the requirements of … Continue Reading
On Tuesday, September 17th, EU Commissioner for Trade, Karel De Gucht, spoke at a Public Hearing of the Committee on Development in Brussels. He spoke about the role of extractive industries in developing countries in promoting development through responsible business practices. In that speech, de Gucht confirmed that the EU approach to conflict minerals is … Continue Reading
