Industry Associations Get Customized Conflict Minerals Solutions
With the May 2014 filing deadline quickly approaching and the time for filing undeterminable running out, issuers and non-issuers alike are seeking solutions now.
This month, seven associations, American Apparel & Footwear Association (AAFA), Fashion Jewelry and Accessories Trade Association (FJATA), National Association of Manufacturers (NAM), National Electrical Manufacturers Association (NEMA), National Retail Federation (NRF), Toy Industry Association (TIA) and United States Fashion Industry Association (USFIA) sought aggregated support and several additional associations have followed suit for their member companies.
On August 22, 2012, the SEC adopted a final rule to implement Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The rule requires publicly-held companies to disclose whether their products contain conflict minerals as defined by the law: tin, tantalum, tungsten or gold (3TG) originating from the Democratic Republic of the Congo (DRC) and specific adjoining countries.
The first report, covering calendar year 2013, is due to the SEC by May 31, 2014. The SEC and Government Accountability Office estimate that approximately 6,000 issuers and 280,000 non-issuer companies will be directly or indirectly impacted by the rule.
If you would like to arrange a closed session demonstration by webinar or in person for your Industry Association click HERE.