The SEC Defends Dodd-Frank Wall Street Reform and Consumer Protection Act
The Washington DC court of appeals hears arguments challenging the conflict minerals provisions of the Dodd-Frank Act
For the second time the regulations put forth in the Dodd-Frank Wall Street Reform and Consumer Protection Act are being challenged. This time a business consortium brought the SEC before the DC Circuit court where 3 judges heard arguments from Peter Keisler from the business coalition and Tracey Hardin from the SEC. Section 1502 of the Dodd-Frank Act compels public disclosure for any issuer whose products are identified as containing one or more of the four conflict minerals (tin, tantalum, tungsten and gold) suspected to have originated in the Democratic Republic of Congo (DRC) and surrounding countries.
With the first reports and disclosures due to be filed with the SEC by June 2, 2014, the pressure is on companies to implement the correct program for them. It is also important for them to keep an eye on the hearing to know if the rule will be changed and if so, how it will affect their program. The business coalition is arguing that the rule can impose a massive cost and shame the company in the eyes of investors. The SEC reiterated to the judges that objective of Section 1502 is to promote peace and security in the DRC. It is to increase the public awareness of the use of conflict minerals.
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