On Wednesday, August 22, the United States Securities and Exchange Commission (SEC) voted in favor of a rule for conflict mineral disclosure. Based on this vote, US-based manufacturing companies will be required to publicly disclose the use of conflict minerals (including tantalum, tin, gold, or tungsten) that have originated in the Democratic Republic of the Congo or nearby areas.
Reporting to the SEC will be required on a new form (i.e., Form SD), if a company uses conflict minerals “necessary to the functionality or production of a product.” Companies will have until May 31, 2014 to make their first disclosures for the calendar year of 2013.
This is two years in the making, as the Dodd-Frank Wall Street Reform and Consumer Protection Act was first signed into federal law in July of 2010. Continue to follow our blog for more information regarding conflict minerals and their now required disclosure.
View the SEC press release here: http://sec.gov/news/press/2012/2012-163.htm
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