Conflict Minerals Update: SEC Formally Stands by Staff Guidance
Today the SEC issued a stay of the conflict minerals rule – but the stay extends only to “the effective date for compliance with those portions of Rule 13p-1 and Form SD that would require the statements by issuers that the Court of Appeals held would violate the First Amendment.” In other words, today’s order merely formalizes the guidance issued by the SEC staff on April 29, summarized in our April 29 newsflash. To underline this point, the Commission referred companies to the April 29 staff statement “for more detailed guidance regarding compliance.”
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