SEC Delays Conflicts Minerals Rulemaking

While the Securities and Exchange Commission continues to move forward to meet the requirements of the Dodd-Frank Act, it does not appear that it or its staff have much enthusiasm for the conflict mineral portion of those requirements. Nevertheless, absent Congressional action, adoption of the conflict mineral rules appears to be inevitable.

At a budget hearing before the House Committee on Appropriations on March 6, 2012, SEC Chairman Mary L. Schapiro indicated that the rules will not be adopted until "the middle of the year." In response to questions, Chairman Schapiro indicated that the SEC would need more time to complete the rules due to the complexity of the rulemaking and the fact that the nature of the Congressionally mandated rules is "so out of the ordinary for the SEC."