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ARTICLE · 30 OCTOBER 2012

SEC’s Conflict Minerals Rule Challenged

Foley Hoag LLP
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On October 19, 2012, the National Association of Manufacturers and the U.S. Chamber of Commerce petitioned the D.C. Circuit Court of Appeals to request that the SEC’s scheme of disclosure "be modified or set aside, in whole or in part".

United StatesFinance and Banking
Brandon White
Brandon White
Matthew Baltay
Matthew Baltay
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On October 19, 2012, the National Association of Manufacturers and the U.S. Chamber of Commerce petitioned the D.C. Circuit Court of Appeals to request that the SEC's scheme of disclosure related to so-called "conflict minerals" utilized in products of issuers "be modified or set aside, in whole or in part".

The disclosure scheme is embodied in new Rule 13p-1 and Form SD under the Securities Exchange Act of 1934, adopted by the SEC on August 22, 2012. (See our Client Alert dated August 27, 2012 for a summary of Rule 13p-1 and the disclosure scheme.)

The barebones Petition did not identify any substantive reason for the challenge to the Rule and the statutory provision pursuant to which it was adopted (Section 1502 of the Dodd-Frank Act).

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