SEC to Vote Shortly on Dodd-Frank Conflict Minerals Provision

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The Securities and Exchange Commission will take a vote at 10:00 am EST on rules developed to address the recently enacted Dodd-Frank legislation Section 1502, better known as Conflict Minerals.

Check out MetalMiner’s Conflict Minerals Legislative Guide for expert analysis and commentary.

MetalMiner has now heard through a couple of sources that the agency has developed a 500+ page version of the rules that may include a stringent attest component meaning any company that files financial statements with the SEC will need a CPA to file (as opposed to furnish) an annual report on the company’s conflict minerals traceability program to ensure no conflict minerals appear in the company’s supply chain.

Moreover, we have heard that corporate officers will also need to sign-off on the report. Insiders tell MetalMiner the rules will not contain a de minimus requirement (or materiality thresholds that would allow some firms an exemption to the rules based on quantities of minerals used). MetalMiner readers should note all of this appears as conjecture.

Nobody knows exactly what the SEC will vote on in a few short minutes as “the rules” will only become available on the SEC website later today.

Enough Votes?

At issue this morning – does the SEC have the necessary three votes to pass the rules – in short, we don’t know but MetalMiner should receive some updates shortly from Lawrence Heim, Director of the Elm Consulting Group International who has taken his seat at the meeting.

Should the commission’s members open up the vote for discussion, we will likely gain a better understanding of what the rules contain. In the meantime, stay tuned to MetalMiner.

Check out MetalMiner’s Conflict Minerals Legislative Guide for expert analysis and commentary.

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