By Mark Taylor
The U.S. Securities and Exchange Commission (SEC) held consultations with industry and civil society last week on the conflict minerals provision (Section 1502) of the Dodd-Frank Wall Street Reform and Consumer Protection Act. At a public roundtable hosted by the Commission in Washington DC SEC lawyers heard agreement (mostly) that conflict minerals due diligence should be implemented, but disagreement on how quickly it could be done and how thoroughly it should be done.
If the SEC is wise, they will create clear and simple rules with which companies must comply immediately (which in SEC terms would probably mean in 2012). Evidence of good faith due diligence by companies not in compliance with all regulations at that time should be considered as a mitigating factor when considering penalties.
For more of Mark’s piece, click here.
23 December 2011
On December 22, 2011, ICAR along with a number of leading human rights organizations, submitted a letter to the Securities and Exchange Commission (SEC) comment file for Section 1502 – the conflict minerals provision – of the Dodd-Frank Act. TheRead More…
09 December 2011
by Katie Shay In 1977, the United States took a powerful first step in curbing global corruption by passing the Foreign Corrupt Practices Act. The law aims to remove the incentive for bribery, and does so by creating both criminalRead More…
02 November 2011
Dear Chairman and Commissioners, The International Corporate Accountability Roundtable (“ICAR”) and Global Witness submit this comment to address issues pertaining to the rulemaking for Section 1502 that were raised in the Roundtable, held on October 18th, 2011, and to reiterateRead More…
14 October 2011
Congratulations to California for being the first state to pass a conflict minerals bill! California’s SB 861 was signed into law by Governor Jerry Brown this past weekend, and activists and those concerned with human rights should be proud. VoicesRead More…
10 September 2011
The State of California State passed SB 861, making California the first state in the nation to pass legislation addressing the link between conflict minerals in consumer electronics products and ongoing violence in eastern Congo. Help get this milestone theRead More…
