What is SEC conflict minerals rule?

What is SEC conflict minerals rule?

The Securities and Exchange Commission (SEC) disclosure rule on conflict minerals broadly requires that certain companies submit a filing that describes their efforts to determine the source of their conflict minerals—tin, tungsten, tantalum, and gold.

What is the Dodd-Frank Act conflict minerals?

The “conflict minerals” provision—commonly known as Section 1502 of the Dodd Frank Act—requires U.S. publicly-listed companies to check their supply chains for tin, tungsten, tantalum and gold, if they might originate in Congo or its neighbours, take steps to address any risks they find, and to report on their efforts …

Is your company required to file an annual conflict minerals disclosure with the SEC?

Under these regulations, publicly traded companies are required to submit an annual conflict minerals disclosure report by filing paperwork called a “Form SD” to the SEC. Whether conflict minerals are found or not, the company must also disclose its findings publicly on its website.

What does Section 1502 of the Dodd-Frank Act require?

Section 1502 of the Dodd-Frank Act requires all Securities and Exchange Commission (SEC) reporting companies to disclose whether their products contain minerals from the Democratic Republic of the Congo (DRC), or one of its neighboring countries.

What is conflict minerals compliance?

The regulation explained. On 1 January 2021 a new law will come into full force across the EU – the Conflict Minerals Regulation. It aims to help stem the trade in four minerals – tin, tantalum, tungsten and gold – which sometimes finance armed conflict or are mined using forced labour.

Who is required to file a conflict minerals report?

Per the SEC final rule, a company that is required to provide a conflict minerals report only is required to report on “the efforts to determine the mine or location of origin with the greatest possible specificity” for only those products/product categories that have not been described as “DRC conflict free.” …

Is conflict minerals reporting still required?

Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG). The conflict minerals reporting template (CMRT) is available to all at no cost.

Where are conflict minerals mined?

Conflict minerals mined in the DRC may pass through numerous locations in neighboring countries as they are shipped to processing facilities. These countries are: Sudan, Central Africa Republic, Uganda, Congo Republic, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Zambia and Angola.

Why are conflict minerals a problem?

Certain minerals (including tin, tantalum, tungsten and gold) have been linked with funding killings, violence, rape, and other human rights abuses in the Democratic Republic of Congo and other conflict zones.

What legislation has been placed to regulate the sale of conflict minerals?

Background. In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.

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