Conflict minerals rule — limited portion invalidated; 2 June filing deadline looms
By Sanjay M Shirodkar and Douglas Rein
The US Court of Appeals for the District of Columbia has issued an opinion in the legal challenge to the conflict minerals rule adopted by the Securities and Exchange Commission (SEC) in late 2012.
A divided court concluded that a portion of the statute and the SEC rule violate the First Amendment to the extent the statute and rule require issuers to report to the SEC and to state on their website that any of their products have ‘not been found to be DRC conflict free’.
While the petitioners had challenged the rule under the Administrative Procedures Act and the Securities Exchange Act of 1934 (including the failure of the SEC to adopt a de minimis exemption from reporting, criticism of the SEC’s cost-benefit analysis and alleged arbitrary actions by the SEC in adopting an extended phase-in period for smaller reporting companies), the court did not agree with those other challenges. The court remanded the case for further proceedings consistent with its opinion…
Click on the link below to read the rest of the DLA Piper briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from DLA Piper
News from The Lawyer
Briefings from DLA Piper
A well-known British performing artist was granted permission to take his case to the Supreme Court, where he will appeal the Court of Appeal’s decision in OPO v MLA & STL.
The increased focus of national data protection authorities on the processing of personal data through mobile apps was again confirmed in an open letter from a group of data protection authorities.
Analysis from The Lawyer
Regulators are ramping up the pressure in the aftermath of recession, leaving firms to compete for compliance and restructuring work
Shearman & Sterling is making its presence felt in the City, squaring up to magic circle firms and looking to muscle in on key relationships. Private equity house Bridgepoint is one outfit that has had its head turned by the US firm.