Conflict Minerals Rules Expected Mid-Year
On March 6, 2012, SEC Chairman Mary Schapiro gave testimony before the Subcommittee on Financial Services and General Government Committee on Appropriations United States House of Representatives. According to this Bloomberg article, Chairman Schapiro also stated the final conflicts mineral rule will not be ready until the middle of the year.
In her written testimony, Chairman Schapiro also stated “As the Commission implements the rules required under the Dodd-Frank Act, there will be a need for additional staff to respond to the demand from companies, investors, and their advisors for interpretive advice about the new rules. In FY 2013, for example, we expect a heightened number of interpretive inquiries from public companies on new rules relating to listing standards for executive compensation, disqualification of felons and other bad actors from certain exempt offerings, and specialized disclosure rules with respect to conflict minerals and payments to foreign or U.S. governments by resource extraction issuers.”
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