[Very good summary--Ed.]
The Securities and Exchange Commission recently adopted final disclosure and reporting rules as mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act requiring certain public companies to disclose on a new Form SD their use of conflict minerals originating in the Democratic Republic of the Congo (the DRC) or an adjoining country.
For companies subject to these new rules, as described below, compliance will be required on a calendar year basis (regardless of a company’s fiscal year) beginning January 1, 2013. The first report on Form SD will be due May 31, 2014 (and on every May 31 thereafter). See the flowchartissued by the SEC for an understanding of the steps required to comply with these new rules. The Form SD and the conflict minerals information disclosed therein, will be deemed “filed” (not “furnished”) under the Securities Exchange Act of 1934 and will be subject to Section 18 of the Exchange Act, which deals with liability for any false or misleading statements.
This Update summarizes the key elements of these new rules and provides practical guidance. (Read full article.)