August 22, 2012 | Written by GreenSoft Technology, Inc.
SEC Adopts Rule for Disclosing Use of Conflict Minerals
August 22, 2012｜Written by GreenSoft Technology, Inc.
The SEC has voted to adopt a rule implementing the conflict minerals provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Section 1502. The rule requires publicly traded U.S. companies to disclose whether tin, tantalum, tungsten or gold in their products originated in the Democratic Republic of the Congo (DRC) or adjoining countries. The provision passed by a 3-2 margin.
The adoption of the rule means that manufacturers will have to conduct a "reasonable" inquiry to find whether or not minerals originated in the DRC or adjoining countries. Whether or not those minerals originate in the DRC, the manufacturer will have to detail findings to the SEC and publicly disclose on its website.
The SEC did not release the detailed final rules, only summaries.
Here is the SEC press release: https://www.sec.gov/news/press/2012/2012-163.htm
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