“SEC Sets New Conflict Mineral Rule”
On August 22, 2012, the Securities and Exchange Commission (“SEC”) issued a new, final rule implementing Section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”). The new rule, Rule 13p-1, requires issuers to make annual disclosures if “conflict minerals” are “necessary to the functionality or production” of a product of such issuer. Such disclosure is to be made on a new form, Form SD, to be “filed” under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”).
This Stroock Special Bulletin summarizes the new conflict mineral rule, including the three-step process issuers need to undertake to comply with the regulations.