A few days ago, Taiwan-based Siliconware Precision Industries filed one of the first Form SDs with the SEC.
And while rumors have been swirling about whether an April 14thcircuit court ruling might give companies a reprieve from the June 2 date to file conflict minerals disclosures, the Securities and Exchange (SEC) has just confirmed that it will be moving forward with implementing large portions of the conflict minerals rule, which mandates that certain public companies file a Form SD.
The current confusion stems from the April 14thdecision by the U.S. Court of Appeals for the District of Columbia Circuit that found a provision of the SEC’s disclosure requirements regarding “conflict minerals,” or certain specific minerals from the war-torn Democratic Republic of Congo in Africa, to be unconstitutional.
The case has been remanded to the district court. In light of this decision, some have requested that a stay of the conflict minerals disclosure rules be granted until the district court determines what parts of the rule are unconstitutional. For more information, please see the statement issued by the SEC on April 28th and the subsequent statement issued by the SEC on April 29th.
The SEC has not yet clarified which portions of the conflict minerals rule might change. However, SEC Chair Mary Jo White did state in testimony before a U.S. House of Representatives committee that the SEC would soon issue guidance to help companies working to meet the June 2ndcompliance deadline.