On Friday, the U.S. Chamber of Commerce, the National Association of Manufacturers and the Business Roundtable asked a federal appeals court “to modify or set aside” rules requiring U.S.-listed companies to disclose whether their products contain minerals blamed for fuelling violence in central Africa. The petition, filed in the U.S. Court of Appeals for the District of Columbia Circuit, is the latest in a series of challenges levelled by the business community to overturn or modify rules stemming from the 2010 Dodd-Frank law. It seems possible that the groups filing the challenge would ask for a ‘stay’ that could, if nothing else delay implementation and the need for US companies to make disclosures on mineral source. It should become clear in the coming weeks whether the SEC or the court could grant the stay. More details can be seen in a Wall Street Journal report available here.
Legal challenge to conflict minerals rule
Oct 24, 2012