Who is subject to SEC conflict minerals rule?
Who is subject to SEC conflict minerals rule?
All companies that file reports with the SEC under Section 13(a) or 15(d) of the Exchange Act, including foreign private issuers, emerging growth companies, smaller reporting companies and voluntary filers are subject to the rule.
What is the Dodd-Frank Act conflict minerals?
Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG). The conflict minerals reporting template (CMRT) is available to all at no cost.
What does Section 1502 of the Dodd-Frank Act require?
Section 1502 of the Dodd-Frank Act requires all Securities and Exchange Commission (SEC) reporting companies to disclose whether their products contain minerals from the Democratic Republic of the Congo (DRC), or one of its neighboring countries.
What is a conflict minerals policy?
The Conflict Minerals Rule, which was adopted under the Dodd-Frank Wall Street Reform and Consumer Protection Act, requires publicly traded companies that manufacture or contract to manufacture products containing tantalum, tin, tungsten or gold (“3TG”) that is necessary to the functionality or production of such …
What is conflict minerals regulation?
The Conflict Minerals Regulation[i] requires EU-based importers of tin, tantalum, tungsten and gold (also referred to as “3TG”) to ensure their minerals are sourced responsibly and that their supply chains do not help to fund armed conflict or other illegal practices.
Where are conflict minerals mined?
Conflict minerals mined in the DRC may pass through numerous locations in neighboring countries as they are shipped to processing facilities. These countries are: Sudan, Central Africa Republic, Uganda, Congo Republic, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Zambia and Angola.
Are conflict minerals illegal?
Conflict minerals are not illegal and would be nearly impossible to remove from global supply chains, but that doesn’t mean they are without risk. The OECD Due Diligence Guidance for Minerals has become that international standard for most activities.
What is the issue with conflict minerals?
Certain minerals (including tin, tantalum, tungsten and gold) have been linked with funding killings, violence, rape, and other human rights abuses in the Democratic Republic of Congo and other conflict zones.
What is conflict minerals declaration?
This document declares that some of International Light Technologies products contain one or more conflict minerals and that these minerals are necessary to the functionality of the products manufactured. This document certifies that all ILT products are declared “DRC conflict free”.
What is the Dodd-Frank Act on conflict minerals?
Dodd-Frank Act – Conflict minerals (section 1502) ■ The Dodd-Frank Act includes reporting requirements for SEC registrants about the source of conflict minerals . ■ Companies must make a reasonable determination whether products involve specified materials from the region. ■ The Act ’s intent is to reduce violence in the region
What is the new SEC Rule on conflict minerals?
The new rule applies to a company that uses any conflict minerals if: the company files reports with the SEC pursuant to Exchange Act Sections 13(a) or 15(d); and. the minerals are “necessary to the functionality or production” of a product manufactured by the company or contracted by the company to be manufactured.
Do companies have to disclose the use of conflict minerals?
Disclosing the Use of Conflict Minerals. Background. In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.
What is the Dodd-Frank Act?
■ The Dodd-Frank Act includes reporting requirements for SEC registrants about the source of conflict minerals . ■ Companies must make a reasonable determination whether products involve specified materials from the region. ■ The Act ’s intent is to reduce violence in the region