SEC Acting Chairman Directs Reconsideration of Conflict Minerals Rule

Feb 6, 2017 | Andrew Brady, Brian V. Breheny, Hagen Ganem, Caroline Kim, Justin Kisner, Josh LaGrange, and Emily Prezioso
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The acting chairman of the U.S. Securities and Exchange Commission (SEC), Michael S. Piwowar, yesterday released two public statements concerning the conflict minerals rule applicable to companies that file Exchange Act reports with the SEC. Those statements indicate that the acting chairman has directed the SEC staff to consider whether 2014 interim guidance issued by the SEC’s Division of Corporation Finance remains appropriate and whether additional relief should be made available to companies pending resolution of litigation concerning the rule that began shortly after it was adopted in August 2012. Acting Chairman Piwowar also has requested comments from the public on those questions.