So What Should We Do about Conflict Minerals Compliance for Next Year?

Nov 18, 2016 | Cydney Posner
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As of now, Forms SD and conflict minerals reports are still due on May 31, 2017.  With all the discussion, in light of the election results, of rolling back legislation and regulations, through the Financial CHOICE Act and otherwise, many are wondering whether they should still plan to file those reports.  While there’s no way to be certain, at this point they should.

The Financial CHOICE Act, sponsored by Jeb Hensarling, Chair of the House Financial Services Committee, was framed as a Republican proposal to reform the financial regulatory system necessary to undo the burdens of Dodd-Frank, which were characterized as a distraction from the SEC’s basic statutory responsibilities. The bill took aim at much of Dodd-Frank, including repealing the conflict minerals provision. Although the bill passed the House this term, it would need to be re-introduced next term.  Moreover, no version of the bill was ever introduced in the Senate.  To the extent that a Senate version differs substantially from the House version, those differences would need to be resolved in conference committee.  And given that there will be only 52 Republican votes in the new Senate, a Senate version of the bill may need to defer to some Dem demands to avoid a filibuster  — assuming that a filibuster can be avoided at all.