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White House Considers Suspension of Conflict Minerals Rule
By
Randi Morrison
posted
02-09-2017 01:32 PM
0
Recommend
Further to our report in
yesterday's Society
Alert
, attached - courtesy of the
WSJ
- is a
draft Presidential Memorandum
discussing the unintended consequences of the SEC's
conflict minerals rule
and directing the SEC to waive the rule's requirements for two years or such earlier time as the SEC proposes an alternative rule that the President determines is not contrary to the US national security interests.
The draft SEC directive accompanying the Presidential Memorandum indicates that the disclosure regime "was originally intended to address a humanitarian crisis in the region by limiting a means of financing the ongoing conflict. Mounting evidence shows that the disclosure requirements contained in the Conflict Minerals Rule have instead caused harm to some parties in the Democratic Republic of the Congo and have thereby contributed to instability in the region and threatened the national security interest of the United States."
See also our
prior report
on SEC Acting Chair Piwowar's call for comments and reconsideration of the rule's implementation and guidance.
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