The provision is intended to do just that by requiring public companies for which these minerals constitute a necessary part of a product they manufacture to disclose annually to the SEC if the minerals in their products originated or may have originated in Congo or a neighboring country. Furthermore, it will require those companies to provide information on measures they have taken to exercise due diligence on the source and chain of custody to ensure activities involving such minerals did not finance armed groups. The amendment was narrowly crafted in consideration of local economies and thus includes waivers and a sunset clause after five years. Cong. Record, May 19, 2010, S3976.
Commentary and musings on the complex, fascinating and peculiar world that is securities regulation
Saturday, May 29, 2010
Senator Feingold Explains Genesis of Congolese Conflict Minerals Disclosure Requirement in Senate Reform Bill
The provision is intended to do just that by requiring public companies for which these minerals constitute a necessary part of a product they manufacture to disclose annually to the SEC if the minerals in their products originated or may have originated in Congo or a neighboring country. Furthermore, it will require those companies to provide information on measures they have taken to exercise due diligence on the source and chain of custody to ensure activities involving such minerals did not finance armed groups. The amendment was narrowly crafted in consideration of local economies and thus includes waivers and a sunset clause after five years. Cong. Record, May 19, 2010, S3976.