SEC Issues Partial Stay of Conflict Minerals Rule

FOR IMMEDIATE RELEASE
2014-89
Washington D.C., May 2, 2014

The Securities and Exchange Commission today issued an order staying the effective date for compliance with the portions of Exchange Act Rule 13p-1 and Form SD that would require statements by issuers that the Court of Appeals held would violate the First Amendment (see Nat’l Ass’n of Mfrs. v. SEC, No. 13-5252, D.C. Cir., Apr. 14, 2014).

In its order, the SEC denied the motion filed by the National Association of Manufacturers, Chamber of Commerce, and Business Roundtable for a stay of the entire rule.

The Commission stated that a stay of these portions of the rule avoids the risk of First Amendment harm pending further proceedings.  The Commission also stated that staying only these portions of the rule furthers the public’s interest in having issuers comply with the remainder of the rule, which was mandated by Congress and upheld by the Court of Appeals. 

For more detailed guidance regarding compliance, the order refers issuers to the statement issued by SEC staff on April 29 and any further guidance subsequently provided.