March 20, 2015 – March 27, 2015 The summaries provided in this Weekly Recap do not necessarily represent the views of Squire Patton Boggs (US) LLP and should not be deemed to be endorsements of them. The Recap is intended to be a compilation of articles and events to encourage discussion within the conflict minerals community and to keep our readers updated on the most recent developments. Reuters:
SEC Spent $2.75 Million on Conflict Minerals Rule
Sarah Lynch of Reuters reports that the SEC revealed earlier this month that it spent “about $2.75 million to write, implement and defend itself against legal challenges to its ‘conflict mineral rules.'”
SEC Chair White revealed this in response to a request from the U.S. House Financial Services committee.
According to Reuters, the amount represents:
- 17,000 hours since July 2010 writing the rule at a cost of about $2.1 million
- 4,000 hours defending the rule at a cost of $520,000
- $128,000 spent on updating its system to accept conflict minerals disclosure reports