Last week, in a widely expected move, the plaintiffs filed a notice of appeal of the D.C. District Court’s decision concerning the SEC’s Conflict Minerals Rule. In its July 23 decision, the district court upheld the Rule, rejecting all of the plaintiffs’ arguments. For more information on the district court’s decision, click here to read our earlier Alert on the topic.
- Brief for Appellants Sept. 11, 2013
- Brief for Amici Curiae in Support of Appellants Sept. 18, 2013
- Brief for Appellee Oct. 23, 2013
- Brief for Intervenor Appellees Oct. 30, 2013
- Brief for Amici Curiae in Support of Appellees Oct. 30, 2013
- Reply Brief for Appellees Nov. 13, 2013
The panel of judges for the appeal and the date of oral arguments has not yet been set.
Under the schedule set by the Court of Appeals, there will not be a decision from the court until sometime in 2014. Therefore, even if the Conflict Minerals Rule ultimately is set aside by the court, given the nature and amount of work required to meet the May 31, 2014 filing deadline and/or comply with customer requirements on a timely basis — which includes, among other things, putting in place relevant policies, procedures and frameworks and vendor outreach and data analysis — companies will need to complete a substantial portion of their work before the court reaches its decision. They will not have the cushion to wait until the court renders a decision to ramp up their compliance efforts. Therefore, with slightly more than nine months until the first filing is due, now is the time for companies that have been taking a wait-and-see approach to begin their compliance efforts in earnest.