The United States Government Accountability Office (GAO) recommends that the United States Securities and Exchange Commission (SEC) identify the steps and timeframes to issue a final conflict minerals disclosure rule
In its report to Congress issued on July 16, the GAO notes that the SEC has missed its latest deadline for issuing a final conflict minerals disclosure rule by June 2012. For more details on the rule, please see the (April 17, 2012) edition of Mining@Gowlings, the article by Ioana Luca:
Pursuant to its mandate under section 1502 of the Dodd-Frank Act, the GAO examined the steps the SEC has taken so far toward issuing a conflict minerals disclosure rule and the stakeholder-developed initiatives that may help affected companies comply with the anticipated rule. The GAO concluded that the continued delay in issuing a final rule has contributed to a lingering uncertainty among industry and other stakeholders who expect their actions to be guided by a final rule.
The SEC’s comment on the report neither agreed nor disagreed with the GAO finings, but reiterated that the required steps will be identified at the August 22 open meeting, where the SEC will consider whether to adopt a final conflict minerals disclosure rule.
For a copy of the GAO report please see: http://www.gao.gov/products/GAO-12-763