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Alert from NAW re Conflict Minerals Rule

Thursday, February 16, 2017   (0 Comments)
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A Message From Jade West, Senior Vice President-Government Relations

National Association of Wholesaler-Distributors

 

 

If your company has been impacted by the Securities and Exchange Commission’s (SEC) Conflict Minerals Rule – Section 1502 of the Dodd-Frank Act – you are probably aware that the SEC has invited new comments on this rule.

 

Specifically, Acting SEC Chairman Michael S. Piwowar released a statement on January 31st questioning the effectiveness of the rule and directing the SEC staff to “reconsider whether the 2014 guidance on the conflict minerals rule is still appropriate and whether any additional relief is appropriate.”

 

To read Chairman Piwowar’s statement and directive to the SEC staff, go to:

https://www.sec.gov/corpfin/statement-on-sec-commission-conflict-minerals-rule.html

 

And go to:

https://www.sec.gov/news/statement/reconsideration-of-conflict-minerals-rule-implementation.html

 

The Acting Chairman has invited comments from stakeholders and interested parties on reconsideration of the rule, and that comment period is open until March 31st.

 

NAW has filed a comment letter based on feedback we have received from impacted NAW members, and we would encourage you to also file a comment with the commission if you believe the rule should be reconsidered or rescinded.

 

To read NAW’s comment letter, go to:

https://www.naw.org/files/NAW-Comments.pdf

 

If you wish to file a comment on behalf of your company, go to:

https://www.sec.gov/news/statement/reconsideration-of-conflict-minerals-rule-implementation.html

NOTE:  Click the “submit detailed comments” link near the bottom of the page.

 

Finally, there have been reports in recent days that the Trump Administration is considering an Executive Order suspending the conflict minerals rule for two years.  If you are interested in seeing this rule permanently rescinded or changed, please note that presidential executive orders can be and often are reversed by subsequent Administrations, so the SEC reconsideration of the rule could have more permanent effect.


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