On August 22, the Securities and Exchange Commission ("SEC") will hold an open meeting to consider whether to adopt final rules implementing Section 1502 and Section 1504 of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Under the original statutory provisions, both rules were to have been issued by April 17, 2011. Draft rules were originally released in December 2010 and the final rules have been long-delayed.
On June 22, 58 members of Congress sent a letter to SEC Chairman Mary Schapiro urging the Commission to either schedule a vote on both rules by July 1, or to respond in writing by June 29 explaining the long delay and definitive date for a vote. The Commission missed both deadlines, but issued its announcement of the upcoming open meeting on July 2.
- Section 1502 requires companies that utilize tin, tungsten, tantalum, and gold to conduct and disclose due diligence on their supply chains in order to identify whether the those minerals originated in the Democratic Republic of Congo or adjoining countries; and
- Section 1504 requires companies to disclose payments made to foreign governments and the Federal Government for the extraction of oil and minerals.