A long-awaited rule codifying companies’ use of “conflict minerals” was adopted in August by the Securities and Exchange Commission, putting a new spotlight on compliance. But the most basic compliance challenge for in-house counsel may be simply figuring out whether the rule applies to your company.
The new rule comes under the umbrella of the Dodd-Frank financial reform law and affects U.S.listed companies that use tantalum, tin, gold, or tungsten in their products. Corporations that do will have to file a new disclosure form with the SECand make a determination about whether those minerals are sourced from the war-torn Democratic Republic of the Congo (DRC) and nine surrounding countries [see "Dirty Minerals and Sunshine" ].
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