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Article

16 Oct 2011

Author:
Sarah N. Lynch, Reuters

SEC wrestling with "conflict minerals" disclosure [USA]

Securities regulators are struggling to craft a rule that sheds light on companies that use certain African "conflict minerals" but avoids a compliance nightmare that hurts manufacturers. The Securities and Exchange Commission is six months behind schedule in finalizing the rule that is required by last year's Dodd-Frank financial oversight law...The agency is holding a roundtable discussion...to hear from companies, human rights organizations and other stakeholders. The SEC has asked for help navigating the mine field of tricky issues such as tracking conflict minerals through the supply chain and "workable" due diligence..."If you go from compliance on through, this starts to set up not only nightmare scenarios, but also costly scenarios that make it difficult for companies to ensure an adequate supply of raw materials," said Tom Quaadman, the vice president of the [US] Chamber of Commerce's Center for Capital Markets Competitiveness...But human rights groups are staunchly opposed to a phase-in period... [refers to AT&T, Apple, Hewlett-Packard]