The Dodd-Frank Act Conflict Minerals Provision will soon require detailed due diligence on the part of public companies to determine whether any tin, tantalum, tungsten, or gold (conflict minerals) used in their products originated in the Democratic Republic of the Congo or adjoining countries. Suppliers will be affected as well because their SEC-filing customers need to establish the chain of custody for all conflict minerals used in their products. Companies are required to file reports starting in the fiscal year that ends 12 months after the final implementation rules are released.
FJATA has developed a brief overview of the Dodd-Frank requirements:
FJATA Dodd-Frank Overview
The Organization for Economic Cooperation and Development has issued a document providing guidance on what constitutes due diligence. The SEC considers this an important document that contains accurate information regarding its somewhat vague definition of “due diligence”.
OECD Conflict Minerals Due Diligence Guidance
The Securities and Exchange Commission document from the 12/23/2010 edition of the Federal Register. Containing elaborations on all aspects of the Dodd-Frank Act, it also summarizes key questions submitted for comment.
SEC Dodd-Frank Proposed Rules from Federal Register
KPMG has created a valuable resource for those who are looking to determine what their responsibilities are under Dodd-Frank. With a list of groups working on conflict minerals issues (for instance an organization of certified conflict-free smelters) and conflict minerals contacts, KPMG provides an excellent summary.
KPMG Powerpoint: Dodd-Frank Overview
McDermott, Will & Emery Law Firm published a brief synopsis of requirements under Dodd-Frank with different protocols suggested for “Resource Extraction Issuers” and “Manufacturers” as well as defining some key terms.
McDermott, Will & Emery Dodd-Frank Protocols
