Securities Regulation -- 2017

National Association of Manufacturers v. SEC   (U.S. District Court for the District of Columbia)

Challenging law and SEC rule on Conflict Minerals

The NAM's suit challenging the conflict minerals rule issued by the Securities and Exchange Commission (SEC) in August 2012 was transferred from the D.C. Circuit to the district court on May 2, 2013. While the trial judge upheld all aspects of the rule, the D.C. Circuit reversed on First Amendment grounds. The case was remanded to the district court, and on April 3, 2017, it entered final judgment declaring Sec. 1502 of the Dodd-Frank Act and the SEC regulations on conflict minerals unconstitutional "to the extent that the Statute and the Rule require regulated entities to report to the Commission and to state on their websites that any of their products “have not been found to be ‘DRC conflict free.’” Click here for a summary of the appeal to the D.C. Circuit.


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