Companies Unprepared for Conflict Minerals Rule, U.S. Court Ruling Looms

The SEC is keeping companies on the hook for complying with the new regulation regarding conflict minerals. This is despite many public companies not being on track to comply by the May deadline.

Source Intelligence, which helps companies to comply with the regulaion, has the private industry’s largest registry of suppliers, which shows it can take as long as six months for suppliers to respond to a request for conflict minerals reporting information. Publicly-held companies (issuers) must take into account this significant lead time in the preparation for compliance with Section 1502 of the Dodd-Frank Rule. According to Reuters many are not adequately accounting for this.

The Dodd-Frank Wall Street Reform and Consumer Protection Act SEC 1502, is mandated by the federal government to provide transparency into corporate practices and specifically to reduce funding for armed groups involved in human rights violations in the Democratic Republic of the Congo and surrounding countries. Therefore, public companies must quickly gain the necessary knowledge of their supply chain and learn filing policies and procedures.

Source Intelligence, the leading provider of Conflict Minerals compliance programs is here to assist with any issues you may have in reaching compliance and is providing complimentary access to their exclusive Webinar Library. Source Intelligence webinar's are fundamentally resourceful for those seeking to attain supply chain transparency, sustainability, and compliance within their industry.

To learn more, request a Source Intelligence demo here.