SEC Staff Reaffirms June 2 Deadline for Conflict Minerals Disclosure but Revises Disclosure Requirements in Light of D.C. Circuit Court Ruling: New Staff Guidance Provides that Issuers Will Not Be Required to Identify Products as “DRC Conflict Free,” “DRC Conflict Undeterminable” or “Having Not Been Found to Be ‘DRC Conflict Free’”

Sullivan & Cromwell LLP - April 30, 2014

In its first published guidance since a decision by the U.S. Court of Appeals for the District of Columbia Circuit that held that certain aspects of the SEC’s conflict minerals disclosure rule violated the First Amendment, the Director of the SEC’s Division of Corporation Finance released a statement yesterday affirming that issuers must provide the required disclosures by the original due date of June 2, 2014.  However, in response to the court’s opinion, the statement provides that issuers are not required to describe any of their products as “DRC conflict free,” “DRC conflict undeterminable,” or “having not been found to be ‘DRC conflict free.’”