Doddfrank act conflict minerals congress enacted section 1502 of the dodd frank act because of concerns that the exploitation and trade of conflict minerals by armed groups is helping to finance conflict in the drc region and is contributing to an emergency humanitarian crisis. Disclosures on conflict minerals background section 1502 of the dodd frank act is intended to make transparent the finances derived from mining that support illegal armed groups in central africa. The term conflict mineral is defined in section 1502e. Securities and exchange commission 17 cfr parts 240 and. Conflict minerals, civilian livelihoods, and the unintended consequences of western advocacy abstract although its provisions have yet to be implemented, section 1502 of the dodd frank wall street reform and consumer protection act is already having a profound effect on the congolese mining sector. Section 1502 added section p to the securities exchange act of.
The relevant materials are tin, tantalum, tungsten and gold from the great lakes. In april, the acting chairman of the securities and exchange commission sec came out against enforcing dodd frank section 1502, which required companies to trace the origins of any tin, tungsten, tantalum or gold 3tg used in their products and disclose whether these conflict minerals have been sourced from the democratic republic of congo. Impact update february 2016 section 1502 of the dodd frank wall street reform and consumer protection act dodd frank 1502 and the u. These products, which have not previously been regulated in the united. Introduction in response to the worst economic meltdown since the great depression, in 2010, congress enacted the dodd frank wall street reform and consumer protection act dodd frank or the act. Dodd frank wall street reform and consumer protection act. Doddfrank act conflict minerals section 1502 the doddfrank act includes reporting requirements for sec registrants about the source of conflict minerals.
Dodd frank act conflict minerals section 1502 the dodd frank act includes reporting requirements for sec registrants about the source of conflict minerals. Pdf doddfrank wall street reform and consumer protection act. The table of contents for 6 this act is as follows. The dodd frank wall street reform and consumer protection act brings comprehensive reform to the regulation of swaps. But the views and opinions of local eyewitnesses who live in the countries covered by the law are often overlooked or missing from the discussions. The doddfrank act fully known as the dodd frank wall street reform and consumer protection act is a united states federal law that places regulation of the financial industry in the hands of the government. Public law 111203july 21, 2010 doddfrank wall street reform and consumer protection act anorris on dsk5r6shh1prod with public laws verdate nov 24 2008 00. This concerns section 1502 of the dodd frank financial regulations and the aim of that.
Dodd frank wall street reform and consumer protection act, section 1502. Oct 03, 2011 the dodd frank wall street reform and consumer protection act dodd frank act, which focuses on reforming u. Dodd frank act conflict minerals reporting requirements as of september 2012 section 1502 of the dodd frank wall street reform and consumer protection act dodd frank act, passed in july 2010, is an attempt to stop rebel groups in the democratic republic of the congo drc. We have not sought to address the implementation of section 15q of the exchange act, added by section 1504 of the dodd frank act, or any other provision of the dodd frank act. On june 8, 2017, the act passed the entire house of representatives and was sent to the senate for consideration where it currently sits.
An act to promote the financial stability of the united states by improving accountability and transparency in the financial system, to end too big to fail, to protect the american taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes. Section 1502 of the dodd frank act, known as the conflict minerals rule, has been under unprecedented scrutiny. Reform and consumer protection act section 1502 on conflict minerals, gultig seit dem 21. Jun 23, 2014 in 2010, congress legislated section 1502 of the dodd frank act, which requires companies to disclose whether any of the products manufactured or contracted to be manufactured by the company contains conflict minerals that originate in the democratic republic of congo drc or any of the adjoining parties. Umsetzung des doddfrank wall street reform and consumer protection act. Companies that are required to file an annual report with sec, and that engage in commercial development of oil, natural gas, or minerals. Pdf doddfrank wall street reform and consumer protection. One hundred eleventh congress of the united states of america. Implementation of us doddfrank act rule on conflict. Sec final rule on the conflict minerals section 1502 of the. Section 1502 requires persons to disclose annually whether any conflict minerals that are necessary to the functionality or production of a product of the person, as defined in the provision, originated in the.
With the repeal of the dodd frank act 2010 imminent, it is an opportune time to reflect on whether consumerdriven governance initiatives such as the conflict minerals provision have a role to play in reducing armed conflict. Companies that file with the united states securities. Doddfrank wall street reform and consumer protection act doddfrank act, 2010. Be it enacted by the senate and house of representatives. Doddfrank wall street reform and consumer protection act section 1502. Companies continue to file conflict minerals disclosures. The act repeals section 1502 of dodd frank altogether. The dodd frank act was passed by the us congress in july 2010 and included a provision section 1502 that aimed to break the link between conflict and minerals in the eastern democratic republic of. The dodd frank wall street reform and consumer protection act here includes section 1502 conflict minerals. As a part of that commitment, alphabroder seeks to source components, materials and finished products from supplier partners that share in the same beliefs around social responsibility. Consumer financial protection act of 2010 cfpa, section 1057 of the dodd frank wall street reform and consumer protection act of 2010, 12 u. On august 22, 2012, the sec adopted the final rule implementing section 1502 of the dodd frank act, the conflict minerals rule, aimed at reducing a significant source of funding for armed groups that are committing human rights abuses and contributing to the conflict in the democratic republic of the congo. Sec final rule on the conflict minerals section 1502 of.
Doddfrank wall street reform and consumer protection act relating to the use of. Title xv of the dodd frank wall street reform and consumer protection act contains several specialized disclosure provisions. Section 1502 added section p to the securities exchange act of 1934, which requires the commission to promulgate rules requiring issuers with conflict minerals that are necessary to the functionality or production of a product manufactured by such person to disclose annually whether any of those minerals originated in the democratic republic of the congo or an adjoining country. We are adopting a new form and rule pursuant to section 1502 of the dodd frank wall street reform and consumer protection act relating to the use of conflict minerals. Dear valued customer, as a result of the doddfrank wall street reform and consumer protection act section 1502 the act, many public companies and their supply base are required to make disclosures. Securities and exchange commission 17 cfr parts 240 and 249b. Effective date of july 21, 2011, has been set by the secretary of the treasury pursuant to sections 1058 and 1062. The doddfrank wall street reform and consumer protection act brings comprehensive reform to the regulation of swaps. In 2010, congress legislated section 1502 of the dodd frank act, which requires companies to disclose whether any of the products manufactured or contracted to be manufactured by the company contains conflict minerals that originate in the democratic republic of congo drc or any of the adjoining parties. These minerals include tantalum, tin, gold and tungsten. As lawyers, we would reflexively say that this is a summary, and only a very brief summary at that, and that all of this is qualified in its entirety by reference to our more. Feb 09, 2017 theres been a leak of a proposed executive order from donald trump on the subject of conflict minerals.
The largest legal change to financial regulation since passage of the dodd frank wall street reform and consumer protection act of 2010 just occurred. Section 1502 of the dodd frank act imposes new reporting requirements on companies who manufacture, or contract to manufacture, products that uses conflict minerals, which is defined as cassiterite from which tin is derived, columbitetantalite. Doddfrank act section 1502 conflict minerals alphabroder is committed to being a responsible corporate citizen and is opposed to human rights exploitation. Section 1502 of the doddfrank wall street reform and consumer protection act referring to conflict minerals december 2014 conflict minerals are. Dodd frank wall street reform and consumer protection act title i. In the pages that follow, we summarize the principal aspects of the doddfrank act. Doddfrank act conflict minerals reporting requirements. The act s intent is to reduce violence in the region.
Rjc fact sheet implementing section 1502 on conflict minerals us dodd. This section requires changes to the securities exchange act of 1934 here to include requirements for disclosures relating to conflict minerals originating in. Doddfrank wall street reform and consumer protection. Overview of section 1502 of df act the doddfrank act, signed into law on july 21, 2010, includes a little known section 1502. The doddfrank act, officially called the dodd frank wall street reform and consumer protection act, is legislation signed into law by president barack obama. Nov 20, 2017 the act repeals section 1502 of dodd frank altogether. Theres been a leak of a proposed executive order from donald trump on the subject of conflict minerals. Securities and exchange commissions sec conflict minerals rule have improved global minerals.
The dodd frank wall street reform and consumer protection act of 2010 dodd frank act, which president obama signed into law on july 21, 2010, primarily focuses on financial regulatory reform included in the act is section 1502 that adds additional reporting requirements on form 10. Rjc fact sheet implementing section 1502 on conflict. Another particularity about the law is it inverts the in dubio pro reo innocent until proven guilty principle. Dear valued customer, as a result of the dodd frank wall street reform and consumer protection act section 1502 the act, many public companies and their supply base are required to make disclosures. Securities and exchange commissions sec conflict minerals rule have improved global minerals supply chain transparency and begun to help break links between the minerals trade and violent conflict in the eastern democratic republic of congo congo. Glenair supplier policy section 1502 of the doddfrank wall. Frank act 31 august 2012 introduction this fact sheet has been prepared by the rjc to provide general information to companies in the jewellery supply chain who may be affected by the us conflict minerals legislation. On august 22, 2012, the sec adopted the final rule implementing section 1502 of the dodd frank act, the conflict minerals rule, aimed at reducing a significant source of funding for armed groups that are committing human rights abuses and contributing to the conflict in. The term conflict mineral is defined in section 1502e4.
The dodd frank act fully known as the dodd frank wall street reform and consumer protection act is a united states federal law that places regulation of the financial industry in the hands of the government. The conflict minerals provisioncommonly known as section 1502 of the dodd frank act requires u. This concerns section 1502 of the dodd frank financial regulations and. Doddfranks specialized disclosure provisions 1502 and 1504. Conflict minerals, civilian livelihoods, and the unintended consequences of western advocacy abstract although its provisions have yet to be implemented, section 1502 of the doddfrank wall street reform and consumer protection act is already having a profound effect on the congolese mining sector. This act may be cited as the 3 doddfrank wall street reform and consumer protec4 tion act. This act may be cited as the dodd frank wall street reform and consumer protection act.
An act to promote the financial stability of the united states by improving accountability. Sec final rule on conflict minerals section 1502 of dodd frank this presentation is intended to be a high level overview of the sec final rule and guidance to the conflict minerals section 1502 of the dodd frank wall street reform and consumer protection act pub. Be it enacted by the senate and house of representatives of. Implementation of us doddfrank act rule on conflict minerals. The dodd frank act section 1502 requires publicly traded companies to ensure that the raw materials they use to make their products are not tied to the conflict in congo, auditing their supply chains.
Section 1502 of the dodd frank wall street reform and consumer protection act requires certain corporations to report the use of conflict minerals in the manufacture of their products. Exchange act of 1934, as amended the exchange act, which was added by section 1502 of the dodd frank act. Not later than 180 days after the date of the enactment of this act, the secretary of state. Section 1502 of the us dodd frank act global witness. In the united states, section 1502 of the dodd frank wall street reform and consumer protection act, which was passed by the us congress in july 2010, proved a major source of inspiration for the conflict minerals regulation in the european union. Financial stability financial stability act of 2010 subtitle a. The dodd frank act, officially called the dodd frank wall street reform and consumer protection act, is legislation signed into law by president barack obama. Dodd frank act the dodd frank wall street reform and consumer protection act of 2010 dodd frank act, which president obama signed into law on july 21, 2010, primarily focuses on financial regulatory reform included in the act is section 1502 that adds additional reporting requirements on form 10k, form 20f or form 40f to the. Doddfrank wall street reform and consumer protection act, section 1502. Disclosures on conflict minerals background section 1502 of the doddfrank act is intended to make transparent the finances derived from mining that support illegal armed groups in central africa. Dodd frank wall street reform section 1502 click here to viewdownload a pdf version of this compliance letter. Section 1502 of the dodd frank wall street reform and consumer protection act dodd frank 1502 and the u.
Impact update february 2016 section 1502 of the doddfrank wall street reform and consumer protection act doddfrank 1502 and the u. Rjc fact sheet implementing section 1502 on conflict minerals. Companies must make a reasonable determination whether products involve specified materials from the region. Section 1502 requires persons to disclose annually whether any conflict minerals that are necessary to the functionality or production of a product of the person, as defined in the provision, originated in the democratic republic of the congo or an adjoining country and, if so, to provide a report describing, among other matters, the measures. In the pages that follow, we summarize the principal aspects of the dodd frank act. Dodd frank section 1502 ry2014 filing evaluation 6 companies in the u. Doddfrank wall street reform and consumer protection act. The legislation, which was enacted in july 2010, created financial regulatory processes to limit risk by enforcing.
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