Are conflict minerals legal?

New Day for the US Conflict Minerals Rule Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG).

What is conflict minerals compliance?

The conflict minerals regulation is a global standard for ethical sourcing. The conflict minerals reporting template (CMRT) is a free, standardized reporting template developed by the Responsible Minerals Initiative (RMI) and is considered the industry standard reporting template for conflict minerals compliance.

What is a conflict minerals declaration?

This document declares that some of International Light Technologies products contain one or more conflict minerals and that these minerals are necessary to the functionality of the products manufactured.

What is conflict minerals sourcing policy?

DRC conflict free “means that a product does not contain conflict minerals necessary to the functionality or production of that. product that directly or indirectly finance or benefit armed groups” as defined SEC Rule 13p-1 under the Securities Exchange Act of 1934.

Is conflict minerals reporting still required?

Per the SEC final rule, a company that is required to provide a conflict minerals report only is required to report on “the efforts to determine the mine or location of origin with the greatest possible specificity” for only those products/product categories that have not been described as “DRC conflict free.” …

What legislation has been placed to regulate the sale of conflict minerals?

Background. In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.

What are the 4 main conflict minerals?

The four metals, tin, tantalum, tungsten and gold are always defined as conflict minerals irrespective of their origin or if the mining has financed any armed groups or not.

Who needs to report conflict minerals?

What are conflict minerals examples?

Conflict minerals, as defined by US legislation, currently include the metals tantalum, tin, tungsten and gold, which are the derivatives of the minerals cassiterite, columbite-tantalite and wolframite, respectively.

Who is required to file a conflict minerals report?

Companies must disclose by filing a Form SD and a Conflict Minerals Report (CMR) the source of the minerals if they come from the DRC or surrounding countries and they must determine whether the 3TG they use is ‘DRC conflict free’, ‘DRC conflict undeterminable’, or ‘Not found to be DRC conflict free’, as defined in the …

What are 4 main conflict minerals?

What is the Dodd-Frank Act 1502?

Section 1502 of U.S. Dodd Frank Act requires U.S. listed companies to disclose whether they use “conflict minerals” (tin, tungsten, tantalum and gold) and whether these minerals originate in the Democratic Republic of the Congo (DRC) or an adjoining country.

What are conflict minerals for Dodd Frank?

What is the Dodd-Frank Act conflict minerals?

The “conflict minerals” provision—commonly known as Section 1502 of the Dodd Frank Act—requires U.S. publicly-listed companies to check their supply chains for tin, tungsten, tantalum and gold, if they might originate in Congo or its neighbours, take steps to address any risks they find, and to report on their efforts …

What is the EU ‘Conflict Minerals’ Regulation?

On 17 May 2017, the EU Parliament and EU Council adopted new import regulation on ‘Conflict Minerals’ under Regulation 2017/821. Through the raw materials covered under the EU ‘Conflict Minerals’ Regulation, (tin, tantalum and tungsten, their ores, and gold),…

What is the new law on conflict minerals?

On 1 January 2021 a new law will come into full force across the EU – the Conflict Minerals Regulation. Learn about the support on offer to help you source responsibly. See the text of the regulation, tenders, and EU studies on conflict minerals.

Where did the Conflict Minerals Regulation get its inspiration?

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.

What do importers need to know about conflict-affected minerals?

When minerals come from conflict-affected and high-risk areas, importers must provide extra information on: where the minerals were consolidated, traded and processed; and the taxes, fees and royalties paid. What happens if a company doesn’t comply with the regulation?