A Washington, D.C., appeals court has denied an emergency motion to delay the first conflict minerals reports to the Securities and Exchange Commission, due on June 2.
On May 5, three business groups that have long opposed the rule—the National Association of Manufacturers, the Business Roundtable, and the U.S. Chamber of Commerce—filed an emergency motion to delay the first reporting deadline, arguging the court had struck down one provision in it as “unconstitutional.” The SEC argued that the court had upheld the rest of the rule.
But the court denied the groups’ motion, not giving a reason for its May 14 decision.
The agency devised and voted in favor of its rule on Aug. 22, in response to Sect. 1502 of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires public companies to disclose whether they source conflict minerals, including gold and tungsten, from the Democratic Republic of the Congo and surrounding countries.