NAM Seeks Emergency Stay of SEC's Conflict Minerals Rule
The National Association of Manufacturers (NAM) has filed an emergency motion to halt the SEC's Conflict Resolution Rule, with a hearing set for May 26, 2014. Issuers are advised to continue preparing for the Rule's implementation, despite the pending motion.
NAM, joined by the U.S. Chamber of Commerce and Business Roundtable, seeks a stay of the Rule until the court's final decision. The motion argues that the Rule is unconstitutional, particularly its requirement for companies to declare products 'not found to be DRC Conflict Free'.
The court will consider four key factors: the likelihood of success on the merits, threat of irreparable injury, harm to other parties, and public interest. If the motion succeeds, issuers will not have to file conflict minerals disclosures on the initially planned date of June 2.
Despite the pending motion, issuers are urged to proceed with preparations for the Rule's effectiveness. The court's decision, expected by May 26, 2014, will determine whether the June 2 deadline stands or is postponed.
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