Is conflict minerals reporting still required?
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). The conflict minerals reporting template (CMRT) is available to all at no cost.
Who is required to file a conflict minerals report?
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 are the 5 conflict minerals?
“Conflict minerals,” as defined by the US legislation, currently include the metals tantalum, tin, tungsten and gold, which are the extracts of the minerals cassiterite, columbite-tantalite and wolframite, respectively. Downstream companies often refer to the extracts of these minerals as 3TG.
Is your company required to file an annual conflict minerals disclosure with the SEC?
In-scope companies must submit a report annually to the U.S. Securities and Exchange Commission (SEC) detailing these efforts. With the May 31, 2020, filing deadline fast approaching, in-scope companies should leverage the following best practices to ensure their forms are submitted on time.
What is conflict minerals compliance?
The regulation explained. On 1 January 2021 a new law will come into full force across the EU – the Conflict Minerals Regulation. It aims to help stem the trade in four minerals – tin, tantalum, tungsten and gold – which sometimes finance armed conflict or are mined using forced labour.
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 …
Where are conflict minerals mined?
Conflict minerals mined in the DRC may pass through numerous locations in neighboring countries as they are shipped to processing facilities. These countries are: Sudan, Central Africa Republic, Uganda, Congo Republic, Angola, Tanzania, Rwanda, Burundi, Democratic Republic of Congo, Zambia and Angola.
What is 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. This document certifies that all ILT products are declared “DRC conflict free”.
What is conflict minerals Reporting Template?
The Conflict Minerals Reporting Template (CMRT) is a free, standardized reporting template developed by the Responsible Minerals Initiative (RMI) that facilitates the transfer of information through the supply chain regarding mineral country of origin and the smelters and refiners being utilized.
What is conflict minerals sourcing policy?
Sourcing Policy. “Conflict minerals”1 originating from the Democratic Republic of the Congo (DRC) are sometimes mined and sold, “under the control of armed groups”2, to “finance conflict characterized by extreme levels of violence”2.
Does Apple use conflict minerals?
Apple works at multiple levels in its supply chain to identify and assess risk. Apple requires its suppliers that utilize 3TG to submit an industry-wide standard Conflict Minerals Reporting Template (“CMRT”).
What changed in 2010 with conflict minerals?
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 is the Dodd-Frank Act on 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 . ■ Companies must make a reasonable determination whether products involve specified materials from the region. ■ The Act ’s intent is to reduce violence in the region
Do companies have to disclose the use of conflict minerals?
Disclosing the Use 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 is the new form SD for conflict minerals?
Form for and Timing of Disclosure: Under the final rule, the company is required to provide its conflict minerals disclosure in new Form SD. All affected companies will file the new form for the same period, a calendar year, regardless of their fiscal year end.
What is the new SEC Rule on conflict minerals?
The new rule applies to a company that uses any conflict minerals if: the company files reports with the SEC pursuant to Exchange Act Sections 13(a) or 15(d); and. the minerals are “necessary to the functionality or production” of a product manufactured by the company or contracted by the company to be manufactured.