The recent opinion by the United States Court of Appeals for the District of Columbia has ignited much debate in the legal community as to what action the SEC will or should take in response.
Today, SEC Commissioners Daniel M. Gallagher and Michael S. Piwowar issued a Joint Statement on the Conflict Minerals Decision in which they stated that they think the SEC should stay the effectiveness of the conflict minerals rules and no further regulatory obligations should be imposed, pending the outcome of the conflict minerals litigation. Moreover, Commissioners Gallagher and Piwowar further state that in their view the District Court should determine that the entire rule is invalid.
Many public companies who are busy preparing their initial Form SD are anxious to know how the SEC will respond. But, it remains to be seen as to what official action the SEC will take.