by Bahati Jacques
On August 22, the United States Securities and Exchange Commission (SEC) adopted the long overdue rules on section 1502 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 regarding the use of conflict minerals originating from the Democratic Republic of the Congo (DRC) and adjoining countries.
The rules require that “If a company determines that its products are “DRC conflict free” — that is the minerals may originate from the covered countries but did not finance or benefit armed groups — then the company must undertake the following audit and certification requirements:
• Obtain an independent private sector audit of its Conflict Minerals Report
• Certify that it obtained such an audit.
• Include the audit report as part of the Conflict Minerals Report.
• Identify the auditor.”
This is the moment we have been waiting for and the action you as Africa Faith and Justice Network’s constituents , along with other organizations, have helpedmake possible through mail, emails and phone calls to your representatives and SEC Commissioners.
In her opening remarks during the hearing, SEC Chairwoman Mary Schapiro acknowledged your contribution saying: “We have received significant public input on this rulemaking through the written comment process which generated more than 400 letters, through extensive meetings with stakeholders of all types, and through a public roundtable we convened last October.”
The vote was 3 to 2 with SEC Chairwoman Mary Schapiro, Elisse Walter and Luis Aguilar supporting it and Troy Paredes and Daniel Gallagher against.
Opening Statement at the SEC Open Meeting by Chairman Mary L. Schapiro
The final rules
Fact Sheet Disclosing the Use of Conflict Minerals