Trade Groups Make a Bid to Stop SEC Conflict Minerals Rule

Reuters reported that the National Association of Manufacturers, the US Chamber of Commerce and the Business Roundtable have asked the US Appeals Court for the District of Columbia Circuit to stop the US Securities and Exchange Commission (SEC) from implementing its conflict minerals rule.

As quoted in the market news:

In an emergency request with the court, however, the three groups argued that ‘the current rule makes little sense’ without the ‘compelled disclosure’ and that the SEC should have issued notice and comment before proceeding to implement the rule.

‘Because of the agency’s decision to enforce a tremendously costly rule that no longer achieves the statute’s goals and that will likely be vacated, appellants respectfully seek a temporary stay of the rule until the district court’s decision on remand regarding the appropriate remedy,’ they wrote.

Click here to read the full Reuters report.