Thursday, October 25, 2012
The National Association of Manufacturers, the U.S. Chamber of Commerce and the Business Roundtable recently brought suit challenging the SEC's adoption of the conflict minerals rule. Although Dodd-Frank requires the SEC to adopt a rule on corporate disclosure of information about conflict minerals, the petitioners assert that the rule should be modified or set aside in whole or in part. ( Download NAM v. SEC)
The petitioners filed their petition in both the D.C. Circuit and the D.C. district because of confusion over which court has jurisdiction. The SEC agrees with petitioners that the D.C. Circuit has jurisdiction over the case under Exchange Act 25(a).