NAM Requests Stay From Appeals Court on Conflict Minerals Rule

By Cydney Posner

As reported in this article from Reuters, on Monday, the National Association of Manufacturers, Chamber of Commerce and the Business Roundtable petitioned the appeals court to stay the conflict minerals rule. According to the article, the groups filed an emergency request with the court, arguing "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." However, the "three groups asked the court to weigh in on their request by May 26." Since the filing is due on June 2 –corporate attorneys, please take note – even if a stay were granted, at that point, it would probably not accomplish much in terms of saving time and effort.

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