What is conflict minerals compliance?
What is CMRT? A CMRT (Conflict Minerals Reporting Template) is a is a free, standardized reporting template developed by the Responsible Minerals Initiative (RMI) that expedites the transfer of data regarding mineral country of origin and the smelters and refiners involved.
What is the conflict mineral law?
New Day for the US Conflict Minerals Rule Pursuant to Section 1502 of the Dodd-Frank Act of 2010, the SEC issued its conflict minerals rule in 2012, requiring reporting companies to report on their use and sourcing of tin, tantalum, tungsten and gold (3TG).
What is the US doing about conflict minerals?
In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.
Does conflict minerals apply to private companies?
Private companies – like public companies – aren’t penalized for using conflict minerals since it’s a “name and shame” law. While private companies aren’t bridled with requirements to fill out surveys, there’s merit in aligning with public company requirements.
What legislation has been placed to regulate the sale of conflict minerals?
the Dodd-Frank Act
Background. In 2010, Congress passed the Dodd-Frank Act, which directs the Commission to issue rules requiring certain companies to disclose their use of conflict minerals if those minerals are “necessary to the functionality or production of a product” manufactured by those companies.
What is Dodd-Frank Act 1502?
Section 1502 of U.S. Dodd Frank Act requires U.S. listed companies to disclose whether they use “conflict minerals” (tin, tungsten, tantalum and gold) and whether these minerals originate in the Democratic Republic of the Congo (DRC) or an adjoining country.
What is the new law on conflict minerals?
On 1 January 2021 a new law will come into full force across the EU – the Conflict Minerals Regulation. Learn about the support on offer to help you source responsibly. See the text of the regulation, tenders, and EU studies on conflict minerals.
What is the EU doing about conflict minerals?
Therefore, the EU passed a new regulation in May 2017 to stop: global and EU smelters and refiners from using conflict minerals, and; mine workers from being abused. The law also supports the development of local communities. It requires EU companies to ensure they import these minerals and metals from responsible sources only.
What is the Congo conflict minerals act of 2009?
In April 2009, Senator Sam Brownback (R-KS) introduced the Congo Conflict Minerals Act of 2009 (S. 891) to require electronics companies to verify and disclose their sources of cassiterite, wolframite, and tantalum. This legislation died in committee.
Do you have to report conflict minerals to the SEC?
Under the law, companies have to submit an annual conflict minerals report to the SEC if: (a) they are required to file reports with the SEC under the Exchange Act of 1934 (b) conflict minerals are necessary to the functionality or production of a product that they manufacture or contract to be manufactured.