Post by MMM on Aug 18, 2012 2:47:33 GMT 4
U.S. Securities and Exchange Commission to vote on landmark rules
16th August 2012
U.S. regulator to vote on two crucial rules
On 22nd August the US Securities and Exchange Commission (SEC) will vote on two landmark provisions contained within the July 2010 Dodd Frank Wall Street Reform and Consumer Protection Act.
The Conflict Minerals Provision (Section 1502)
Section 1502 of the Dodd Frank Act seeks to cut funding to warring parties in the Democratic Republic of Congo (DRC) by requiring U.S. listed companies to determine whether their minerals purchases are benefiting armed groups. The law requires firms using tin, tantalum, tungsten and gold from DRC and neighbouring countries to carry out due diligence on their supply chains, to publicly report their findings annually to the Securities and Exchange Commission (SEC) and to have these reports independently audited.
Click here for more information on Section 1502: www.globalwitness.org/campaigns/conflict/conflict-minerals/legislation
The Extractive Industry Transparency Provision (Section 1504)
Section 1504 of the Dodd Frank Act will require US listed oil, gas and mining companies to disclose what they pay to governments. The provision requires disclosure of payments at the country and project level. The rules will shine a light on billions of dollars in payments to governments from oil, gas and mining companies to end the secrecy which enables corrupt government officials to siphon off or misappropriate natural resource revenues. Information on payments will give citizens more power to track the money being paid to governments in resource-rich countries to combat oil and mineral sector corruption.
Click here for more information on Section 1504: www.globalwitness.org/campaigns/publish-what-you-pay
16th August 2012
U.S. regulator to vote on two crucial rules
On 22nd August the US Securities and Exchange Commission (SEC) will vote on two landmark provisions contained within the July 2010 Dodd Frank Wall Street Reform and Consumer Protection Act.
The Conflict Minerals Provision (Section 1502)
Section 1502 of the Dodd Frank Act seeks to cut funding to warring parties in the Democratic Republic of Congo (DRC) by requiring U.S. listed companies to determine whether their minerals purchases are benefiting armed groups. The law requires firms using tin, tantalum, tungsten and gold from DRC and neighbouring countries to carry out due diligence on their supply chains, to publicly report their findings annually to the Securities and Exchange Commission (SEC) and to have these reports independently audited.
Click here for more information on Section 1502: www.globalwitness.org/campaigns/conflict/conflict-minerals/legislation
The Extractive Industry Transparency Provision (Section 1504)
Section 1504 of the Dodd Frank Act will require US listed oil, gas and mining companies to disclose what they pay to governments. The provision requires disclosure of payments at the country and project level. The rules will shine a light on billions of dollars in payments to governments from oil, gas and mining companies to end the secrecy which enables corrupt government officials to siphon off or misappropriate natural resource revenues. Information on payments will give citizens more power to track the money being paid to governments in resource-rich countries to combat oil and mineral sector corruption.
Click here for more information on Section 1504: www.globalwitness.org/campaigns/publish-what-you-pay