Respected law firm Cooley LLP has published an overview of the latest documents (filed November 21) in the legal challenge to SEC’s final conflict minerals regulations. These filings provide more detail about the technical and legal arguments to be brought against the US government in the case.
The filings state that SEC has agreed to an expedited “briefing schedule” for their purposes, with final briefs to be filed by March 29, 2013 in an attempt to “ensure that outstanding uncertainty about the validity of the Rule and the statute will be resolved as soon as feasible.”
We expect that SEC’s plans for issuing interpretive guidance on the rule may be delayed until after the March briefing is concluded.
And in a closely-related development, Amnesty International announced that they filed a petition to “intervene to defend new regulations that require corporations to investigate and disclose whether their sourcing practices finance armed groups in the Democratic Republic of the Congo (DRC)… the organization, which is represented by Public Citizen Litigation Group, has filed a motion to intervene in the lawsuit so that it can help defend the regulations.”