The U.S. Court of Appeals (on Monday, November 9th) denied petitions by Amnesty International and the Securities and Exchange Commission for a rehearing in the conflict minerals case. This is good news -- no judge wanted to revisit the ruling of a 3-judge panel in August, finding that certain of the compelled disclosures in the rule are unconstitutional.
It is still possible that those parties could ask the U.S. Supreme Court to consider the case. That appeal would be due within 90 days. Assuming a Supreme Court appeal is not taken, or is unsuccessful, the case will return to federal district court in D.C. to consider other issues. That court could decide whether the entire rule falls because the unconstitutional disclosure requirement is not severable from the rest of the regulation, or it could send the regulation back to the SEC for revision. Expect further updates in the New Year. Read more...NAM Narrative