Document ID: SEC-2011-0162-0001
Agency: sec
Document Type: Proposed Rule
Title: Conflict Minerals
Posted Date: 2011-02-03T05:00Z

[Federal Register Volume 76, Number 23 (Thursday, February 3, 2011)]
[Proposed Rules]
[Pages 6110-6111]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-2374]

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SECURITIES AND EXCHANGE COMMISSION

17 CFR Parts 229 and 249

[Release No. 34-63793; File No. S7-40-10]
RIN 3235-AK84

Conflict Minerals

AGENCY: Securities and Exchange Commission.

ACTION: Proposed rule; extension of comment period.

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SUMMARY: The Securities and Exchange Commission is extending the 
comment period for a release proposing amendments to its rules to 
implement Section 1502 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act. [Release No. 34-63547; 75 FR 80948 (December 
23, 2010)]. The original comment period for Release No. 34-63547 is 
scheduled to end on January 31, 2011. The Commission is extending the 
time period in which to provide the Commission with comments on that 
release for 30 days until Wednesday, March 2, 2011. This action will 
allow interested persons additional

[[Page 6111]]

time to analyze the issues and prepare their comments.

DATES: Comments should be received on or before March 2, 2011.

ADDRESSES: Comments may be submitted by any of the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/proposed.shtml);
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number S7-40-10 on the subject line; or
     Use the Federal Rulemaking Portal (http://www.regulations.gov). Follow the instructions for submitting comments.

Paper Comments

     Send paper comments in triplicate to Elizabeth M. Murphy, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number S7-40-10. This file number 
should be included on the subject line if e-mail is used. To help us 
process and review your comments more efficiently, please use only one 
method. The Commission will post all comments on the Commission's 
Internet Web site (http://www.sec.gov/rules/proposed.shtml). Comments 
are also available for Web site viewing and printing in the 
Commission's Public Reference Room 100 F Street, NE., Washington, DC 
20549-1090, on official business days between the hours of 10 a.m. and 
3 p.m. All comments received will be posted without change; we do not 
edit personal identifying information from submissions. You should 
submit only information that you wish to make available publicly.

FOR FURTHER INFORMATION CONTACT: John Fieldsend, Special Counsel in the 
Office of Rulemaking, Division of Corporation Finance, at (202) 551-
3430, at the U.S. Securities and Exchange Commission, 100 F Street, 
NE., Washington, DC 20549-3628.

SUPPLEMENTARY INFORMATION: The Commission has requested comment on a 
release proposing amendments to its rules to implement Section 1502 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act. The 
proposed rules would affect the annual reporting requirements of 
issuers that file reports pursuant to Sections 13(a) or 15(d) of the 
Securities Exchange Act of 1934 (the ``Exchange Act'') and would 
require any such issuer for which conflict minerals are necessary to 
the functionality or production of a product manufactured, or 
contracted to be manufactured, by that issuer to disclose in the body 
of its annual report whether its conflict minerals originated in the 
Democratic Republic of the Congo or an adjoining country. If so, that 
issuer would be required to furnish a separate report as an exhibit to 
its annual report that includes, among other matters, a description of 
the measures taken by the issuer to exercise due diligence on the 
source and chain of custody of its conflict minerals. These due 
diligence measures would include, but would not be limited to, an 
independent private sector audit of the issuer's report conducted in 
accordance with standards established by the Comptroller General of the 
United States. Further, any issuer furnishing such a report would be 
required, in that report, to certify that it obtained an independent 
private sector audit of its report, provide the audit report, and make 
its reports available to the public on its Internet Web site. The 
release was published in the Federal Register on December 23, 2010.
    The Commission originally requested that comments on the release be 
received by January 31, 2011. The nature of the proposed disclosure 
requirements differs from the disclosure traditionally required by the 
Exchange Act, and the proposal requested comment on a variety of 
significant aspects of the proposed rules. The Commission has received 
requests for an extension of time for public comment on the proposal 
to, among other things, allow for the collection of information and 
improve the quality of responses.\1\ The Commission believes that 
providing the public additional time to consider thoroughly the matters 
addressed by the release and to submit comprehensive responses to the 
release would benefit the Commission in its consideration of final 
rules. Therefore, the Commission is extending the comment period for 
Release No. 34-63547 ``Conflict Minerals'' for 30 days, to Wednesday, 
March 2, 2011.
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    \1\ See, e.g., Advanced Medical Technology Association et al. 
(Dec. 16, 2010); Representative Spencer Bachus, Chairman, Committee 
on Financial Services, U.S. House of Representatives (Jan. 25, 
2011); Department of State (Jan. 25, 2011); Jewelers Vigilance 
Committee et al. (Jan. 10, 2011); National Mining Association (Jan. 
3, 2011); National Stone, Sand Gravel Association (Jan. 13, 2011); 
and World Gold Council (Jan. 7, 2011). Comments are available on the 
Commission's Internet Web site at http://www.sec.gov/comments/s7-40-10/s74010.shtml.

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    By the Commission.

    Dated: January 28, 2011.
Elizabeth M. Murphy,
Secretary.
[FR Doc. 2011-2374 Filed 2-2-11; 8:45 am]
BILLING CODE 8011-01-P