Section 1502

On august 22 2012 the sec adopted the final rule implementing section 1502 of the dodd frank act the conflict minerals rule aimed at reducing a significant source of funding for armed groups that are committing human rights abuses and contributing to the conflict in the democratic republic of the congo.

Section 1502. The dodd frank act section 1502 part of the u s. Then solely for purposes of applying treasury regulation section 1 1502 19 to such qualified excess loss account such foreign corporation shall be treated as a domestic corporation in determining whether such foreign corporation is a member of the affiliated group of the common parent. Publicly listed companies to check their supply chains for tin tungsten tantalum and gold if they might originate in congo or its neighbours take steps to address any risks they find and to report on their efforts every year to the u s.

The conflict minerals provision commonly known as section 1502 of the dodd frank act requires u s. The administrator for federal procurement policy shall revise the rules and procedures prescribed pursuant to section 26 f of the office of federal procurement policy act former 41 u s c. Government s dodd frank wall street reform and consumer protection act signed into law in july 2010 requires publicly traded companies to ensure that the raw materials they use to make their products are not tied to the conflict in congo by tracing and auditing their mineral supply chains.

1 the name of the corporation and the secretary of state s file number. However the appropriation or fund is not available for expenditure for a period beyond the period otherwise authorized by law. A every corporation shall file within 90 days after the filing of its original articles and annually thereafter during the applicable filing period on a form prescribed by the secretary of state a statement containing all of the following.

Balances available a the balance of an appropriation or fund limited for obligation to a definite period is available only for payment of expenses properly incurred during the period of availability or to complete contracts properly made within that period of availability and obligated consistent with section 1501 of this title. 422 f now 41 u s c. Section 1502 requires persons to disclose annually whether any conflict minerals that are necessary to the functionality or production of a product of the person as defined in the provision originated in the democratic republic of the congo or an adjoining country and if so to provide a report describing among other matters the measures taken to exercise due diligence on the source and chain of custody of those minerals which must include an independent private sector audit of the.

Securities and exchange commission sec.