NAM et al have filed an emergency motion for stay with the Court of Appeals in the conflict minerals case. As predicted, it is largely a replay of the arguments made when NAM asked the SEC for a stay. In brief, the rule can no longer function without the “unconstitutional confession” which is now sometimes referred to as the “scarlet letter.”
NAM et al do their best to try and convince the Court that the District Court will have no choice but to vacate the rules and therefore irreparable harm will occur if the stay is not granted.
NAM et al also infer that the Division of Corporation Finance’s “ad hoc” statement on the rule is defective because it was issued without notice and comment.
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