The SEC has denied NAM’s motion for a full stay of the conflict minerals rules. As I indicated, it was somewhat of a hail Mary, but maybe a precondition to asking the court for relief. Expect NAM et al to head for court soon as threatened.
The SEC did issue a partial stay, but there is no news here. Basically it just implements Corporation Finance’s previously issued guidance.
Given that the court previously didn’t seem enamored with NAM and the other petitioners’ arguments, I’d say it’s an uphill battle for NAM et al. But who knows, maybe Commissioners Gallagher and Piwowar will release a Second Joint Statement on the Conflict Minerals Decision or file an amicus brief or something.
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