October 23, 2012

Industry Groups Sue to Kill Conflict Minerals Rules

Not surprising given the lawsuit filed by the Chamber of Commerce and others a few weeks ago against the SEC’s resource extraction rules, a lawsuit was filed on Friday by the Chamber and the National Association of Manufacturers over the conflict minerals rules in the US Court of Appeals for the DC Circuit. As noted in this WSJ blog (and Bloomberg article), the petition for review is bare-boned and poses no arguments as its basis for challenge. We have posted the petition for review in our “Conflict Minerals” Practice Area.

In this Compliance Week blog, the next steps are listed as “the first batch of documents, including procedural motions, if any, and a “statement of issues to be raised” are due by Nov. 21, 2012. Dispositive Motions, if any, are to be filed by Dec. 6.” Here is the court’s Scheduling Order.

Is SEC Chair Schapiro a “Short-Timer”?

This Bloomberg article entitled “Schapiro’s SEC Reign Nears End With Rescue Mission Unfinished” provides a critique of the Chair’s tenure and notes that she is likely to depart after next month’s election. In this Reuters article, the Chair denies she is planning to leave before her term ends in mid-2014.

More on our “Proxy Season Blog”

We continue to post new items regularly on our “Proxy Season Blog” for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– Canadian Court Rules on Voting By Phone Case
– Open Investor Letter to ALEC and Heartland Member Companies
– Human Rights Activism: Big Win at a Mutual Fund
– Canada Considers Regulation of Proxy Advisors
– Recent Proxy Access Proposals by Chevedden and Steiner Survive SEC Challenge

– Broc Romanek