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Title XV: 15.2 Conflict Materials

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15.2 Conflict Materials

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15.2.     Conflict Minerals.  The Act declares that it is the sense of Congress that the exploitation and trade of conflict minerals originating in the Democratic Republic of Congo ("Congo") (which minerals are widely used in the production of electronic devices) is helping to finance conflict and contributing to an emergency humanitarian situation warranting, among other things, certain disclosure requirements.  This section applies only to those who manufacture a product that relies on "conflict minerals"; this would appear not to include financing activities.     

                        15.2.1.              Reporting Requirements.  Reporting companies under the Exchange Act for which "conflict minerals" are necessary to the functionality or production of a product manufactured by the company are subject to an annual disclosure requirement in a report submitted to the SEC.  The company must describe measures taken to exercise due diligence on the source and chain of custody of such minerals.  Reports are also required to describe (i) products manufactured that are not Congo conflict free (i.e., not tied to financing of armed groups within the Congo or an adjoining country) and (ii) facilities used to process the conflict minerals, the country of origin of the conflict minerals, and the efforts to determine the origin of the materials with the "greatest possible specificity." [§1502]

15.2.2.  Authority to Revise or Waive Requirements; Termination.  The SEC can temporarily revise or waive these requirements if the President transmits to Congress a determination that revision or waiver is in the U.S. national security interest.  A waiver can only last for up to two years.  Disclosure requirements shall terminate on the date on which the President certifies that no armed groups continue to benefit from commercial activity involving conflict minerals but not less than five years from the date of enactment of the Act.