SEC Proposes Rules on Conflict Minerals, Mine Safety, Resource Extraction, and Swaps

The Securities and Exchange Commission, in its last open meeting for the year, Dec. 15 agreed to propose rules to impose new disclosures on the use of conflict minerals, a requirement the commission estimates would impact about 6,000 public companies.

At the same meeting, the SEC also agreed to propose new disclosure rules related to mine safety and resource extraction. Moreover, the commission agreed to propose rules to establish a process to review security-based swaps that are accepted for clearing, and to establish an end-user exception to mandatory clearing.

The SEC commissioners, perhaps because of rulemaking fatigue, did not ask staff any questions and supported all of the proposals. SEC Chairman Mary Schapiro was recused from participating in the vote on resource extraction because of her personal stock portfolio, she said. Commissioner Troy Paredes was recused from participating in the mine safety and resource extraction proposals…

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