The petitioners requested that the SEC rule on their motion by May 1, 2014, to allow them to “promptly proceed to court to seek appropriate relief if a stay is not granted,” strongly suggesting that the petitioners will file for injunctive relief in the event that the SEC denies their motion. However, given that only one month remains before the filing deadline, companies should still prepare to file pursuant to the SEC’s most recent guidance. On April 30, NAM confirmed in a statement that it plans to file for injunctive relief with the U.S. Court of Appeals for the D.C. Circuit in order to provide the time necessary for Congress, the SEC and industry members to fully understand the implications of the court’s April 14 decision. As of the time of this posting, the Commission had not issued a public ruling on the petitioner’s motion.
Conflict Minerals Rule Update: NAM Motion for Stay
