Canada: SEC Extends Comment Period On Proposed Rules Implementing Dodd-Frank Act Reporting Obligations Regarding Conflict Minerals, Mine Safety and Payments By Resource Extraction Issuers

The U.S. Securities and Exchange Commission(SEC) has extended until March 2, 2011 the comment period on its proposed rules to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act dealing with new reporting obligations regarding use of conflict minerals originating in the Democratic Republic of the Congo and adjoining countries, mine safety, and payments to government entities in connection with the commercial development of oil, natural gas or minerals.¹ The SEC originally requested that comments be received by January 31, 2011, but believed granting the 30-day extension would provide the public additional time to consider thoroughly the matters addressed in the proposed rules and to submit comprehensive responses that would benefit the SEC in its consideration of final rules.

Osler will continue to monitor developments involving the SEC's proposed rules and update our clients as events warrant. We would be pleased to discuss any aspects of the proposed rules and any comments you are considering making to the SEC in response to the proposed rules.

To review the original Update of December 23, 2010, click here.

Kevin Cramer is a partner who practices U.S. mergers & acquisitions and securities law.

Footnotes

1 Conflict Minerals, Exchange Act Rel. No. 34-63547 (Dec. 15, 2010); Mine Safety Disclosure, Securities Act Rel. No. 33-9164 (Dec. 15, 2010); and Disclosure of Payments by Resource Extraction Issuers, Exchange Act Rel. No. 34-63549 (Dec. 15, 2010).

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