The U.S. Securities and Exchange Commission (SEC) said it is suspending enforcement of the costliest requirements of its conflict minerals rule, after a court remanded it back to the regulator because part of it violates the U.S. Constitution.
Acting SEC Chairman Mike Piwowar, a Republican, said he asked staff for a recommendation on how to proceed with the rule, which requires companies to disclose if their products contain certain minerals from a war-torn part of Africa.
For now, he added, companies will not be required to conduct a due diligence review or an audit, which are both part of the process used to determine the origin of the minerals.
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