On March 25, 2020, the Securities and Exchange Commission (the “SEC”) extended its March 4, 2020 Order (the “Extended Order”) granting exemptions to reporting and proxy delivery requirements for public companies. The Extended Order (described in our advisory here) provides reporting relief for public companies with reports due on or before July 1, 2020. Many public companies believe that the Extended Order applies to the Form SD report concerning conflict minerals, which is due May 31, 2020. However, our reading of the Extended Order concludes that only reports due under certain sections of the Exchange Act, including Sections 13(a) and 15(d), are subject to the Extended Order. Form SD is required under Section 13(p) of the Exchange Act, which is not one of the sections enumerated in the Extended Order. Therefore, absent additional relief or guidance from the SEC, companies are still required to timely file their Form SD reports by May 31, 2020.
KMK Law articles and blog posts are intended to bring attention to developments in the law and are not intended as legal advice for any particular client or any particular situation. The laws/regulations and interpretations thereof are evolving and subject to change. Although we will attempt to update articles/blog posts for material changes, the article/post may not reflect changes in laws/regulations or guidance issued after the date the article/post was published. Please consult with counsel of your choice regarding any specific questions you may have.
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