What is Dodd Frank conflict minerals?
Section 1502 of U.S. Dodd Frank Act requires U.S. listed companies to disclose whether they use “conflict minerals” (tin, tungsten, tantalum and gold) and whether these minerals originate in the Democratic Republic of the Congo (DRC) or an adjoining country.
What is the conflict minerals law?
The “conflict minerals” provision—commonly known as Section 1502 of the Dodd Frank Act—requires U.S. publicly-listed companies to check their supply chains for tin, tungsten, tantalum and gold, if they might originate in Congo or its neighbours, take steps to address any risks they find, and to report on their efforts …
What are 4 main conflict minerals?
The four metals, tin, tantalum, tungsten and gold are always defined as conflict minerals irrespective of their origin or if the mining has financed any armed groups or not.
What is DRC conflict free?
The term DRC conflict free means that a product does not contain conflict minerals necessary to the functionality or production of that product that directly or indirectly finance or benefit armed groups, in the Democratic Republic of the Congo or an adjoining country.
What are conflict minerals used for?
Uses for 3TG Conflict Minerals Often used to coat other metals to prevent their corrosion and to create alloys. Stores electricity and is used in alloys for its strength. Commonly used in tools, cell phones, and high-temperature situations, also used in alloys for its strength.
Who does conflict minerals apply to?
There is no importation requirement on disclosure. The conflict minerals requirements apply to U.S. public companies. Accordingly, if you sell to a company traded on a U.S. stock exchange, you will likely be asked for a conflict minerals disclosure form. 25.
What are conflict minerals and what are some examples?
“Conflict minerals,” as defined by the US legislation, currently include the metals tantalum, tin, tungsten and gold, which are the extracts of the minerals cassiterite, columbite-tantalite and wolframite, respectively. Downstream companies often refer to the extracts of these minerals as 3TG.
What are conflict minerals examples?
The term “conflict minerals” is defined as columbite-tantalite, also known as coltan (from which tantalum is derived); cassiterite (tin); gold; wolframite (tungsten); or their derivatives; or any other mineral or its derivatives determined by the Secretary of State to be financing conflict in the Democratic Republic of …
What products contain conflict minerals?
Conflict minerals include tantalum, tin, tungsten and gold, which are used in many electronic components and computer products.
What did the Dodd-Frank Act do?
The most far reaching Wall Street reform in history, Dodd-Frank will prevent the excessive risk-taking that led to the financial crisis. The law also provides common-sense protections for American families, creating new consumer watchdog to prevent mortgage companies and pay-day lenders from exploiting consumers.
What are the main provisions of Dodd-Frank?
Dodd–Frank reorganized the financial regulatory system, eliminating the Office of Thrift Supervision, assigning new responsibilities to existing agencies like the Federal Deposit Insurance Corporation, and creating new agencies like the Consumer Financial Protection Bureau (CFPB).
What are the main provisions of the Dodd-Frank Consumer Financial Protection Act and how does it increase a consumer’s protection?
The Dodd-Frank Act put restrictions on the financial industry and created programs to stop mortgage companies and lenders from taking advantage of consumers. Dodd-Frank added more mechanisms that enabled the government to regulate and enforce laws against banks as well as other financial institutions.
What was the Frank Dodd Act quizlet?
A compendium of federal regulations, primarily affecting financial institutions and their customers, that the Obama administration passed in 2010 in an attempt to prevent the recurrence of events that caused the 2008 financial crisis.
What is a major component of the Dodd-Frank Act?
What was the purpose of the Dodd-Frank Act?