SEC's Conflict Minerals Rule Sets Up 1st Amendment Clash

Law360, New York (August 18, 2015, 10:22 PM EDT) -- The D.C. Circuit has again struck down a key piece of the U.S. Securities and Exchange Commission’s conflict minerals disclosure requirement, setting up a potential U.S. Supreme Court showdown over the government’s ability to compel commercial speech under the First Amendment.

In a divided opinion Tuesday, a three-judge panel for the appellate court stood by its previous decision to slash the SEC’s requirement that issuers declare whether their products are "conflict free" because it violates their First Amendment rights. The majority said its opinion wasn’t swayed by a separate D.C. Circuit ruling in American Meat Institute et al. v. U.S. Department...

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