NAM, et al. v. SEC
Issue: Conflict Minerals
Court: U.S. Court of Appeals for the D.C. Circuit
The Securities and Exchange Commission (SEC) impermissibly exceeded its statutory authority by including those who only contract to manufacture in the scope of issuers who must file conflict minerals reports with the Commission. Even the humanitarian crisis in the Democratic Republic of Congo cannot authorize a federal agency to act beyond the boundaries defined by Congress. The RLC urges the D.C. Circuit to invalidate the SEC's rule under the Administrative Procedure Act to the extent that it reaches those who only contract to manufacture.
The court affirmed in part and reversed in part the lower court's decision, finding that the SEC violated the First Amendment. The court also ruled against NAM on the contention that those who only "contract to manufacture" are not covered persons required to file conflict minerals reports within the meaning of the statute.
Procedural History and Case Documents: