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SEC Approves Due Diligence Rules on Metals Tied to African Violence

By Colby Adams

Two rules adopted Wednesday by the chief U.S. securities regulator may obligate banks to scrutinize public disclosures of their manufacturing and oil, gas and mining accountholders, say analysts. Under the regulations, approved by the U.S. Securities and Exchange Commission (SEC), companies must disclose if certain metals they purchased originated from the Democratic Republic of Congo or surrounding countries, and what due diligence steps they took to determine that their payments hadn't funded human rights violators in the region. The disclosures, mandated two years ago by the Dodd-Frank Wall Street Reform and Consumer Protection Act, will serve as a "new data...

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