EU Conflict Minerals Regulation will be applicable for all importers Featured
After six years and many negotiations between the member states and EU institutions, an agreement has been put in place on conflict minerals. It is not in force yet, but is expected to be adopted by the end of 2016.
The negotiated compromise includes the following points:
- There will be a mandatory scheme for distributors and importers of tin, tantalum, tungsten and gold which also applies to smelters and refineries.
- It will be conducted according to OECD due diligence guidelines.
- EU member states’ competent authorities will be responsible for ensuring compliance by companies, and also for determining penalties for non-compliance, to be monitored by the EU Commission.
- Smallest importers should not be obliged to comply with.a due diligence scheme.
- Big EU firms that make or sell goods containing conflict minerals (above 500 employees) will be encouraged to report on their sourcing practices.
- There will be a "Handbook for operators" containing an indicative and non-exhaustive list of areas and other due diligence issues. After all, unlike in the US Dodd-Frank
- Act (only the DRC and neighboring countries are concerned), the EU regulation applies for all "conflict and high-risk areas".
- The Netherlands wants to clarify the ultimate questions by the end of its Presidency (end of June), but possibly the trialogue will go further before the Parliament can vote on the law.
More on the upcoming regulation can be found in this press release of the European Parliament.
In this presentation from our conflict minerals webinar we have summarized the individual steps of the legislative process.
If you have questions, please contact us by phone +49 (0) 60 83 / 91 30 30 or by email firstname.lastname@example.org.