Conflict minerals: What does Dodd-Frank Section 1502 mean for companies in the Life Sciences industry? – February 6, 2013

Webcast By Pharmaceuticals & life science

Webcast summary

On August 22, 2012 the SEC issued a final rule on conflict minerals pursuant to Dodd-Frank Section 1502. Join us as PwC panelists from our Health Industries practice lead a discussion addressing the rule, what life sciences products are likely to be covered, and what companies should be doing now. 

Webcast details

Watch this recorded webcast

Wednesday, February 6, 2013

On August 22, 2012 the SEC issued a final rule on conflict minerals pursuant to Dodd-Frank Section 1502. The rule describes the due diligence and reporting requirements for issuers whose products contain conflict minerals. These minerals – tin, tantalum, tungsten and gold – are used in a wide range of products across the life sciences industry, particularly in medical devices. In addition, private companies within issuers' supply chains are likely to feel the pressures of reporting and due diligence as well.

What does this mean to you? Many companies have done little to prepare for compliance. PwC panelists from our Health Industries practice lead a discussion addressing the rule, what life sciences products are likely to be covered, and what companies should be doing now. In addition, hear from Arnold & Porter regarding the regulation and General Electric what they are doing to address the requirements.

We discuss the plan the SEC put forth for implementing the conflict minerals rule as well as how, under this rule, Life Sciences, and particularly Medical Technology issuers will be required to:

  • Determine whether their products contain conflict minerals; and if so,
  • Perform ‘reasonable’ due diligence to determine the country of origin of their conflict minerals,
  • Report on the measures they have taken to exercise due diligence on the source and chain of custody of the minerals by filing a new form (Form SD) with the SEC annually; and in some cases
  • Subject these procedures to an audit and file a Conflict Minerals Report that includes the audit opinion.

Significant operational changes may be required. Sourcing and Supply Chain, Regulatory, Compliance and Financial functions are likely impacted by the regulation. Watch this PwC webcast in order to further your understanding of this rule and how it will affect your organization.

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