The Regulation will cover EU imports of minerals tin, tungsten, tantalum and gold from all countries in the world, and is the first mandatory law of this kind to be truly global in its scope.
On Thursday 16 March, at its plenary meeting, the European Parliament (EP) voted on the proposed Conflict Minerals Regulation. And, on April 3, the European Council took the last procedural step and approved the text.
While OEMs will have until Jan. 1st, 2021 to comply with the new rules, any stocks of products or materials containing minerals affected by the regulation will be banned for sale in the European Union after that date.
This regulation, when enabled, will affect any metals or stocks created after Feb. 1, 2013, and covers both companies and individuals.
The new U.S. administration might be determined to eliminate the restrictions of the Dodd-Frank Act. Europe, however, is not going to sit down and watch as human rights are being ignored in many parts of the world.
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