The United States Government Accountability Office ("GAO") issued a report examining company disclosures reported in 2014 under the SEC's Conflict Minerals Disclosure Rule. Companies cited in the report described difficulties in obtaining necessary information from suppliers due to delays and other communication challenges. Most companies (67%) were unable to determine whether the conflict minerals they used came from the Democratic Republic of Congo ("DRC") or other covered countries, and none could determine whether the minerals financed or benefited armed groups in those countries

The U.S. Court of Appeals for the D.C. Circuit upheld a prior decision to void one of the SEC requirements under the conflict minerals rule. The voided section concerns disclosure requirements for companies offering products that depend on minerals from central African war zones for their functionality or production. The statute required companies to disclose products that have "not been found to be 'DRC [Democratic Republic of Congo] conflict free.'" The court's decision did not affect other requirements under the conflict minerals rule. The Court found that the required disclosure was in

The Federal Reserve Bank of Dallas appointed Robert Steven Kaplan, president and chief executive officer. Mr. Kaplan will represent the Eleventh Federal Reserve District on the Federal Open Market Committee. He will oversee 1,200 employees of the Federal Reserve Bank. His appointment will become effective on September 8, 2015. See: Dallas Fed. Press Release.

The CFTC is seeking public comment on a petition by Korea Exchange, Inc. for exemption from registration as a derivatives clearing organization. The CFTC considered the petition based on its authority under Section 5b(h) of the Commodity Exchange Act, which permits it to exempt a clearing organization from DCO registration. See: CFTC Press Release. R elated news: CFTC Commissioner Wetjen Resigns (with Lofchie Comment) (August 14, 2015); CFTC Extends No-Action Relief from Transaction-Level Requirements to Non-U.S. Swap Dealers (CFTC Letter 15-48) (with Lofchie Comment) (August 13, 2015); CFTC

The SEC settled charges alleging that affiliates of an investment bank "defrauded investors in two hedge funds by claiming they were safe, low-risk, and suitable for traditional bond investors." The SEC investigation found that the affiliates did not disclose the "dire condition of the funds." The SEC also found that many of the representations made by the investment bank's employees were "at odds with disclosures made in marketing documents and written materials provided to investors." See: SEC Order Instituting Administrative and Cease-and-Desist Proceedings ; SEC Press Release.