EU Conflict Minerals And Brexit - Next Steps for UK?

Question:

What could an America-based company with major business units in the UK expect from the EU regulation and the EU Non-financial reporting since the UK voted to remove themselves from the EU? Has there been any indication that the UK might follow suit with their own legislation or some kind of tie-in with the UK-MSA?

Answer:

We have a great blog on the topic:

http://assentcompliance.com/blog/index.php/compliance-after-brexit-implications-for-your-supply-chain/

As for the Regulation, the UK is expected to have left the EU prior to the compliance date therefore, depending on what kind of mutual recognition of laws is in place, the UK would have to create their own law to enforce conflict minerals.

With respect the the EU NFR, the UK has transposed The Companies, Partnerships and Groups (Accounts and Non-Financial Reporting) Regulations 2016 (SI 2016/1245) and may keep it in place for investor protection but, like the above, we will have to see.

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