Companies That Do Business with Iran Targeted by Draft Legislation
The Iran Threat Reduction and Syria Human Rights Act of 2012 has cleared both houses of Congress, and awaits President Obama’s signature to become law. From law firm Leonard, Street and Deinard:
“[The] bill … imposes new reporting requirements on companies required to file quarterly and annual reports … [and] requires new disclosure in the event that a company knowingly:
• Engaged in certain conduct described in the Iran Sanctions Act of 1996 or certain conduct described in the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010;
• Engaged in transactions or dealings with ‘blocked’ persons pursuant to Executive Order No. 13224 (relating to blocking property and prohibiting transactions with persons who commit, threaten to commit, or support terrorism);
• Engaged in transactions or dealings with ‘blocked’ persons pursuant to Executive Order No. 13382 (relating to blocking of property of weapons of mass destruction proliferators and their supporters); or
• Engaged in transactions or dealings with any person identified with the government of Iran pursuant to 31 C.F.R. 560.304.”
Read the update:
New ’34 Act Reporting Requirements Under the Iran Threat Reduction and Syria Human Rights Act… bit.ly/ME64e8 | by @squinlivan
— Securities Law (@SecuritiesLaw) August 10, 2012
Also see:
Summary of the Latest Legislation Increasing U.S. Sanctions Against Iran bit.ly/P57fSa | by @bryancavellp
— International Law (@LawAnalysis) August 10, 2012
