Iran Transparency and Accountability Act of 2010 or ITA Act of 2010 - Amends the Securities Exchange Act of 1934 to require an issuer to state, in its mandatory periodic report, whether it (or any subsidiary or affiliate) has: (1) engaged in an activity of a type and involving an amount that could subject it to sanctions under the Iran Sanctions Act of 1996; (2) knowingly engaged in an activity or violated regulations described under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010; or (3) had any ties to a company designated by either the Secretary of the Treasury or the Secretary of State as contributing or supporting the proliferation activities of Iran.
Prescribes specified disclosures. Requires the Securities and Exchange Commission (SEC) to make such disclosures public.
Directs the President, upon receipt of such report, to investigate and determine if the issuer should be subject to sanctions under the Iran Sanctions Act of 1996.
[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5833 Introduced in House (IH)]
111th CONGRESS
2d Session
H. R. 5833
To amend the Securities Exchange Act of 1934 to require issuers to make
disclosures related to Iranian investments, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 22, 2010
Mr. Deutch (for himself, Ms. Ros-Lehtinen, Mr. Ackerman, Mr. Burton of
Indiana, and Mr. Klein of Florida) introduced the following bill; which
was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to require issuers to make
disclosures related to Iranian investments, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Iran Transparency and Accountability
Act of 2010'' or the ``ITA Act of 2010''.
SEC. 2. DISCLOSURES REQUIRED.
(a) In General.--Section 13 of the Securities Exchange Act of 1934
is amended by adding at the end the following new subsection:
``(m) Disclosure of Iranian Investments.--
``(1) General disclosure required.--Each issuer required to
file an annual or quarterly report under subsection (a) shall
include with such report a statement of whether, during the
period since the issuer made the last such report, the issuer,
or any subsidiary or affiliate of the issuer--
``(A) engaged in any activity that is a covered
activity;
``(B) knowingly engaged in an activity described
under section 104(c)(2) of the Comprehensive Iran
Sanctions, Accountability, and Divestment Act of 2010
or knowingly violated regulations prescribed under
section 104(d)(1) or 104(e)(1) of such Act; or
``(C) has had any ties to a company designated by
the Secretary of the Treasury or the Secretary of State
under Executive Order 13382 for contributing or
supporting the proliferation activities of Iran.
``(2) Specific disclosure required.--If the issuer, or any
subsidiary or affiliate of the issuer, reports under paragraph
(1)(A) that it has engaged in any activity that is a covered
activity, then with respect to each such activity that is a
covered entity, the issuer shall include with the statement
described under paragraph (1) a detailed description of each
such activity, including--
``(A) the nature and extent of such activity;
``(B) the revenues and profits, if any,
attributable to such activity; and
``(C) whether the issuer, or the subsidiary or
affiliate of the issuer, as applicable, intends to
continue such activity.
``(3) Investigation of disclosures.--With respect to any
issuer that, in a statement described under paragraph (1),
states that the issuer, or any subsidiary or affiliate of the
issuer, engaged in any activity that is a covered activity, the
President shall carry out an investigation upon receipt of such
report to determine if the issuer, or the subsidiary or
affiliate of the issuer, should be subject to sanctions under
section 5 of the Iran Sanctions Act of 1996.
``(4) Public disclosure of information.--With respect to
any information received by the Commission pursuant to
paragraph (1) or (2), the Commission shall--
``(A) make such information available to the
public, including on a dedicated location on the
Commission's website that lists all issuers from which
the Commission received information pursuant to
paragraph (1) or (2);
``(B) provide a copy of such information to the
Secretary of State;
``(C) provide a copy of such information to the
Secretary of the Treasury;
``(D) provide a copy of such information to the
Administrator of the General Services Administration;
and
``(E) provide a copy to the Committees on Foreign
Affairs and Financial Services of the House of
Representatives and the Committees on Foreign Relations
and Banking, Housing, and Urban Affairs of the Senate.
``(5) Covered activity defined.--For purposes of this
subsection, the term `covered activity' means an activity is of
a type and involving an amount that could subject the issuer,
or the subsidiary or affiliate of the issuer, as applicable, to
sanctions under section 5 of the Iran Sanctions Act of 1996.
``(6) Sunset.--The provisions of this subsection shall
terminate on the date on which the President certifies to
Congress that--
``(A) the Government of Iran has ceased providing
support for acts of international terrorism and no
longer satisfies the requirements for designation as a
state sponsor of terrorism under--
``(i) section 6(j)(1)(A) of the Export
Administration Act of 1979 (50 U.S.C. App.
2405(j)(1)(A));
``(ii) section 40(d) of the Arms Export
Control Act (22 U.S.C. 2780(d)); or
``(iii) section 620A(a) of the Foreign
Assistance Act of 1961 (22 U.S.C. 2371(a)); and
``(B) Iran has ceased the pursuit, acquisition, and
development of nuclear, biological, and chemical
weapons and ballistic missiles and ballistic missile
launch technology.''.
(b) Effective Date.--The amendment made by subsection (a) shall
take effect with respect to reports required to be filed with the
Securities and Exchange Act after the end of the 90-day period
beginning on the date of the enactment of this Act.
<all>
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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