S.366 - Iran Transparency and Accountability Act of 2011

A bill to require disclosure to the Securities and Exchange Commission of certain sanctionable activities, and for other purposes. view all titles (2)

All Bill Titles

  • Official: A bill to require disclosure to the Securities and Exchange Commission of certain sanctionable activities, and for other purposes. as introduced.
  • Short: Iran Transparency and Accountability Act of 2011 as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
02/16/11
 
 
 
 
 
 
 

Official Summary

Iran Transparency and Accountability Act of 2011 - Amends the Securities Exchange Act of 1934 to require securities issuers to disclose in their mandatory annual or quarterly reports to the Securities and Exchange Commission (SEC) whether they or their affiliates have: (1) engaged in certai

Official Summary

Iran Transparency and Accountability Act of 2011 - Amends the Securities Exchange Act of 1934 to require securities issuers to disclose in their mandatory annual or quarterly reports to the Securities and Exchange Commission (SEC) whether they or their affiliates have:
(1) engaged in certain activities relating to Iran, terrorism, and the proliferation of weapons of mass destruction;
(2) knowingly engaged in specified activities, or knowingly violated certain regulations prescribed under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010;
(3) knowingly conducted any transaction or dealing with a person whose property and interests in property are blocked by certain Executive Orders; or
(4) knowingly conducted a transaction or dealing with any person listed in the Iranian Transactions Regulations. Specifies the contents of mandatory disclosures. Requires the President to:
(1) initiate an investigation into the possible imposition of sanctions when the SEC receives a report that an issuer or its affiliate has engaged in the cited activities; and
(2) determine within 180 days of initiating an investigation whether sanctions should be imposed on the issuer or the affiliate concerned. Directs the SEC to make publicly available the information it has received, and to provide it to the President and to certain congressional committees. Requires promulgation within 90 days after enactment of this Act of regulations governing financial institutions maintaining accounts for foreign financial institutions.

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