To amend the Securities Exchange Act of 1934 to require issuers to make disclosures related to Iranian investments, and for other purposes.

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.

Summary: 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 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.