I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Iran Transparency and 

5 Accountability Act of 2010’’ or the ‘‘ITA Act of 2010’’. 

6 SEC. 2. DISCLOSURES REQUIRED. 

7 (a) IN GENERAL.—Section 13 of the Securities Ex8 change Act of 1934 is amended by adding at the end the 

9 following new subsection: 


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1 ‘‘(m) DISCLOSURE OF IRANIAN INVESTMENTS.— 

2 ‘‘(1) GENERAL DISCLOSURE REQUIRED.—Each 

3 issuer required to file an annual or quarterly report 

4 under subsection (a) shall include with such report 

5 a statement of whether, during the period since the 

6 issuer made the last such report, the issuer, or any 

7 subsidiary or affiliate of the issuer— 

8 ‘‘(A) engaged in any activity that is a cov9 ered activity; 

10 ‘‘(B) knowingly engaged in an activity de11 scribed under section 104(c)(2) of the Com12 prehensive Iran Sanctions, Accountability, and 

13 Divestment Act of 2010 or knowingly violated 

14 regulations prescribed under section 104(d)(1) 

15 or 104(e)(1) of such Act; or 

16 ‘‘(C) has had any ties to a company des17 ignated by the Secretary of the Treasury or the 

18 Secretary of State under Executive Order 

19 13382 for contributing or supporting the pro20 liferation activities of Iran. 

21 ‘‘(2) SPECIFIC DISCLOSURE REQUIRED.—If the 

22 issuer, or any subsidiary or affiliate of the issuer, re23 ports under paragraph (1)(A) that it has engaged in 

24 any activity that is a covered activity, then with re25 spect to each such activity that is a covered entity, 


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1 the issuer shall include with the statement described 

2 under paragraph (1) a detailed description of each 

3 such activity, including— 

4 ‘‘(A) the nature and extent of such activ5 ity; 

6 ‘‘(B) the revenues and profits, if any, at7 tributable to such activity; and 

8 ‘‘(C) whether the issuer, or the subsidiary 

9 or affiliate of the issuer, as applicable, intends 

10 to continue such activity. 

11 ‘‘(3) INVESTIGATION OF DISCLOSURES.—With 

12 respect to any issuer that, in a statement described 

13 under paragraph (1), states that the issuer, or any 

14 subsidiary or affiliate of the issuer, engaged in any 

15 activity that is a covered activity, the President shall 

16 carry out an investigation upon receipt of such re17 port to determine if the issuer, or the subsidiary or 

18 affiliate of the issuer, should be subject to sanctions 

19 under section 5 of the Iran Sanctions Act of 1996. 

20 ‘‘(4) PUBLIC DISCLOSURE OF INFORMATION.— 

21 With respect to any information received by the 

22 Commission pursuant to paragraph (1) or (2), the 

23 Commission shall— 

24 ‘‘(A) make such information available to 

25 the public, including on a dedicated location on 


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1 the Commission’s website that lists all issuers 

2 from which the Commission received informa3 tion pursuant to paragraph (1) or (2); 

4 ‘‘(B) provide a copy of such information to 

5 the Secretary of State; 

6 ‘‘(C) provide a copy of such information to 

7 the Secretary of the Treasury; 

8 ‘‘(D) provide a copy of such information to 

9 the Administrator of the General Services Ad10 ministration; and 

11 ‘‘(E) provide a copy to the Committees on 

12 Foreign Affairs and Financial Services of the 

13 House of Representatives and the Committees 

14 on Foreign Relations and Banking, Housing, 

15 and Urban Affairs of the Senate. 

16 ‘‘(5) COVERED ACTIVITY DEFINED.—For pur17 poses of this subsection, the term ‘covered activity’ 

18 means an activity is of a type and involving an 

19 amount that could subject the issuer, or the sub20 sidiary or affiliate of the issuer, as applicable, to 

21 sanctions under section 5 of the Iran Sanctions Act 

22 of 1996. 

23 ‘‘(6) SUNSET.—The provisions of this sub24 section shall terminate on the date on which the 

25 President certifies to Congress that— 


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1 ‘‘(A) the Government of Iran has ceased 

2 providing support for acts of international ter3 rorism and no longer satisfies the requirements 

4 for designation as a state sponsor of terrorism 

5 under— 

6 ‘‘(i) section 6(j)(1)(A) of the Export 

7 Administration Act of 1979 (50 U.S.C. 

8 App. 2405(j)(1)(A)); 

9 ‘‘(ii) section 40(d) of the Arms Export 

10 Control Act (22 U.S.C. 2780(d)); or 

11 ‘‘(iii) section 620A(a) of the Foreign 

12 Assistance Act of 1961 (22 U.S.C. 

13 2371(a)); and 

14 ‘‘(B) Iran has ceased the pursuit, acquisi15 tion, and development of nuclear, biological, 

16 and chemical weapons and ballistic missiles and 

17 ballistic missile launch technology.’’. 

18 (b) EFFECTIVE DATE.—The amendment made by 

19 subsection (a) shall take effect with respect to reports re20 quired to be filed with the Securities and Exchange Act 

21 after the end of the 90-day period beginning on the date 

22 of the enactment of this Act. 

Æ 


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