an annual basis, by sector and, to the extent pos-
sible, by State. 
SEC. 17. PROHIBITIONS ON FINANCING FOR CERTAIN PER-
SONS INVOLVED IN SANCTIONABLE ACTIVI-
TIES WITH RESPECT TO IRAN. 
(a) PROHIBITION
ON FINANCING
FOR PERSONS 
THAT
ENGAGE
IN
CERTAIN
SANCTIONABLE
ACTIVI-
TIES.— 
(1) IN GENERAL.—Beginning on the date that 
is 180 days after the date of the enactment of this 
Act, the Board of Directors of the Export-Import 
Bank of the United States may not approve any 
transaction that is subject to approval by the Board 
with respect to the provision by the Bank of any 
guarantee, insurance, or extension of credit, or the 
participation by the Bank in any extension of credit, 
to a person in connection with the exportation of any 
good or service unless the person makes the certifi-
cation described in paragraph (2). 
(2) CERTIFICATION
DESCRIBED.—The certifi-
cation described in this paragraph is a certification 
by a person— 
(A) that neither the person nor any other 
person owned or controlled by the person— 
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6201
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS
(i) engages in any activity described 
in section 5(a) of the Iran Sanctions Act 
of 1996 (Public Law 104–172; 50 U.S.C. 
1701 note) for which the person may be 
subject to sanctions under that Act; 
(ii) exports sensitive technology, as 
defined in section 106 of the Comprehen-
sive Iran Sanctions, Accountability, and 
Divestment Act of 2010 (22 U.S.C. 8515), 
to Iran; or 
(iii) engages in any activity prohibited 
by part 560 of title 31, Code of Federal 
Regulations (commonly known as the ‘‘Ira-
nian Transactions Regulations’’), unless 
the activity is disclosed to the Office of 
Foreign Assets Control of the Department 
of the Treasury when the activity is discov-
ered; or 
(B) if the person or any other person 
owned or controlled by the person has engaged 
in an activity described in subparagraph (A), 
that— 
(i) in the case of an activity described 
in subparagraph (A)(i)— 
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00016
Fmt 6652
Sfmt 6201
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS
(I) the President has waived the 
imposition of sanctions with respect to 
the person that engaged in that activ-
ity pursuant to section 4(c), 6(b)(5), 
or 9(c) of the Iran Sanctions Act of 
1996 
(Public 
Law 
104–172; 
U.S.C. 1701 note); 
(II)(aa) the President has in-
voked the special rule described in 
section 4(e)(3) of that Act with re-
spect to the person that engaged in 
that activity; or 
(bb)(AA) the person that en-
gaged in that activity determines, 
based on its best knowledge and be-
lief, that the person meets the criteria 
described in subparagraph (A) of such 
section 4(e)(3) and has provided to 
the President the assurances de-
scribed in subparagraph (B) of that 
section; and 
(BB) the Secretary of State has 
issued an advisory opinion to that per-
son that the person meets such cri-
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00017
Fmt 6652
Sfmt 6201
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS
teria and has provided to the Presi-
dent those assurances; or 
(III) the President has deter-
mined that the criteria have been met 
for the exception provided for under 
section 5(a)(3)(C) of the Iran Sanc-
tions Act of 1996 to apply with re-
spect to the person that engaged in 
that activity; or 
(ii) in the case of an activity described 
in subparagraph (A)(ii), the President has 
waived, pursuant to section 401(b)(1) of 
the Comprehensive Iran Sanctions, Ac-
countability, and Divestment Act of 2010 
(22 U.S.C. 8551(b)(1)), the application of 
the prohibition under section 106(a) of 
that Act (22 U.S.C. 8515(a)) with respect 
to that person. 
(b) PROHIBITION
ON FINANCINGS.—Beginning on 
the date that is 180 days after the date of the enactment 
of this Act, the Board of Directors of the Export-Import 
Bank of the United States may not approve any trans-
action that is subject to approval by the Board with re-
spect to the provision by the Bank of any guarantee, in-
surance, or extension of credit, or the participation by the 
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00018
Fmt 6652
Sfmt 6201
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS
Bank in any extension of credit, in connection with a fi-
nancing in which a person that is a borrower or controlling 
sponsor, or a person that is owned or controlled by such 
borrower or controlling sponsor, is subject to sanctions 
under section 5(a) of the Iran Sanctions Act of 1996 
(Public Law 104–172; 50 U.S.C. 1701 note). 
(c) ADVISORY OPINIONS.— 
(1) AUTHORITY.—The Secretary of State is au-
thorized to issue advisory opinions described in sub-
section (a)(2)(B)(i)(II). 
(2) NOTICE TO CONGRESS.—If the Secretary 
issues an advisory opinion pursuant to paragraph 
(1), the Secretary shall notify the appropriate con-
gressional committees of the opinion not later than 
30 days after issuing the opinion. 
(d) DEFINITIONS.—In this section: 
(1) APPROPRIATE
CONGRESSIONAL
COMMIT-
TEES; PERSON.—The terms ‘‘appropriate congres-
sional committees’’ and ‘‘person’’ have the meanings 
given those terms in section 14 of the Iran Sanc-
tions Act of 1996 (Public Law 104–172; 50 U.S.C. 
1701 note). 
(2) CONTROLLING SPONSOR.—The term ‘‘con-
trolling sponsor’’ means a person providing control-
ling direct private equity investment (excluding in-
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00019
Fmt 6652
Sfmt 6201
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS
vestments made through publicly held investment 
funds, publicly held securities, public offerings, or 
similar public market vehicles) in connection with a 
financing. 
Æ 
VerDate Mar 15 2010 
04:20 May 10, 2012
Jkt 019200
PO 00000
Frm 00020
Fmt 6652
Sfmt 6301
E:\BILLS\H5444.IH
H5444
jbell on DSK7SPTVN1PROD with BILLS