entity, including the dollar value, intended purpose, 
and current status of each such investment. 
(2) DISCLOSURE TO INVESTORS.— 
(A) IN GENERAL.—Not later than 30 days 
after the date of publication of a list in the rel-
evant Federal Register under paragraph (1), 
managers of United States Government pension 
plans or thrift savings plans, managers of pen-
sion plans maintained in the private sector by 
plan sponsors in the United States, and man-
agers of mutual funds sold or distributed in the 
United States shall notify investors that the 
funds of such investors are invested in an entity 
included on the list and that the funds will be 
divested from such investments. Such notifica-
tion shall contain the following information: 
(i) The name or other identification of 
the entity. 
(ii) The amount of the investment in 
the entity. 
(iii) The potential liability to the enti-
ty if sanctions are imposed by the United 
States on Iran or on the entity. 
(iv) The potential liability to investors 
if such sanctions are imposed. 
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(v) The measures being undertaken by 
the managers to divest from such invest-
ments. 
(B) FOLLOW-UP NOTIFICATION.— 
(i) IN GENERAL.—Except as provided 
in clause (iii), in addition to the notifica-
tion required under paragraph (A), such 
managers shall also include such notifica-
tion in every prospectus and in every regu-
larly provided quarterly, semi-annual, or 
annual report provided to investors, if the 
funds of such investors are invested in an 
entity included on the list. 
(ii) CONTENTS
OF
NOTIFICATION.— 
The notification described in clause (i) 
shall be displayed prominently in any such 
prospectus or report and shall contain the 
information described in subparagraph (A). 
(iii) 
GOOD-FAITH
EXCEPTION.—If, 
upon publication of a list in the relevant 
Federal Register under subsection (a)(1), 
such managers verifiably divest all invest-
ments of such plans or funds in any entity 
included on the list and such managers do 
not initiate any new investment in any 
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other such entity, such managers shall not 
be required to include in any prospectus or 
report provided to investors the notifica-
tion described in subparagraph (A). 
(3) DIVESTITURE FROM IRAN.—Upon notifica-
tion under subsection (a)(2), managers of United 
States Government pension plans or thrift savings 
plans, shall take, to the extent consistent with the 
legal and fiduciary duties otherwise imposed on 
them, immediate steps to divest all investments of 
such plans or funds in any entity included on the 
list. 
(4) SENSE OF CONGRESS RELATING TO FUR-
THER DIVESTITURE FROM IRAN.—It is the sense of 
Congress that upon publication of a list in the rel-
evant Federal Register under subsection (a)(1), 
managers of pension plans maintained in the private 
sector by plan sponsors in the United States and 
managers of mutual funds sold or distributed in the 
United States should take immediate steps to divest 
all investments of such plans or funds in any entity 
included on the list. 
(5) PROHIBITION ON FUTURE INVESTMENT.— 
Upon publication of a list in the relevant Federal 
Register under subsection (a)(1), there shall be, to 
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the extent consistent with the legal and fiduciary du-
ties otherwise imposed on them, no future invest-
ment in any entity included on the list by managers 
of United States Government pension plans or thrift 
savings plans, managers of pension plans maintained 
in the private sector by plan sponsors in the United 
States, or managers of mutual funds sold or distrib-
uted in the United States. 
(b) REPORT
BY OFFICE
OF GLOBAL SECURITY 
RISKS.—Not later than 30 days after the date of publica-
tion of a list in the relevant Federal Register under sub-
section (a), the Office of Global Security Risks within the 
Division of Corporation Finance of the United States Se-
curities and Exchange Commission shall issue a report 
containing a list of the United States and foreign entities 
identified in accordance with such subsection, a deter-
mination of whether or not the operations in Iran of any 
such entity constitute a political, economic, or other risk 
to the United States, and a determination of whether or 
not the entity faces United States litigation, sanctions, or 
similar circumstances that are reasonably likely to have 
a material adverse impact on the financial condition or 
operations of the entity. 
(c) SUNSET.—This section shall terminate 30 days 
after the date on which the President has made the certifi-
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