A bill to require disclosure to the Securities and Exchange Commission of certain sanctionable activities, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Transparency and Accountability 
Act of 2011''.

SEC. 2. DISCLOSURES TO THE SECURITIES AND EXCHANGE COMMISSION RELATING 
              TO SANCTIONABLE ACTIVITIES.

    (a) In General.--Section 13 of the Securities Exchange Act of 1934 
(15 U.S.C. 78m) is amended by adding at the end the following new 
subsection:
    ``(r) Disclosure of Certain Activities Relating to Iran, Terrorism, 
and the Proliferation of Weapons of Mass Destruction.--
            ``(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 affiliate of the issuer--
                    ``(A) engaged in an activity described in section 5 
                of the Iran Sanctions Act of 1996 (Public Law 104-172; 
                50 U.S.C. 1701 note);
                    ``(B) knowingly engaged in an activity described in 
                subsection (c)(2) of section 104 of the Comprehensive 
                Iran Sanctions, Accountability, and Divestment Act of 
                2010 (22 U.S.C. 8513) or knowingly violated regulations 
                prescribed under subsection (d)(1) or (e)(1) of such 
                section 104; or
                    ``(C) knowingly conducted any transaction or 
                dealing with--
                            ``(i) any person the property and interests 
                        in property of which are blocked pursuant to 
                        Executive Order 13224 (66 Fed. Reg. 49079; 
                        relating to blocking property and prohibiting 
                        transacting with persons who commit, threaten 
                        to commit, or support terrorism);
                            ``(ii) any person the property and 
                        interests in property of which are blocked 
                        pursuant to Executive Order 13382 (70 Fed. Reg. 
                        38567; relating to blocking of property of 
                        weapons of mass destruction proliferators and 
                        their supporters); or
                            ``(iii) any person on the list contained in 
                        Appendix A to part 560 of title 31, Code of 
                        Federal Regulations (commonly known as the 
                        `Iranian Transactions Regulations').
            ``(2) Specific disclosure required.--If an issuer reports 
        under paragraph (1) that the issuer or an affiliate of the 
        issuer has engaged in any activity described in that paragraph, 
        the issuer shall include with the statement required under that 
        paragraph a detailed description of each such activity, 
        including--
                    ``(A) the nature and extent of the activity;
                    ``(B) the revenues and profits, if any, 
                attributable to the activity; and
                    ``(C) whether the issuer or the affiliate of the 
                issuer (as the case may be) intends to continue the 
                activity.
            ``(3) Investigation of disclosures.--When the Commission 
        receives a report under paragraph (1) from an issuer that the 
        issuer or an affiliate of the issuer has engaged in any 
        activity described in that paragraph, the President shall--
                    ``(A) initiate an investigation into the possible 
                imposition of sanctions under the Iran Sanctions Act of 
                1996 (Public Law 104-172; 50 U.S.C. 1701 note), section 
                104 of the Comprehensive Iran Sanctions, 
                Accountability, and Divestment Act of 2010 (22 U.S.C. 
                8513), the Executive Orders or regulations specified in 
                paragraph (1)(C), or any other provision of law; and
                    ``(B) not later than 180 days after initiating such 
                an investigation, make a determination with respect to 
                whether sanctions should be imposed with respect to the 
                issuer or the affiliate of the issuer (as the case may 
                be).
            ``(4) Public disclosure of information.--The Commission 
        shall promptly--
                    ``(A) make the information provided to the 
                Commission under paragraphs (1) and (2) available to 
                the public by posting the information on the Internet 
                website of the Commission; and
                    ``(B) provide a copy of that information to--
                            ``(i) the President;
                            ``(ii) the Committee on Foreign Affairs and 
                        the Committee on Financial Services of the 
                        House of Representatives; and
                            ``(iii) the Committee on Foreign Relations 
                        and the Committee on Banking, Housing, and 
                        Urban Affairs of the Senate.
            ``(5) Sunset.--The provisions of this subsection shall 
        terminate on the date that is 30 days after the date on which 
        the President makes the certification described in section 
        401(a) of the Comprehensive Iran Sanctions, Accountability, and 
        Divestment Act of 2010 (22 U.S.C. 8551(a)).''.
    (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 Commission after the date that is 90 days after 
the date of the enactment of this Act.

SEC. 3. DEADLINE FOR REGULATIONS WITH RESPECT TO FINANCIAL INSTITUTIONS 
              MAINTAINING ACCOUNTS FOR FOREIGN FINANCIAL INSTITUTIONS.

    Section 104(e)(1) of the Comprehensive Iran Sanctions, 
Accountability, and Divestment Act of 2010 (8513(e)(1)) is amended by 
striking ``The Secretary'' and inserting ``Not later than 90 days after 
the date of the enactment of the Iran Transparency and Accountability 
Act of 2011, the Secretary''.

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.