The Act makes ISA-sanctionable the knowing participation in a joint venture for the development of petroleum resources outside of Iran if (i) the joint venture was established on or after January 1, 2002, (ii) the Government of Iran is a substantial partner or investor.
Expansion of ISA-available sanctions, the Act expands the number of sanctions imposable under the ISA from nine to 12 by adding to the previously-available sanctions menu (i) a ban on US person investment or purchase of significant amounts of equity or debt instruments.
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Such disclosures will become public information on the SEC website and will be referred to the President for investigation and the possible imposition of sanctions.The Act authorizes the imposition of sanctions under the International Emergency Economic Powers Act (ieepa) or cisada against certain persons who, as of November 8, 2012, knowingly and directly continue to provide specialized financial messaging services,.g., swift Network, to, or knowingly enable or facilitate.The Iran Threat Reduction Act which Jim reported on in detail looks like its gaining swift approval in congress, just like lead sponsor Rep.By, sally-Ann Underhill on Posted.Youve cast your vote.
Effective 90 days after enactment, with certain exceptions, the Act provides for the imposition of five or more ISA sanctions against persons that (i) are controlling beneficial owners of, or otherwise own, operate, control or insure a vessel that was used to transport crude oil.
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If a foreign subsidiary of a US company violates, attempts to violate, conspires to violate, or causes a violation of the new prohibition, civil penalties, per violation, of up to 250,000, or twice the value of the transaction, whichever is higher, can be imposed against.
Disclosures to the Securities and Exchange Commission.
The Act requires that, within 90 days of enactment, regulations will be issued to expand the scope of foreign financial institutions against which cisada financial sanctions (the closing of/imposition of restrictions on the foreign financial institution's.S.The Act also requires that the Secretary of the Treasury determine, within 45 days of enactment, whether nioc or nitc is an agent or affiliate of the irgc, for purposes of the possible imposition of cisada financial sanctions against foreign financial institutions knowingly facilitating.Significantly, the Act provides a "due diligence" safe harbor (like the one included in cisada regarding underwriting re)insurance for shipments of refined petroleum products to Iran for (re)insurers exercising due diligence to insure they do not provide the sanctionable underwriting re)insurance services, and also exempts.The Act provides for a variety of sanctions to be imposed against persons who engage in certain activities related to censorship/human rights abuses in Iran/Syria.Sanctions related to Iranian/Syria human rights abuses.Senate passed an Iran sanctions bill by a unanimous voice vote.The 56 page statute substantially expands the already broad sanctions, which could be imposed against foreign entities doing business with Iran, that are included in the Iran Sanctions Act (ISA the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (cisada the National Defense Authorization.