NEW YORK--(BUSINESS WIRE)--Today, United Against Nuclear Iran (UANI) joined U.S. Congressman Ted Deutch (D, FL-21) in applauding the progress made in implementing U.S. laws requiring companies to disclose their Iran business activities.
As has been recently reported, pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, businesses availing themselves of U.S. capital markets have filed nearly 500 disclosures to the Securities and Exchange Commission detailing their Iran business activities.
Said UANI CEO, Ambassador Mark D. Wallace:
SEC disclosure of Iran business has been a dramatic success of transparency, accountability, and changed behavior. UANI has long maintained that the moment companies are required to disclose their business activities in Iran is the same moment they will begin to end those activities for risk of reputational and financial harm.
We thank Congressman Ted Deutch for his leadership in making the disclosure of certain Iran business mandatory. When Congressman Deutch first introduced the Iran Transparency and Accountability Act, businesses rarely if ever self-reported their Iran business activities. As a result, it was nearly impossible for investors, public officials, or concerned citizens to learn whether a company was doing or had done business in Iran or with Iran-affiliated entities.
This is no longer the case, as corporations are now filing hundreds of disclosures regarding their Iran exposure in a number of sectors. UANI firmly believes that SEC disclosure should apply to all Iran business in all sectors and we call on Congress to broaden this successful law.
Iran is not back open for business. The risks associated with Iran work are far too great for responsible companies. Iran remains an internationally-sanctioned state ruled by a terrorist regime that has yet to verifiably halt its nuclear program.
Said Congressman Deutch:
The fact that nearly 500 disclosures have already been filed with the SEC shows that the Iran Transparency and Accountability Act is working exactly as designed. By mandating self-disclosure, this law has provided publicly-traded companies with a clear choice between doing business with Iran or having access to the U.S. economy and American investors. Going forward, I strongly urge the SEC to make this information more easily accessible online, so Americans can find out whether or not their investment dollars are undermining our national security objectives.
UANI and Congressman Deutch have, for the last three-plus years, worked to require companies investing in the U.S. to disclose Iran business. U.S. sanctions that went into effect in February 2013 were a culmination of these efforts, requiring firms traded on U.S. stock exchanges to disclose certain Iran-related activity to the SEC.
Congressman Deutch wrote to the SEC in August, urging it to make the Iran disclosures it receives more easily accessible online. UANI wrote the SEC in 2010, urging action to require companies to disclose their Iran business, and proposing a new SEC regulation.
to learn more about UANI’s SEC disclosure initiative.
Click here to learn more about UANI model legislation.
Click here to read Congressman Deutch’s August letter to the SEC.
Click here to read UANI’s 2010 letter to the SEC.