Iran Threat Reduction and Syria Human Rights Act of 2012

more+
less-

President Obama signed into law on August 10, 2012 the Iran Threat Reduction and Syria Human Rights Act of 2012 (the Act). The Act, like the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), broadens the sanctions programs put forth by the Iran Sanctions Act of 1996 (ISA) and otherwise significantly expands the extraterritorial impact of U.S. sanctions.

Key provisions of the Act include:

- Liability of U.S. Firms for Activities of their Non-U.S. Subsidiaries: The Act requires the imposition of civil penalties on U.S. parent firms for the activities of their non-U.S. subsidiaries which, if undertaken in the United States or by a U.S. person, would violate U.S. sanctions law.

- Expansion of Sanctionable Conduct: The Act applies sanctions to any person involved in joint ventures with Iran related to the development of petroleum resources and the mining, production and distribution of uranium, as well as any person transporting or concealing the transport of crude oil from Iran.

- Expansion of Available Sanctions: The Act expands the menu of sanctions available to the President of the United States (President) and the requisite number of sanctions that the President must apply to any person engaging in sanctionable conduct.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

Published In: Administrative Agency Updates, General Business Updates, Energy & Utilities Updates, Finance & Banking Updates, International Trade Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Dechert LLP | Attorney Advertising

Don't miss a thing! Build a custom news brief:

Read fresh new writing on compliance, cybersecurity, Dodd-Frank, whistleblowers, social media, hiring & firing, patent reform, the NLRB, Obamacare, the SEC…

…or whatever matters the most to you. Follow authors, firms, and topics on JD Supra.

Create your news brief now - it's free and easy »