UANI Applauds
the SEC for Acknowledging Need for Companies to Disclose Iran Business
New York, NY -
United Against Nuclear Iran (UANI)
applauds
the Securities and Exchange Commission for acknowledging the need for companies
to disclose their business in Iran. In testimony
yesterday to the
House Financial Services Committee, SEC Chairwoman Mary
Schapiro said that "There are punitive sanctions that can be levied against companies
that violate the Iran Sanctions Act," and that these sanctions "can create
material contingent liabilities that need to be disclosed by public
companies."
UANI renews its call for the SEC to take definitive action to require companies to disclose their Iran
business.
UANI
President, Ambassador Mark D. Wallace, in a statement said:
It is time for
companies to be transparent about their business in Iran so that the American
people can hold them accountable for that business. As business in Iran is material, American
investors have a right to know if they are investing in a company that does
business with a state sponsor of terrorism that is subject to crippling
sanctions, and therefore substantial financial risk. Such information is also critical for
ensuring that the U.S. Government can make informed decisions about the
companies with which it does business.
UANI has
been at the forefront of the campaign to require companies to disclose their
business in Iran.
On January 12, 2010,
UANI launched the "
Iran Disclosure Project," an initiative to identify
publicly-traded companies that have business dealings in Iran and ensure that
such companies adequately inform investors of the legal and financial peril
associated with such dealings. Through
the Iran Disclosure Project, UANI has targeted such companies as
Royal Dutch Shell,
Caterpillar,
Ingersoll Rand,
KPMG, and
Honeywell to disclose the full
extent of their business in Iran.
In May,
UANI called on the SEC to take definitive action to require companies to
disclose their Iran business. UANI
proposed two options that would allow the SEC to take such definitive action: a
staff interpretative release or a
new SEC regulation.
Click here to learn more about the Iran Disclosure Project.
Click hereto read UANI's proposed new SEC regulation.
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