SEC staff issues guidance on disclosure of sanctionable activity involving Iran

On December 4, the SEC’s Division of Corporation Finance issued seven Compliance and Disclosure Interpretations (CDIs) under the Securities Exchange Act of 1934 relating to the new disclosures in periodic reports required by the Iran Threat Reduction and Syria Human Rights Act of 2012 (Act). As discussed in our SEC Update of September 4, 2012, available here, the Act, which was adopted on August 10, added a new Section 13(r) to the Exchange Act that requires issuers subject to the periodic reporting provisions of Section 13(a) to disclose in their quarterly and annual reports whether they or their affiliates have knowingly engaged in sanctionable activity involving Iran.

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