UANI’s certification provisions were included in the U.S. Federal government’s Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA) as well as in California's Iran Contracting Act, Florida’s Scrutinized Companies Act and Iran Banking Certification Act, respectively, and New York State's Iran Divestment Act of 2012. As a result of these measures, contractors at the Federal and state levels face debarment from government procurement lists and ineligibility for lucrative government contracts if they do business in Iran.
The Iran Transparency and Accountability Act, based on UANI’s SEC disclosure measures, has been included in the Iran Threat Reduction Act, passed by the U.S. House in December 2011. The ITAA will redefine all Iran business as ‘material’ and compel all publicly traded companies availing themselves of U.S. capital markets to the nature and extent of their Iran business in their public disclosure filings. The ITAA will 1) enable investors to make informed decisions about the companies in which they invest; and 2) enable the Government to make informed decisions about the companies with which it contracts. The moment companies are forced to disclose their Iran business is the moment such business will end.
UANI legislation gives activists and lawmakers greater tools to effectively address the threat of Iran’s nuclear program by increasing the economic and diplomatic pressure on the Iranian regime.
(Status: U.S. Law)
UANI’s Iran Business Certification Act (IBC Act) Act was incorporated into the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (CISADA), the most broad U.S. sanctions on Iran to date. The unprecedented measures of the IBC Act require companies that do business with the U.S. Government to certify they do not conduct sanctionable business with Iran.
(Status: Law in California, Florida & New York)
UANI’s certification, disclosure and debarment efforts have been replicated by state governments, namely California, Florida, New York, Indiana and Maryland. In September 2010, the State of California signed into law the Iran Contracting Act. The act precludes all public entities in the State of California from renewing or entering into contracts of $1 million or more with companies that have s business in Iran’s energy or financial sector. A list of companies banned from contracting with the public entities in California can be found here. The State of Florida followed suit with the Scrutinized Companies Act.
In July 2011, UANI launched unprecedented Iran contracting model legislation and has called on all U.S. governors and state legislatures to pass such legislation. New York State responded to UANI's call by passing the Iran Divestment Act of 2012 in January 2012. The same month, the Indiana state legislature introduced a comparable Iran contract debarment law.
UANI has also worked with Florida to introduce the Iran Banking Certification Act which mandates that all banks chartered in the state of Florida certify that their corresponding banks are not engaged in proscribed activities with Iranian linked financial institutions.
(Status: Passed in the U.S. House)
UANI has proposed unprecedented regulations and legislation for adoption by the SEC and U.S. Congress, respectively, which would require companies to fully disclose their Iran business to investors and the public. In 2010, these regulations were introduced as the Iran Transparency and Accountability Act (ITAA) in congress. These regulations were included in the Iran Threat Reduction Act of 2011, which was passed by the U.S. House of Representatives in December 2011.
Such action is necessary not only for investors to make informed decisions about the companies in which they are investing, but also for the U.S. Government to make informed decisions about the companies with which it is contracting.