FOR IMMEDIATE RELEASE
July 21, 2010
Contact: Kimmie Lipscomb, [email protected]
Phone: (212) 554-3296
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
need for companies to disclose their business in Iran. In
yesterday to the House Financial Services
Committee, SEC Chairwoman Mary Schapiro said that "There are
sanctions that can be levied against companies that violate the Iran
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
UANI President, Ambassador Mark D. Wallace, in a statement said:
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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