22 U.S.C. § 8724 — Continuation in effect of sanctions with

Page 2124 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8724 (2) debt of any entity owned or controlled by the Government of Iran issued on or after Au- gust 10, 2012, including bonds. (b) Application of provisions of Iran Sanctions Act of 1996 The following provisions of the Iran Sanctions Act of 1996, as amended by this Act, apply with respect to the imposition of sanctions under subsection (a) to the same extent that such pro- visions apply with respect to the imposition of sanctions under section 5(a) of the Iran Sanc- tions Act of 1996: (1) Subsection (c) of section 4. (2) Subsections (c), (d), and (f) of section 5. (3) Section 8. (4) Section 9. (5) Section 11. (6) Section 12. (7) Subsection (b) of section 13. (8) Section 14. (Pub. L. 112–158, title II, § 213, Aug. 10, 2012, 126 Stat. 1230.) TERMINATION OF SECTION For termination of section, see section 8785(a) of this title. Editorial Notes REFERENCES IN TEXT The Iran Sanctions Act of 1996, referred to in text, is Pub. L. 104–172, Aug. 5, 1996, 110 Stat. 1541, which is set out as a note under section 1701 of Title 50, War and Na- tional Defense. Section 6(a) of the Act, as amended by section 204, is section 6(a) of Pub. L. 104–172, as amend- ed by section 204 of Pub. L. 112–158. This Act, referred to in subsec. (b), is Pub. L. 112–158, Aug. 10, 2012, 126 Stat. 1214, known as the Iran Threat Reduction and Syria Human Rights Act of 2012, which is classified principally to this chapter. For complete classification of this Act to the Code, see Short Title note set out under section 8701 of this title and Tables. Executive Documents DELEGATION OF CERTAIN FUNCTIONS AND AUTHORITIES UNDER SECTION 213(b)(1) OF THE IRAN THREAT REDUC- TION AND SYRIA HUMAN RIGHTS ACT OF 2012 Memorandum of President of the United States, Oct. 18, 2015, 80 F.R. 66781, provided: Memorandum for the Secretary of State[,] the Sec- retary of the Treasury[,] the Secretary of Commerce[,] the United States Trade Representative[,] the Sec- retary of Homeland Security[, and] the Chairman of the Board of Governors of the Federal Reserve System By the authority vested in me as President by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code, I hereby order as follows: I hereby delegate the functions and authorities vest- ed in the President by section 213(b)(1) of the Iran Threat Reduction and Syria Human Rights Act of 2012 (TRA) to the Secretary of State, in consultation with: the Secretaries of the Treasury and Commerce and the United States Trade Representative; and with the Sec- retary of Homeland Security, the Chairman of the Board of Governors of the Federal Reserve System, and other agencies as appropriate. The delegation of authorities under section 213(b)(1) of the TRA to the Secretary of the Treasury contained in the Presidential Memorandum of October 9, 2012, en- titled ‘‘Delegation of Certain Functions and Authori- ties Under the Iran Threat Reduction and Syria Human Rights Act of 2012’’ is hereby rescinded. The other pro- visions of that Presidential Memorandum remain in ef- fect. Any reference herein to provisions of any Act related to the subject of this memorandum shall be deemed to include references to any hereafter-enacted provisions of law that are the same or substantially the same as such provisions. The Secretary of State is authorized and directed to publish this memorandum in the Federal Register. BARACK OBAMA. § 8724. Continuation in effect of sanctions with respect to the Government of Iran, the Cen- tral Bank of Iran, and sanctions evaders (a) Sanctions relating to blocking of property of the Government of Iran and Iranian finan- cial institutions United States sanctions with respect to Iran provided for in Executive Order No. 13599 (77 Fed. Reg. 6659), as in effect on the day before Au- gust 10, 2012, shall remain in effect until the date that is 90 days after the date on which the President submits to the appropriate congres- sional committees the certification described in subsection (d). (b) Sanctions relating to foreign sanctions evad- ers United States sanctions with respect to Iran provided for in Executive Order No. 13608 (77 Fed. Reg. 26409), as in effect on the day before August 10, 2012, shall remain in effect until the date that is 30 days after the date on which the President submits to the appropriate congres- sional committees the certification described in section 401(a) of the Comprehensive Iran Sanc- tions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8551(a)). (c) Continuation of sanctions with respect to the Central Bank of Iran In addition to the sanctions referred to in sub- section (a), the President shall continue to apply to the Central Bank of Iran sanctions pur- suant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), including blocking of property and restrictions or prohibi- tions on financial transactions and the expor- tation of property, until the date that is 90 days after the date on which the President submits to Congress the certification described in sub- section (d). (d) Certification described (1) In general The certification described in this sub- section is the certification of the President to Congress that the Central Bank of Iran is not— (A) providing financial services in support of, or otherwise facilitating, the ability of Iran to— (i) acquire or develop chemical, biologi- cal, or nuclear weapons, or related tech- nologies; (ii) construct, equip, operate, or main- tain nuclear facilities that could aid Iran’s effort to acquire a nuclear capability; or (iii) acquire or develop ballistic missiles, cruise missiles, or destabilizing types and amounts of conventional weapons; or (B) facilitating transactions or providing financial services for— Page 2125 TITLE 22—FOREIGN RELATIONS AND INTERCOURSE § 8726 (i) Iran’s Revolutionary Guard Corps; or (ii) financial institutions the property or interests in property of which are blocked pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) in connection with— (I) Iran’s proliferation of weapons of mass destruction or delivery systems for weapons of mass destruction; or (II) Iran’s support for international terrorism. (2) Submission to Congress (A) In general The President shall submit the certifi- cation described in paragraph (1) to the ap- propriate congressional committees in writ- ing and shall include a justification for the certification. (B) Form of certification The certification described in paragraph (1) shall be submitted in unclassified form but may contain a classified annex. (e) Rule of construction Nothing in this section shall be construed to limit the authority of the President pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) or the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (22 U.S.C. 8501 et seq.). (Pub. L. 112–158, title II, § 217, Aug. 10, 2012, 126 Stat. 1233.) Editorial Notes REFERENCES IN TEXT Executive Order No. 13599, referred to in subsec. (a), is Ex. Ord. No. 13599, Feb. 5, 2012, 77 F.R. 6659, which is listed in a table under section 1701 of Title 50, War and National Defense. Executive Order No. 13608, referred to in subsec. (b), is Ex. Ord. No. 13608, May 1, 2012, 77 F.R. 26409, which is listed in tables under section 1701 of Title 50, War and National Defense. The International Emergency Economic Powers Act, referred to in subsecs. (c), (d)(1)(B)(ii), and (e), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and National Defense. For complete classifica- tion of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. The Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, referred to in subsec. (e), is Pub. L. 111–195, July 1, 2010, 124 Stat. 1312, which is clas- sified principally to chapter 92 (§ 8501 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 8501 of this title and Tables. § 8725. Liability of parent companies for viola- tions of sanctions by foreign subsidiaries (a) Definitions In this section: (1) Entity The term ‘‘entity’’ means a partnership, as- sociation, trust, joint venture, corporation, or other organization. (2) Own or control The term ‘‘own or control’’ means, with re- spect to an entity— (A) to hold more than 50 percent of the eq- uity interest by vote or value in the entity; (B) to hold a majority of seats on the board of directors of the entity; or (C) to otherwise control the actions, poli- cies, or personnel decisions of the entity. (b) Prohibition Not later than 60 days after August 10, 2012, the President shall prohibit an entity owned or controlled by a United States person and estab- lished or maintained outside the United States from knowingly engaging in any transaction di- rectly or indirectly with the Government of Iran or any person subject to the jurisdiction of the Government of Iran that would be prohibited by an order or regulation issued pursuant to the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.) if the transaction were en- gaged in by a United States person or in the United States. (c) Civil penalty The civil penalties provided for in section 206(b) of the International Emergency Economic Powers Act (50 U.S.C. 1705(b)) shall apply to a United States person to the same extent that such penalties apply to a person that commits an unlawful act described in section 206(a) of that Act if an entity owned or controlled by the United States person and established or main- tained outside the United States violates, at- tempts to violate, conspires to violate, or causes a violation of any order or regulation issued to implement subsection (b). (d) Applicability Subsection (c) shall not apply with respect to a transaction described in subsection (b) by an entity owned or controlled by a United States person and established or maintained outside the United States if the United States person di- vests or terminates its business with the entity not later than the date that is 180 days after Au- gust 10, 2012. (Pub. L. 112–158, title II, § 218, Aug. 10, 2012, 126 Stat. 1234.) TERMINATION OF SECTION For termination of section, see section 8785(a) of this title. Editorial Notes REFERENCES IN TEXT The International Emergency Economic Powers Act, referred to in subsec. (b), is title II of Pub. L. 95–223, Dec. 28, 1977, 91 Stat. 1626, which is classified generally to chapter 35 (§ 1701 et seq.) of Title 50, War and Na- tional Defense. For complete classification of this Act to the Code, see Short Title note set out under section 1701 of Title 50 and Tables. § 8726. Reports on, and authorization of imposi- tion of sanctions with respect to, the provi- sion of specialized financial messaging serv- ices to the Central Bank of Iran and other sanctioned Iranian financial institutions (a) Sense of Congress It is the sense of Congress that— (1) providers of specialized financial mes- saging services are a critical link to the inter- national financial system;