US Rep. Gary Ackerman (D-New York) has asked the Securities and Exchange
Commission to make companies aware that they may be in violation of the new Iran
sanctions law. Ackerman, chairman of the House of Representatives subcommittee
on the Middle East and South Asia, made the request in a letter sent on Tuesday
to SEC Chairman Mary Schapiro.
The new law sanctions companies that help
develop Iran’s energy sector and bans US banks from doing business within the
country. It is designed to force Iran to abandon its alleged nuclear weapons
program by strangling its energy and financial sectors.
that the SEC also needs to publicize information to inform investors if the
companies they want to invest in face sanctions related to the new law. “The SEC
has a vital role to play in making certain that participants in our financial
markets have the information they need to determine if their investments are at
risk due to non-compliance with US laws relating to Iran,” he wrote.