S.Amdt. 1413

1. Adds SEC. 1243. LIABILITY OF PARENT COMPANIES FOR VIOLATIONS BY FOREIGN ENTITIES OF SANCTIONS RELATING TO IRAN at the end of subtitle C of title XII

   Adds a section

   In S. 1867 · Placed on Calendar Senate

   (6) An assessment by the Comptroller General of the United States of the effectiveness of the activities under the State Partnership Program in meeting the objectives of the program.

   Inserted: SEC. 1243. LIABILITY OF PARENT COMPANIES FOR VIOLATIONS BY FOREIGN ENTITIES OF SANCTIONS RELATING TO IRAN.

   Inserted: (a) In General.--In any case in which an entity engages in an act outside the United States that, if committed in the United States or by a United States person, would violate the provisions of Executive Order 12959 (50 U.S.C. 1701 note) or Executive Order 13059 (50 U.S.C. 1701 note), or any other prohibition on transactions with respect to Iran imposed under the authority of the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the parent company of the entity shall be subject to the penalties for the act to the same extent as if the parent company had engaged in the act.

   Inserted: (b) Applicability.--Subsection (a) shall not apply to a parent company of an entity that engages in an act described in subsection (a) if the parent company divests or terminates its business with the entity not later than 90 days after the date of the enactment of this Act.

   Inserted: (c) Definitions.--In this section:

   Inserted: (1) Entity.--The term "entity" means a partnership, association, trust, joint venture, corporation, or other organization.

   Inserted: (2) Parent company.--The term "parent company" means an entity that is a United States person and--

   Inserted: (A) the entity owns, directly or indirectly, more than 50 percent of the equity interest by vote or value in another entity;

   Inserted: (B) board members or employees of the entity hold a majority of board seats of another entity; or

   Inserted: (C) the entity otherwise controls or is able to control the actions, policies, or personnel decisions of another entity.

   Inserted: (3) United states person.--The term "United States person" means--

   Inserted: (A) a natural person who is a citizen of the United States or who owes permanent allegiance to the United States; and

   Inserted: (B) an entity that is organized under the laws of the United States, any State or territory thereof, or the District of Columbia, if natural persons described in subparagraph (A) own, directly or indirectly, more than 50 percent of the outstanding capital stock or other beneficial interest in the entity.

   Original wording

   At the end of subtitle C of title XII, add the following:

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As printed