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United States: Public Companies Must Begin Reporting Transactions with Iran - Loeb & Loeb LLP

Beginning February 6, 2013, public companies must disclose in annual or quarterly reports to the Securities and Exchange Commission whether the companies or any of their affiliates engaged in proscribed transactions with Iran.

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Canada: "Don’t Ask, Don’t Waive" Standstill Provisions And The Board’s Duty To Stay Informed - Osler, Hoskin & Harcourt LLP

A trio of Delaware Court of Chancery rulings have re-emphasized a target board’s duty to stay informed of material information throughout all stages of a transaction and have highlighted possible tensions between that duty and the use of so-called "don’t ask, don’t waive" standstill provisions.

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United States: SEC Reporting For Certain 2012 Iran-Related Transactions - Morgan Lewis

On August 10, 2012, section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (the Act), 112 P.L. 158, added new subsection (r) to section 13 of the Securities Exchange Act of 1934 (Exchange Act), 15 U.S.C. § 78m.

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United States: OFAC Amends Sanctions Regulations To Implement Prohibitions On Foreign Entities Owned Or Controlled By US Persons - Clyde & Co

The United States Department of Treasury’s Office of Foreign Assets Control ("OFAC") has published a final rule amending the Iranian Transactions Sanctions Regulations ("ITSR") to implement Section 218 of the Iran Threat Reductions and Syria Human Rights Act (10 August 2012) ("ITRA") and Executive Order 13628 (9 October 2012), which, in part, impose prohibitions upon foreign subsidiaries of US companies from knowingly engaging in transactions with Iran that would be prohibited by US Persons. (Se

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United States: OFAC Issues General License Authorizing Foreign Subsidiaries Of U.S. Companies To Wind Down Transactions With Iran - Goodwin Procter LLP

On December 26, 2012, the Office of Foreign Assets Control of the U.S. Department of the Treasury ("OFAC") issued a general license.

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