The Iran Threat Reduction and Syria Human Rights Act of 2012 (Public Law 112–158 https://www.gpo.gov/fdsys/pkg/PLAW-112publ158/pdf/PLAW-112publ158.pdf ) was enacted on August 10, 2012. It amended ISA to add new criteria for the imposition of secondary sanctions on persons doing business in Iran’s energy and weapons sectors. It authorized additional sanctions against persons who conduct certain business with NIOC and NITC, similar to Executive Order 13622, but with a focus on underwriting and insurance services; and authorizes sanctions for the purchase, subscription to, or facilitation of the issuance of Iranian sovereign debt or the debt of any entity owned or controlled by the government of Iran. There are Iran-related disclosure requirements for securities issuers, including those that are not based in the U.S., and secondary sanctions even on agencies of third-country governments that knowingly provide financial support or services to designated IRGC affiliates. Reportedly, section 311 (Expansion of procurement prohibition to foreign persons that engage in certain transactions with Iran’s Revolutionary Guard Corps) of the ITRS makes it harder for non-U.S. companies to compete for federal contracts if they do business with Iran. The act also imposes liability on U.S. companies for the Iran-related business of entities they own or “control.” Control is not defined. U.S. financial institutions have already been subjected to a vicarious liability provision in Section 104(d) of CISADA for IRGC-related transactions of non-U.S. entities they own or control. These vicarious-liability provisions intend to discourage business between Iran and a third country — even if legally allowed in the third country.