Page:United States Statutes at Large Volume 124.djvu/1351

 124 STAT. 1325 PUBLIC LAW 111–195—JULY 1, 2010 ‘‘(B)(i) in the case of a waiver under subparagraph (A) of paragraph (1), for subsequent periods of not more than six months each; and ‘‘(ii) in the case of a waiver under subparagraph (B) of paragraph (1), for subsequent periods of not more than 12 months each.’’; (3) by striking subsection (d); (4) by redesignating subsections (e) and (f) as subsections (d) and (e), respectively; and (5) in subsection (e), as redesignated by paragraph (4) of this subsection— (A) in paragraph (1)— (i) by striking ‘‘should initiate’’ and inserting ‘‘shall initiate’’; and (ii) by striking ‘‘investment activity in Iran as’’ and inserting ‘‘an activity’’; (B) in paragraph (2)— (i) by striking ‘‘should determine’’ and inserting ‘‘shall (unless paragraph (3) applies) determine’’; and (ii) by striking ‘‘investment activity in Iran as’’ and inserting ‘‘an activity’’; and (C) by adding at the end the following: ‘‘(3) SPECIAL RULE.—The President need not initiate an investigation, and may terminate an investigation, under this subsection if the President certifies in writing to the appropriate congressional committees that— ‘‘(A) the person whose activity was the basis for the investigation is no longer engaging in the activity or has taken significant verifiable steps toward stopping the activity; and ‘‘(B) the President has received reliable assurances that the person will not knowingly engage in an activity described in section 5(a) in the future.’’. (h) EFFECTIVE DATE.— (1) IN GENERAL.—The amendments made by this section shall— (A) take effect on the date of the enactment of this Act; and (B) except as provided in this subsection or section 6(b)(7) of the Iran Sanctions Act of 1996, as amended by subsection (b) of this section, apply with respect to an investment or activity described in subsection (a) or (b) of section 5 of the Iran Sanctions Act of 1996, as amended by this section, that is commenced on or after such date of enactment. (2) APPLICABILITY TO ONGOING INVESTMENTS PROHIBITED UNDER PRIOR LAW.—A person that makes an investment described in section 5(a) of the Iran Sanctions Act of 1996, as in effect on the day before the date of the enactment of this Act, that is commenced before such date of enactment and continues on or after such date of enactment, shall, except as provided in paragraph (4), be subject to the provisions of the Iran Sanctions Act of 1996, as in effect on the day before such date of enactment. (3) APPLICABILITY TO ONGOING ACTIVITIES RELATING TO CHEMICAL, BIOLOGICAL, OR NUCLEAR WEAPONS OR RELATED 50 USC 1701 note. Certification.