((a)) ** In general** Not later than 90 days after , the Secretary of the Treasury shall revise the regulations prescribed under to apply to a foreign financial institution described in subsection (b) to the same extent and in the same manner as those regulations apply to a foreign financial institution that the Secretary of the Treasury finds knowingly engages in an activity described in .section 8513(c)(1) of this titlesection 8513(c)(2) of this titleAugust 10, 20122012-08-10

((b)) ** Foreign financial institutions described** A foreign financial institution described in this subsection is a foreign financial institution, including an Iranian financial institution, that the Secretary of the Treasury finds—

((1)) knowingly facilitates, or participates or assists in, an activity described in , including by acting on behalf of, at the direction of, or as an intermediary for, or otherwise assisting, another person with respect to the activity;

((2)) attempts or conspires to facilitate or participate in such an activity; or

((3)) is owned or controlled by a foreign financial institution that the Secretary finds knowingly engages in such an activity.

((c)) ** Reports required**

((1)) ** In general** Not later than 180 days after , and every 180 days thereafter, the Secretary of the Treasury shall submit to the appropriate congressional committees a report that contains a detailed description of—

((A)) the effect of the regulations prescribed under on the financial system and economy of Iran and capital flows to and from Iran; and

((B)) the ways in which funds move into and out of financial institutions described in , with specific attention to the use of other Iranian financial institutions and other foreign financial institutions to receive and transfer funds for financial institutions described in that section.

((2)) ** Form of report** Each report submitted under paragraph (1) shall be submitted in unclassified form but may contain a classified annex.

((d)) ** Definitions** In this section:

((1)) ** Financial institution** The term “financial institution” means a financial institution specified in subparagraph (A), (B), (C), (D), (E), (F), (G), (H), (I), (J), (K), (M), (N), (R), or (Z) of .section 5312(a)(2) of title 31

((2)) ** Foreign financial institution** The term “foreign financial institution” has the meaning of that term as determined by the Secretary of the Treasury pursuant to .section 8513(i) of this title

((3)) ** Iranian financial institution** The term “Iranian financial institution” means—

((A)) a financial institution organized under the laws of Iran or any jurisdiction within Iran, including a foreign branch of such an institution;

((B)) a financial institution located in Iran;

((C)) a financial institution, wherever located, owned or controlled by the Government of Iran; and

((D)) a financial institution, wherever located, owned or controlled by a financial institution described in subparagraph (A), (B), or (C).