OFAC Issues Final Rule Amending Iran Transactions Regulations
The Office of Foreign Assets Control (OFAC) today published in the Federal Register a final rule revising the Iranian Transactions Regulations (ITR) (31 CFR Part 560) to include definitions relating to registered brokers and dealers in securities and to clarify the application to such brokers and dealers of general licenses relating to funds transfers to and from Iran and to the operation of Iranian accounts.
First, the final rule amends the ITR OFAC by amending section 560.320 of the ITR to clarify that the term "Iranian accounts" includes accounts of persons located in Iran or of the Government of Iran maintained on the books of a United States registered broker or dealer in securities. Second, the rule adds a new provision at 31 CFR 560.321 to establish a regulatory definition of the term "United States registered broker or dealer in securities." Third, the rule amends section 560.516 of the ITR to clarify that United States registered brokers or dealers in securities are authorized to process certain authorized transfers of funds to or from Iran. Finally, the rule amends section 560.517 of the ITR to clarify that U.S. registered brokers or dealers in securities are within the scope of the general license authorizing the exportation of certain Iranian accountrelated services to Iran. A corresponding technical change to section 560.532 of the ITR is also included.
The the final rule can be found at the following link: