[Federal Register Volume 77, Number 54 (Tuesday, March 20, 2012)]
[Rules and Regulations]
[Page 16170]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2012-6606]
-----------------------------------------------------------------------
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 560
Iranian Transactions Regulations
AGENCY: Office of Foreign Assets Control, Treasury.
ACTION: Final rule.
-----------------------------------------------------------------------
SUMMARY: The Department of the Treasury's Office of Foreign Assets
Control is amending the Iranian Transactions Regulations to redefine
the term entity owned or controlled by the Government of Iran to
substantially conform to the definition in the amended Iranian
Financial Sanctions Regulations.
DATES: Effective: March 20, 2012.
FOR FURTHER INFORMATION CONTACT: Assistant Director for Sanctions
Compliance & Evaluation, tel.: 202/622-2490, Assistant Director for
Licensing, tel.: 202/622-2480, Assistant Director for Policy, tel.:
202/622-4855, Office of Foreign Assets Control, or Chief Counsel
(Foreign Assets Control), tel.: 202/622-2410, Office of the General
Counsel, Department of the Treasury (not toll free numbers).
SUPPLEMENTARY INFORMATION:
Electronic and Facsimile Availability
This document and additional information concerning OFAC are
available from OFAC's Web site (www.treas.gov/ofac). Certain general
information pertaining to OFAC's sanctions programs also is available
via facsimile through a 24-hour fax-on-demand service, tel.: 202/622-
0077.
Background
By a separate rulemaking, the Department of the Treasury's Office
of Foreign Assets Control (``OFAC'') has amended the Iranian Financial
Sanctions Regulations, 31 CFR part 561 (the ``IFSR''), and reissued
them in their entirety, to implement section 1245(d) of the National
Defense Authorization Act for Fiscal Year 2012. In the amended IFSR,
OFAC defined the term entity owned or controlled by the Government of
Iran in a way that differs slightly from the definition of the term in
the Iranian Transactions Regulations, 31 CFR part 560 (the ``ITR''). To
ensure that the term entity owned or controlled by the Government of
Iran is defined consistently in these Iran sanctions programs, OFAC
also is amending the ITR to more closely conform the definition in
section 560.313 of the ITR to the one in section 561.322 of the IFSR.
OFAC intends to issue more thorough amendments to the ITR to implement
Executive Order 13599 of February 5, 2012 (``Blocking Property of the
Government of Iran and Iranian Financial Institutions'')(``E.O.
13599''), at a later date. See 77 FR 7660 (Feb. 13, 2012), for a Notice
containing additional information on E.O. 13599 and OFAC general and
specific licenses set forth in or issued pursuant to the ITR.
Public Participation
Because the ITR involve a foreign affairs function, the provisions
of Executive Order 12866 and the Administrative Procedure Act (5 U.S.C.
553) requiring notice of proposed rulemaking, opportunity for public
participation, and delay in effective date are inapplicable. Because no
notice of proposed rulemaking is required for this rule, the Regulatory
Flexibility Act (5 U.S.C. 601-612) does not apply.
Paperwork Reduction Act
The collections of information related to the ITR are contained in
31 CFR part 501 (the ``Reporting, Procedures and Penalties
Regulations''). Pursuant to the Paperwork Reduction Act of 1995 (44
U.S.C. 3507), those collections of information have been approved by
the Office of Management and Budget under control number 1505-0164. An
agency may not conduct or sponsor, and a person is not required to
respond to, a collection of information unless the collection of
information displays a valid control number.
List of Subjects in 31 CFR Part 560
Administrative practice and procedure, Banks, Banking, Brokers,
Foreign Trade, Investments, Loans, Securities, Iran.
For the reasons set forth in the preamble, the Department of the
Treasury's Office of Foreign Assets Control amends 31 CFR part 560 as
follows:
PART 560--IRANIAN TRANSACTIONS REGULATIONS
0
1. The authority citation to part 560 continues to read as follows:
Authority: 3 U.S.C. 301; 18 U.S.C. 2339B, 2332d; 22 U.S.C.
2349aa-9; 22 U.S.C. 7201-7211; 31 U.S.C. 321(b); 50 U.S.C. 1601-
1651, 1701-1706; Pub. L. 101-410, 104 Stat. 890 (28 U.S.C. 2461
note); Pub. L. 110-96, 121 Stat. 1011 (50 U.S.C. 1705 note); Pub. L.
111-195, 124 Stat. 1312 (22 U.S.C. 8501-8551); E.O. 12613, 52 FR
41940, 3 CFR, 1987 Comp., p. 256; E.O. 12957, 60 FR 14615, 3 CFR,
1995 Comp., p. 332; E.O. 12959, 60 FR 24757, 3 CFR, 1995 Comp., p.
356; E.O. 13059, 62 FR 44531, 3 CFR, 1997 Comp., p. 217.
Subpart C--General Definitions
0
2. Revise Sec. 560.313 to read as follows:
Sec. 560.313 Entity owned or controlled by the Government of Iran.
The term entity owned or controlled by the Government of Iran
includes any corporation, partnership, association, or other entity in
which the Government of Iran owns a 50 percent or greater interest or a
controlling interest, and any entity which is otherwise controlled by
that government.
Dated: March 9, 2012.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. 2012-6606 Filed 3-19-12; 8:45 am]
BILLING CODE 4810-AL-P