General Hospital and Personal Use Devices, 53569 [06-55527]
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Federal Register / Vol. 71, No. 176 / Tuesday, September 12, 2006 / Rules and Regulations
Shelton, WA, Sanderson Field, NDB OR
GPS–A, Amdt 2, CANCELLED
[FR Doc. E6–14731 Filed 9–11–06; 8:45 am]
BILLING CODE 4910–13–P
Electronic and Facsimile Availability
This document and additional
information concerning the Office of
Foreign Assets Control (‘‘OFAC’’) are
available from OFAC’s Web site (http:
//www.treas.gov/ofac) or via facsimile
through a 24-hour fax-on demand
service, tel.: (202) 622–0077.
DEPARTMENT OF HEALTH AND
HUMAN SERVICES
Food and Drug Administration
21 CFR Part 880
General Hospital and Personal Use
Devices
CFR Correction
In Title 21 of the Code of Federal
Regulations, parts 800 to 1299, revised
as of April 1, 2006, on page 410, in
§ 880.5950, paragraph (b) is corrected to
read as follows:
§ 880.5950
Umbilical occlusion device.
*
*
*
*
*
(b) Classification. Class I (general
controls). The device is exempt from the
premarket notification procedures in
subpart E of part 807 of this chapter,
subject to the limitations in § 880.9.
[FR Doc. 06–55527 Filed 9–11–06; 8:45 am]
BILLING CODE 1505–01–D
DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control
31 CFR Part 560
Iranian Transactions Regulations
Office of Foreign Assets
Control, Treasury.
ACTION: Final rule; amendment.
jlentini on PROD1PC65 with RULES
AGENCY:
SUMMARY: The Office of Foreign Assets
Control of the U.S. Department of the
Treasury (‘‘OFAC’’) is amending the
Iranian Transactions Regulations, 31
CFR part 560, to revoke the
authorizations contained in § 560.516
with respect to Bank Saderat and to
except Bank Saderat from the scope of
§ 560.405 and § 560.532(b). These
amendments effectively prohibit all
transactions directly or indirectly
involving Bank Saderat. In addition,
OFAC is making a technical amendment
to paragraph (a)(1) of § 560.516.
DATES: Effective Date: September 8,
2006.
FOR FURTHER INFORMATION CONTACT:
Assistant Director of Compliance
Outreach & Implementation, tel.: 202/
622–2490, Assistant Director of
Licensing, tel.: 202/622–2480, Assistant
Director of Policy, tel.: 202/622–4855, or
Chief Counsel, tel.: 202/622–2410,
VerDate Aug<31>2005
15:49 Sep 11, 2006
Jkt 205001
Office of Foreign Assets Control,
Department of the Treasury,
Washington, DC 20220 (not toll free
numbers).
SUPPLEMENTARY INFORMATION:
Background
The Iranian Transactions Regulations,
31 CFR part 560 (the ‘‘ITR’’), implement
a series of Executive orders, beginning
with Executive Order 12957, issued on
March 15, 1995, under the authority of
the International Emergency Economic
Powers Act (50 U.S.C. 1701–1706)
(‘‘IEEPA’’). In that order, the President
declared a national emergency with
respect to the actions and policies of the
Government of Iran, including its
support for international terrorism, its
efforts to undermine the Middle East
peace process, and its efforts to acquire
weapons of mass destruction and the
means to deliver them. To deal with that
threat, Executive Order 12957 imposed
prohibitions on certain transactions
with respect to the development of
Iranian petroleum resources. On May 6,
1995, the President issued Executive
Order 12959 imposing comprehensive
trade sanctions to further respond to
this threat, and on August 19, 1997, the
President issued Executive Order 13059
consolidating and clarifying the
previous orders.
The Office of Foreign Assets Control
(‘‘OFAC’’) is amending the ITR to cut off
Bank Saderat, one of the largest Iranian
government-owned banks, from the U.S.
financial system. Bank Saderat has been
a significant facilitator of Hizballah’s
financial activities and has served as a
conduit between the Government of Iran
and Hizballah, Hamas, the Popular
Front for the Liberation of PalestineGeneral Command, and Palestinian
Islamic Jihad.
To cut off Bank Saderat from the U.S.
financial system, OFAC is making three
amendments to the ITR that effectively
prohibit all transactions directly or
indirectly involving Bank Saderat.
OFAC is amending § 560.516, a general
license authorizing payment and U.S.
dollar clearing transactions involving
Iran, to revoke its applicability to Bank
Saderat. OFAC is also amending
§ 560.405, an interpretive section, and
§ 560.532(b), a statement of licensing
policy, to exclude Bank Saderat from
the scope of these provisions.
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53569
Section 560.516(a) authorizes U.S.
depository institutions to process
transfers of funds to or from Iran, or for
the direct or indirect benefit of persons
in Iran or the Government of Iran, if the
transfer is covered in full by any of the
following conditions and does not
involve debiting or crediting an Iranian
account: (1) The transfer is by order of
a non-Iranian foreign bank from its own
account in a domestic bank to an
account held by a domestic bank for a
second non-Iranian foreign bank; (2) the
transfer arises from an underlying
transaction that has been authorized by
a specific or general license issued
pursuant to the ITR; (3) the transfer
arises from an underlying transaction
that is not prohibited by the ITR; or (4)
the transfer arises from an underlying
transaction that is exempted from
regulation pursuant to § 203(b) of
IEEPA. Section 560.516(b) authorizes
U.S. registered brokers or dealers in
securities to process transfers of funds
to or from Iran, or for the direct or
indirect benefit of persons in Iran or the
Government of Iran, if the transfer is
covered in full by any of the conditions
set forth in (2)–(4) above and does not
involve debiting or crediting an Iranian
account. The term Iranian account is
defined in § 560.320 to mean an account
of a person located in Iran or of the
Government of Iran maintained on the
books of either a U.S. depository
institution or a U.S. registered broker or
dealer in securities.
OFAC is adding a new paragraph (f)
to § 560.516 to revoke the applicability
to Bank Saderat of the general licenses
in paragraphs (a) and (b) of § 560.516.
Effective September 8, 2006,
transactions directly or indirectly
involving Bank Saderat are excluded
from the scope of these authorizations.
OFAC is also including an exception in
this amendment to provide 90 days to
wind down or complete performance of
transactions involving Bank Saderat that
are described in paragraphs (a)(2)
through (4) or (b) of § 560.516 and that
were entered into before September 8,
2006, except for specific licenses issued
pursuant to § 560.532(b) that were being
used before September 8, 2006 to obtain
letters of credit issued by Bank Saderat,
for which OFAC is providing a 180-day
wind-down period.
Section 560.405 is an interpretive
section providing that transactions
ordinarily incident to licensed
transactions and necessary to give them
effect are also authorized, with certain
exceptions. OFAC is adding a new
exception to § 560.405 for transactions
directly or indirectly involving Bank
Saderat. Effective September 8, 2006,
such transactions will not be authorized
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[Federal Register Volume 71, Number 176 (Tuesday, September 12, 2006)]
[Rules and Regulations]
[Page 53569]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 06-55527]
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DEPARTMENT OF HEALTH AND HUMAN SERVICES
Food and Drug Administration
21 CFR Part 880
General Hospital and Personal Use Devices
CFR Correction
In Title 21 of the Code of Federal Regulations, parts 800 to 1299,
revised as of April 1, 2006, on page 410, in Sec. 880.5950, paragraph
(b) is corrected to read as follows:
Sec. 880.5950 Umbilical occlusion device.
* * * * *
(b) Classification. Class I (general controls). The device is
exempt from the premarket notification procedures in subpart E of part
807 of this chapter, subject to the limitations in Sec. 880.9.
[FR Doc. 06-55527 Filed 9-11-06; 8:45 am]
BILLING CODE 1505-01-D
