Iranian Transactions Regulations, 36397-36398 [E9-17558]
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Federal Register / Vol. 74, No. 140 / Thursday, July 23, 2009 / Rules and Regulations
address of record and will direct all
mailings to this address.
(3) By submitting the annual
electronic notification described in
paragraph (c)(1) of this section, an
organization acknowledges that it is not
required to file a return under section
6033(a) because its annual gross receipts
are not normally in excess of $25,000.
In order to make this determination, the
organization must keep records that
enable it to calculate its gross receipts.
All organizations are required to
maintain records under section 6001.
These records will provide evidence of
the continuing basis for the
organization’s exemption from the filing
requirements under section 6033(a)(1).
(4) If an organization that is required
to submit an annual electronic
notification files a complete Form 990
or Form 990–EZ, the annual electronic
notification requirement shall be
deemed satisfied. The annual electronic
notification requirement is not satisfied
if the Form 990 or Form 990–EZ
contains only those items of information
that would have been required by
submitting the notification in electronic
form. Also, the filing of a complete
Form 990 or Form 990–EZ, rather than
the submission of an annual electronic
notification, is the filing of a return that
starts the period of limitations for
assessment under section 6501(g)(2).
(d) No effect on other filing
requirements. An organization that is
relieved from filing an information
return under section 6033(a) is still
subject to the requirements of
§§ 1.6033–2(i) and (j), concerning:
notice regarding changes in character,
operations, or purpose; provision of
additional information; duty to file
other returns of information; and duty to
file unrelated business tax returns. If an
organization is required to file an
unrelated business tax return, Form
990–T, ‘‘Exempt Organization Business
Income Tax Return,’’ the filing of that
return does not relieve the organization
from the requirement of submitting an
annual electronic notification under
section 6033(i).
(e) Accounting period for submitting
annual electronic notification. An
annual electronic notification required
by this section shall be on the basis of
the established annual accounting
period of the organization. If the
organization has no established
accounting period, the annual electronic
notification shall be on the basis of the
calendar year.
(f) Time and place for submitting
annual electronic notification. The
annual electronic notification required
by this section shall be submitted on or
before the 15th day of the fifth calendar
VerDate Nov<24>2008
14:47 Jul 22, 2009
Jkt 217001
month following the close of the period
for which the notification is required to
be submitted. Thus, an organization
with an accounting period ending
December 31, 2007, is required to
submit an annual electronic notification
by May 15, 2008. The notification shall
be submitted in accordance with
instructions and publications, including
those provided at the Internal Revenue
Service Web site for exempt
organizations.
(g) Effective/applicability date. These
regulations are applicable to annual
periods beginning after 2006.
§ 1.6033–6T
■
[Removed]
Par. 3. Section 1.6033–6T is removed.
Approved: July 15, 2009.
Linda E. Stiff,
Deputy Commissioner for Services and
Enforcement.
Michael Mundaca,
Acting Assistant Secretary of the Treasury
(Tax Policy).
[FR Doc. E9–17478 Filed 7–22–09; 8:45 am]
BILLING CODE 4830–01–P
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 Office of Foreign Assets
Control of the U.S. Department of the
Treasury (‘‘OFAC’’) is amending the
Iranian Transactions Regulations to
revise the definition of the term Iranian
accounts and make conforming changes
to other sections of the regulations.
DATES: Effective Date: July 23, 2009.
FOR FURTHER INFORMATION CONTACT:
Assistant Director for Compliance
Outreach & Implementation, 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,
Washington, DC 20220 (not toll free
numbers).
SUPPLEMENTARY INFORMATION:
Electronic and Facsimile Availability
This document and additional
information concerning the Office of
Foreign Assets Control are available
from OFAC’s Web site (https://
PO 00000
Frm 00003
Fmt 4700
Sfmt 4700
36397
www.treas.gov/ofac) or via facsimile
through a 24-hour fax-on demand
service, tel.: 202/622–0077.
Background
The Iranian Transactions Regulations,
31 CFR part 560 (the ‘‘ITR’’), implement
a series of Executive Orders that began
with Executive Order 12613 of October
29, 1987, issued pursuant to authorities
including the International Security and
Development Cooperation Act of 1985
(22 U.S.C. 2349aa–9). In that original
order, after finding, inter alia, that the
Government of Iran was actively
supporting terrorism as an instrument of
state policy, the President prohibited
the importation of Iranian-origin goods
and services. Subsequently, in
Executive Order 12957, issued on March
15, 1995, under the authority of, inter
alia, the International Emergency
Economic Powers Act (50 U.S.C. 1701–
1706) (‘‘IEEPA’’), 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, to further respond to this threat,
the President issued Executive Order
12959, which imposed comprehensive
trade and financial sanctions on Iran.
Finally, on August 19, 1997, the
President issued Executive Order 13059
consolidating and clarifying the
previous orders.
Existing § 560.320 of the ITR defines
the term Iranian accounts to mean
accounts of persons located in Iran or of
the Government of Iran maintained on
the books of either a United States
depository institution or a United States
registered broker or dealer in securities.
OFAC is revising § 560.320 to clarify the
definition by substituting the new
phrase ‘‘persons who are ordinarily
resident in Iran, except when such
persons are not located in Iran’’ for the
phrase ‘‘persons located in Iran.’’ This
change will improve OFAC’s overall
administration of the ITR and facilitate
compliance by U.S. financial
institutions. As revised, § 560.320
defines Iranian accounts to mean
accounts of persons who are ordinarily
resident in Iran, except when such
persons are not located in Iran, or of the
Government of Iran maintained on the
books of either a United States
depository institution or a United States
registered broker or dealer in securities.
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36398
Federal Register / Vol. 74, No. 140 / Thursday, July 23, 2009 / Rules and Regulations
In addition to revising the definition
in § 560.320, OFAC is making certain
conforming changes to § 560.517 and
§§ 560.532–560.535. These sections use
language from the unamended
definition of the term Iranian accounts
in describing certain transactions that
are authorized or prohibited with
respect to such accounts. Therefore,
OFAC is revising these sections by
deleting that language and instead
relying on a reference to the definition
in § 560.320. Lastly, OFAC also is
making a technical correction to the
heading of § 560.532.
Public Participation
Because the amendments of the ITR
involve a foreign affairs function,
Executive Order 12866 and the
provisions of 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 Office of Foreign Assets
Control amends 31 CFR part 560 as
follows:
PART 560—IRANIAN TRANSACTIONS
REGULATIONS
1. The authority citation for part 560
continues to read as follows:
erowe on DSK5CLS3C1PROD with RULES
■
Authority: 3 U.S.C. 301; 18 U.S.C. 2339B,
2332d; 22 U.S.C. 2349aa–9; 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. 106–387, 114 Stat. 1549; Pub. L. 110–
96, 121 Stat. 1011; 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.
VerDate Nov<24>2008
14:47 Jul 22, 2009
Jkt 217001
356; E.O. 13059, 62 FR 44531, 3 CFR, 1997
Comp., p. 217.
Subpart C—General Definitions
■
2. Revise § 560.320 to read as follows:
§ 560.320
Iranian accounts.
The term Iranian accounts means
accounts of persons who are ordinarily
resident in Iran, except when such
persons are not located in Iran, or of the
Government of Iran maintained on the
books of either a United States
depository institution or a United States
registered broker or dealer in securities.
Subpart E—Licenses, Authorizations
and Statements of Licensing Policy
3. In § 560.517, revise the introductory
text of paragraphs (a) and (b) to read as
follows:
■
§ 560.517 Exportation of services: Iranian
accounts at United States depository
institutions or United States registered
brokers or dealers in securities.
(a) United States depository
institutions are prohibited from
performing services with respect to
Iranian accounts, as defined in
§ 560.320, except that United States
depository institutions are authorized to
provide and be compensated for
services and incidental transactions
with respect to:
*
*
*
*
*
(b) United States registered brokers or
dealers in securities are prohibited from
performing services with respect to
Iranian accounts, as defined in
§ 560.320, except that United States
registered brokers or dealers in
securities are authorized to provide and
be compensated for services and
incidental transactions with respect to:
*
*
*
*
*
■ 4. In § 560.532, revise the heading and
paragraph (c) to read as follows:
§ 560.532 Payment for and financing of
exports and reexports of agricultural
commodities, medicine, and medical
devices.
*
*
*
*
*
(c) No debits or credits to Iranian
accounts on the books of U.S.
depository institutions. Nothing in this
section authorizes payment terms or
trade financing involving debits or
credits to Iranian accounts, as defined in
§ 560.320.
*
*
*
*
*
■ 5. In § 560.533, revise paragraph (c) to
read as follows:
§ 560.533 Brokering sales of agricultural
commodities, medicine and medical
devices.
*
PO 00000
*
Frm 00004
*
*
Fmt 4700
*
Sfmt 4700
(c) No debits or credits to Iranian
accounts on the books of U.S.
depository institutions. Payment for any
brokerage fee earned pursuant to this
section may not involve debits or credits
to Iranian accounts, as defined in
§ 560.320.
*
*
*
*
*
■ 6. In § 560.534, revise paragraphs (d)
and (e)(2) to read as follows:
§ 560.534 Importation into the United
States of, and dealings in, certain
foodstuffs and carpets authorized.
*
*
*
*
*
(d) Iranian accounts. Nothing in this
section authorizes debits or credits to
Iranian accounts, as defined in
§ 560.320.
(e) * * *
(2) A United States person may
process a documentary collection
relating to the importation into the
United States of Iranian-origin
pistachios, but payment under the
documentary collection may not involve
the crediting of an Iranian account, as
defined in § 560.320.
■ 7. In § 560.535, revise paragraph (d) to
read as follows:
§ 560.535 Letters of credit and brokering
services relating to certain foodstuffs and
carpets.
*
*
*
*
*
(d) Iranian accounts. Nothing in this
section authorizes debits or credits to
Iranian accounts, as defined in
§ 560.320.
*
*
*
*
*
Dated: July 17, 2009.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. E9–17558 Filed 7–22–09; 8:45 am]
BILLING CODE 4811–45–P
DEPARTMENT OF HOMELAND
SECURITY
Coast Guard
33 CFR Part 165
[Docket No. USCG–2008–1262]
RIN 1625–AA00
Safety Zone; AVI September Fireworks
Display, Colorado River, Laughlin, NV
Coast Guard, DHS.
Temporary final rule.
AGENCY:
ACTION:
SUMMARY: The Coast Guard is
establishing a safety zone on the
navigable waters of the Lower Colorado
River, Laughlin, NV, in support of a
fireworks display near the AVI Resort
E:\FR\FM\23JYR1.SGM
23JYR1
]]>Agencies
[Federal Register Volume 74, Number 140 (Thursday, July 23, 2009)]
[Rules and Regulations]
[Pages 36397-36398]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17558]
=======================================================================
-----------------------------------------------------------------------
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 Office of Foreign Assets Control of the U.S. Department of
the Treasury (``OFAC'') is amending the Iranian Transactions
Regulations to revise the definition of the term Iranian accounts and
make conforming changes to other sections of the regulations.
DATES: Effective Date: July 23, 2009.
FOR FURTHER INFORMATION CONTACT: Assistant Director for Compliance
Outreach & Implementation, 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, Washington, DC 20220 (not toll
free numbers).
SUPPLEMENTARY INFORMATION:
Electronic and Facsimile Availability
This document and additional information concerning the Office of
Foreign Assets Control are available from OFAC's Web site (https://www.treas.gov/ofac) or via facsimile through a 24-hour fax-on demand
service, tel.: 202/622-0077.
Background
The Iranian Transactions Regulations, 31 CFR part 560 (the
``ITR''), implement a series of Executive Orders that began with
Executive Order 12613 of October 29, 1987, issued pursuant to
authorities including the International Security and Development
Cooperation Act of 1985 (22 U.S.C. 2349aa-9). In that original order,
after finding, inter alia, that the Government of Iran was actively
supporting terrorism as an instrument of state policy, the President
prohibited the importation of Iranian-origin goods and services.
Subsequently, in Executive Order 12957, issued on March 15, 1995, under
the authority of, inter alia, the International Emergency Economic
Powers Act (50 U.S.C. 1701-1706) (``IEEPA''), 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, to further respond to this threat,
the President issued Executive Order 12959, which imposed comprehensive
trade and financial sanctions on Iran. Finally, on August 19, 1997, the
President issued Executive Order 13059 consolidating and clarifying the
previous orders.
Existing Sec. 560.320 of the ITR defines the term Iranian accounts
to mean accounts of persons located in Iran or of the Government of
Iran maintained on the books of either a United States depository
institution or a United States registered broker or dealer in
securities. OFAC is revising Sec. 560.320 to clarify the definition by
substituting the new phrase ``persons who are ordinarily resident in
Iran, except when such persons are not located in Iran'' for the phrase
``persons located in Iran.'' This change will improve OFAC's overall
administration of the ITR and facilitate compliance by U.S. financial
institutions. As revised, Sec. 560.320 defines Iranian accounts to
mean accounts of persons who are ordinarily resident in Iran, except
when such persons are not located in Iran, or of the Government of Iran
maintained on the books of either a United States depository
institution or a United States registered broker or dealer in
securities.
[[Page 36398]]
In addition to revising the definition in Sec. 560.320, OFAC is
making certain conforming changes to Sec. 560.517 and Sec. Sec.
560.532-560.535. These sections use language from the unamended
definition of the term Iranian accounts in describing certain
transactions that are authorized or prohibited with respect to such
accounts. Therefore, OFAC is revising these sections by deleting that
language and instead relying on a reference to the definition in Sec.
560.320. Lastly, OFAC also is making a technical correction to the
heading of Sec. 560.532.
Public Participation
Because the amendments of the ITR involve a foreign affairs
function, Executive Order 12866 and the provisions of 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.
0
For the reasons set forth in the preamble, the Office of Foreign Assets
Control amends 31 CFR part 560 as follows:
PART 560--IRANIAN TRANSACTIONS REGULATIONS
0
1. The authority citation for 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; 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. 106-387, 114
Stat. 1549; Pub. L. 110-96, 121 Stat. 1011; 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. 560.320 to read as follows:
Sec. 560.320 Iranian accounts.
The term Iranian accounts means accounts of persons who are
ordinarily resident in Iran, except when such persons are not located
in Iran, or of the Government of Iran maintained on the books of either
a United States depository institution or a United States registered
broker or dealer in securities.
Subpart E--Licenses, Authorizations and Statements of Licensing
Policy
0
3. In Sec. 560.517, revise the introductory text of paragraphs (a) and
(b) to read as follows:
Sec. 560.517 Exportation of services: Iranian accounts at United
States depository institutions or United States registered brokers or
dealers in securities.
(a) United States depository institutions are prohibited from
performing services with respect to Iranian accounts, as defined in
Sec. 560.320, except that United States depository institutions are
authorized to provide and be compensated for services and incidental
transactions with respect to:
* * * * *
(b) United States registered brokers or dealers in securities are
prohibited from performing services with respect to Iranian accounts,
as defined in Sec. 560.320, except that United States registered
brokers or dealers in securities are authorized to provide and be
compensated for services and incidental transactions with respect to:
* * * * *
0
4. In Sec. 560.532, revise the heading and paragraph (c) to read as
follows:
Sec. 560.532 Payment for and financing of exports and reexports of
agricultural commodities, medicine, and medical devices.
* * * * *
(c) No debits or credits to Iranian accounts on the books of U.S.
depository institutions. Nothing in this section authorizes payment
terms or trade financing involving debits or credits to Iranian
accounts, as defined in Sec. 560.320.
* * * * *
0
5. In Sec. 560.533, revise paragraph (c) to read as follows:
Sec. 560.533 Brokering sales of agricultural commodities, medicine
and medical devices.
* * * * *
(c) No debits or credits to Iranian accounts on the books of U.S.
depository institutions. Payment for any brokerage fee earned pursuant
to this section may not involve debits or credits to Iranian accounts,
as defined in Sec. 560.320.
* * * * *
0
6. In Sec. 560.534, revise paragraphs (d) and (e)(2) to read as
follows:
Sec. 560.534 Importation into the United States of, and dealings in,
certain foodstuffs and carpets authorized.
* * * * *
(d) Iranian accounts. Nothing in this section authorizes debits or
credits to Iranian accounts, as defined in Sec. 560.320.
(e) * * *
(2) A United States person may process a documentary collection
relating to the importation into the United States of Iranian-origin
pistachios, but payment under the documentary collection may not
involve the crediting of an Iranian account, as defined in Sec.
560.320.
0
7. In Sec. 560.535, revise paragraph (d) to read as follows:
Sec. 560.535 Letters of credit and brokering services relating to
certain foodstuffs and carpets.
* * * * *
(d) Iranian accounts. Nothing in this section authorizes debits or
credits to Iranian accounts, as defined in Sec. 560.320.
* * * * *
Dated: July 17, 2009.
Adam J. Szubin,
Director, Office of Foreign Assets Control.
[FR Doc. E9-17558 Filed 7-22-09; 8:45 am]
BILLING CODE 4811-45-P
