Notice of OFAC Sanctions Actions, 20943-20945 [2023-07290]

Download as PDF ddrumheller on DSK120RN23PROD with NOTICES1 Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices Appendix B would be sufficient to meet the requirements of § 45.3. Section 45.8 sets forth standards for the use of initial margin models. These standards include: (1) a requirement that the covered swap entity receive prior approval from the OCC based on demonstration that the initial margin model meets specific requirements (§ 45.8(c)(1)); (2) a requirement that a covered swap entity notify the OCC in writing 60 days before extending use of the model to additional product types, making certain changes to the initial margin model, or making material changes to modeling assumptions (§ 45.8(c)(3)); and (3) a requirement that the covered swap entity demonstrate to the satisfaction of the OCC that the omission of any risk factor from the calculation of its initial margin is appropriate, prior to omitting such risk factor (§ 45.8(d)(10)), and demonstrate to the satisfaction of the OCC that the incorporation of any proxy or approximation used to capture the risks of the covered swap entity’s non-cleared swaps or non-cleared security-based swaps is appropriate, prior to incorporating such proxy or approximation (§ 45.8(d)(11)). Also, if the validation process reveals any material problems with the initial margin model, the covered swap entity must promptly notify the OCC of the problems, describe to the OCC any remedial actions being taken, and adjust the initial margin model to ensure an appropriately conservative amount of required initial margin is being calculated (§ 45.8(f)(3)). Section 45.8 also sets forth requirements for the ongoing review and documentation of initial margin models. These standards include a requirement that the covered swap entity adequately document all material aspects of its initial margin model (§ 45.8(g)) and that the covered swap entity must adequately document internal authorization procedures, including escalation procedures, that require review and approval of any change to the initial margin calculation under the initial margin model, demonstrable analysis that any basis for any such change is consistent with the requirements of § 45.8, and independent review of such demonstrable analysis and approval (§ 45.8(h)). Section 45.9 addresses the treatment of cross-border transactions and, in certain limited situations, will permit a covered swap entity to comply with a foreign regulatory framework for noncleared swaps (as a substitute for compliance with the prudential regulators’ rule) if the prudential regulators jointly determine that the VerDate Sep<11>2014 19:11 Apr 06, 2023 Jkt 259001 foreign regulatory framework is comparable to the requirements in the prudential regulators’ rule. Section 45.9(e) allows a covered swap entity to request that the prudential regulators make a substituted compliance determination and provides that the covered swap entity must provide the reasons for the request and other required supporting documentation. A request for a substituted compliance determination must include a description of the scope and objectives of the foreign regulatory framework for non-cleared swaps and non-cleared security-based swaps; the specific provisions of the foreign regulatory framework for non-cleared swaps and security-based swaps (scope of transactions covered; determination of the amount of initial and variation margin required; timing of margin requirements; documentation requirements; forms of eligible collateral; segregation and rehypothecation requirements; and approval process and standards for models); the supervisory compliance program and enforcement authority exercised by a foreign financial regulatory authority or authorities in such system to support its oversight of the application of the non-cleared swap and security-based swap regulatory framework; and any other descriptions and documentation that the prudential regulators determine are appropriate. A covered swap entity may make a request under § 45.9 only if it is directly supervised by the authorities administering the foreign regulatory framework for non-cleared swaps and non-cleared security-based swaps. Section 45.10 requires a covered swap entity to execute trading documentation with each counterparty that is either a swap entity or financial end user regarding credit support arrangements that: (1) provides the contractual right to collect and post initial margin and variation margin in such amounts, in such form, and under such circumstances as are required; and (2) specifies the methods, procedures, rules, and inputs for determining the value of each non-cleared swap or noncleared security-based swap for purposes of calculating variation margin requirements, and the procedures for resolving any disputes concerning valuation. Estimated Number of Respondents: 11. Estimated Total Annual Burden: 4,895 hours. Comments submitted in response to this notice will be summarized and included in the request for OMB approval. All comments will become a PO 00000 Frm 00096 Fmt 4703 Sfmt 4703 20943 matter of public record. Comments are invited on: (a) Whether the collection of information is necessary for the proper performance of the functions of the OCC, including whether the information has practical utility; (b) The accuracy of the OCC’s estimate of the information collection burden; (c) Ways to enhance the quality, utility, and clarity of the information to be collected; (d) Ways to minimize the burden of the collection on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information. Patrick T. Tierney, Assistant Director, Bank Advisory, Office of the Comptroller of the Currency. [FR Doc. 2023–07374 Filed 4–6–23; 8:45 am] BILLING CODE 4810–33–P DEPARTMENT OF THE TREASURY Office of Foreign Assets Control Notice of OFAC Sanctions Actions Office of Foreign Assets Control, Treasury. AGENCY: ACTION: Notice. The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is publishing the names of one or more persons that have been placed on OFAC’s Specially Designated Nationals and Blocked Persons List (SDN List) based on OFAC’s determination that one or more applicable legal criteria were satisfied. All property and interests in property subject to U.S. jurisdiction of these persons are blocked, and U.S. persons are generally prohibited from engaging in transactions with them. SUMMARY: See SUPPLEMENTARY INFORMATION section for applicable dates. DATES: FOR FURTHER INFORMATION CONTACT: OFAC: Andrea Gacki, Director, tel.: 202–622–2490; Associate Director for Global Targeting, tel.: 202–622–2420; Assistant Director for Licensing, tel.: 202–622–2480; Assistant Director for Regulatory Affairs, tel.: 202–622–4855; or the Assistant Director for Sanctions Compliance & Evaluation, tel.: 202–622– 2490. E:\FR\FM\07APN1.SGM 07APN1 20944 Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices Electronic Availability ddrumheller on DSK120RN23PROD with NOTICES1 The SDN List and additional information concerning OFAC sanctions VerDate Sep<11>2014 19:11 Apr 06, 2023 Jkt 259001 Notice of OFAC Actions On March 28, 2023, OFAC determined that the property and PO 00000 Frm 00097 Fmt 4703 Sfmt 4725 interests in property subject to U.S. jurisdiction of the following persons are blocked under the relevant sanctions authorities listed below. BILLING CODE 4810–AL–P E:\FR\FM\07APN1.SGM 07APN1 EN07AP23.010</GPH> programs are available on OFAC’s website (https://www.treasury.gov/ofac). SUPPLEMENTARY INFORMATION: Federal Register / Vol. 88, No. 67 / Friday, April 7, 2023 / Notices 1. AL–ISRAA ESTABLISHMENT FOR IMPORT AND EXPORT (a.k.a. AL ISRAA IMPORT AND EXPORT ESTABLISHMENT), No. 142 Niha-Main Road, Zahle, Lebanon; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 18 Jan 2014; Registration Number 4800490 (Lebanon) [SDGT] (Linked To: DAQQOU, Hassan Muhammad). Designated pursuant to section 1(a)(iii)(A) of E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, by HASSAN MUHAMMAD DAQQOU, a person whose property and interests in property are blocked pursuant to E.O. 13224, as amended. VerDate Sep<11>2014 19:11 Apr 06, 2023 Jkt 259001 2. HASSAN DAQQOU TRADING (a.k.a. HASAN DEQQOU TRADING; a.k.a. HASSAN DAGO FOR TRADE), No. 142 Niha-Main Road, Zahle, Lebanon; Secondary sanctions risk: section 1(b) of Executive Order 13224, as amended by Executive Order 13886; Organization Established Date 18 Jan 2014; Registration Number 4004501 (Lebanon) [SDGT] (Linked To: DAQQOU, Hassan Muhammad). Designated pursuant to section 1(a)(iii)(A) of E.O. 13224, as amended, for being owned, controlled, or directed by, directly or indirectly, by HASSAN MUHAMMAD DAQQOU, a person whose property and interests in property are blocked pursuant to E.O. 13224, as amended. PO 00000 Frm 00098 Fmt 4703 Sfmt 4703 Dated: March 28, 2023. Andrea M. Gacki, Director, Office of Foreign Assets Control, U.S. Department of the Treasury. [FR Doc. 2023–07290 Filed 4–6–23; 8:45 am] BILLING CODE 4810–AL–C DEPARTMENT OF THE TREASURY Interest Rate Paid on Cash Deposited To Secure U.S. Immigration and Customs Enforcement Immigration Bonds AGENCY: E:\FR\FM\07APN1.SGM Departmental Offices, Treasury. 07APN1 EN07AP23.011</GPH> ddrumheller on DSK120RN23PROD with NOTICES1 Entities 20945

Agencies

[Federal Register Volume 88, Number 67 (Friday, April 7, 2023)]
[Notices]
[Pages 20943-20945]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2023-07290]


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DEPARTMENT OF THE TREASURY

Office of Foreign Assets Control


Notice of OFAC Sanctions Actions

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Notice.

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SUMMARY: The U.S. Department of the Treasury's Office of Foreign Assets 
Control (OFAC) is publishing the names of one or more persons that have 
been placed on OFAC's Specially Designated Nationals and Blocked 
Persons List (SDN List) based on OFAC's determination that one or more 
applicable legal criteria were satisfied. All property and interests in 
property subject to U.S. jurisdiction of these persons are blocked, and 
U.S. persons are generally prohibited from engaging in transactions 
with them.

DATES: See SUPPLEMENTARY INFORMATION section for applicable dates.

FOR FURTHER INFORMATION CONTACT: OFAC: Andrea Gacki, Director, tel.: 
202-622-2490; Associate Director for Global Targeting, tel.: 202-622-
2420; Assistant Director for Licensing, tel.: 202-622-2480; Assistant 
Director for Regulatory Affairs, tel.: 202-622-4855; or the Assistant 
Director for Sanctions Compliance & Evaluation, tel.: 202-622-2490.

[[Page 20944]]


SUPPLEMENTARY INFORMATION: 

Electronic Availability

    The SDN List and additional information concerning OFAC sanctions 
programs are available on OFAC's website (https://www.treasury.gov/ofac).

Notice of OFAC Actions

    On March 28, 2023, OFAC determined that the property and interests 
in property subject to U.S. jurisdiction of the following persons are 
blocked under the relevant sanctions authorities listed below.
BILLING CODE 4810-AL-P
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[[Page 20945]]


[GRAPHIC] [TIFF OMITTED] TN07AP23.011

Entities

    1. AL-ISRAA ESTABLISHMENT FOR IMPORT AND EXPORT (a.k.a. AL ISRAA 
IMPORT AND EXPORT ESTABLISHMENT), No. 142 Niha-Main Road, Zahle, 
Lebanon; Secondary sanctions risk: section 1(b) of Executive Order 
13224, as amended by Executive Order 13886; Organization Established 
Date 18 Jan 2014; Registration Number 4800490 (Lebanon) [SDGT] 
(Linked To: DAQQOU, Hassan Muhammad).
    Designated pursuant to section 1(a)(iii)(A) of E.O. 13224, as 
amended, for being owned, controlled, or directed by, directly or 
indirectly, by HASSAN MUHAMMAD DAQQOU, a person whose property and 
interests in property are blocked pursuant to E.O. 13224, as 
amended.
    2. HASSAN DAQQOU TRADING (a.k.a. HASAN DEQQOU TRADING; a.k.a. 
HASSAN DAGO FOR TRADE), No. 142 Niha-Main Road, Zahle, Lebanon; 
Secondary sanctions risk: section 1(b) of Executive Order 13224, as 
amended by Executive Order 13886; Organization Established Date 18 
Jan 2014; Registration Number 4004501 (Lebanon) [SDGT] (Linked To: 
DAQQOU, Hassan Muhammad).
    Designated pursuant to section 1(a)(iii)(A) of E.O. 13224, as 
amended, for being owned, controlled, or directed by, directly or 
indirectly, by HASSAN MUHAMMAD DAQQOU, a person whose property and 
interests in property are blocked pursuant to E.O. 13224, as 
amended.

    Dated: March 28, 2023.
Andrea M. Gacki,
Director, Office of Foreign Assets Control, U.S. Department of the 
Treasury.
[FR Doc. 2023-07290 Filed 4-6-23; 8:45 am]
BILLING CODE 4810-AL-C

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