Case No. IA-2016-329928-1

Date issued: Dec. 04 2017

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TURBOFAC Commentary (704 words)

Notes:

1) Not a “U.S.-Owned or -Controlled Foreign Entity” Despite U.S. Touchpoints

Similar to the applicant in Case No. IA-2016-329758-1, here the London Metal Exchange Limited and LME Clear Limited report “employ[ing] U.S. persons, often deal[ing] with U.S. persons, and hav[ing] members that are U.S. companies or that are otherwise directly subject to U.S. jurisdiction.” Notwithstanding these U.S. touchpoints, OFAC does not regard the applicants “to be U.S.-owned or -controlled foreign entities subject to the prohibitions of section 560.215 of the ITSR”. See also General Note on U.S. Person Employees Working for Non-U.S. Person Companies With Sanctions-Implicating Business (System Ed. Note).

2
) 560.206 Covers Warrants (Negotiable Contractual Entitlements) to Iranian-origin Goods

Aluminum warrants are negotiable instruments that entitle the holder the a specified quantity...