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§561.320 Iranian financial institution.
The term Iranian financial institution means any entity (including foreign branches), wherever located, organized under the laws of Iran or any jurisdiction within Iran, or owned or controlled by the Government of Iran, or in Iran, or owned or controlled by any of the foregoing, that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent. It includes but is not limited to depository institutions, banks, savings banks, money service businesses, trust companies, insurance companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing corporations, investment companies, employee benefit plans, dealers in precious metals, stones, or jewels, and holding companies, affiliates, or subsidiaries...
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As is the case with the HFSR and NKSR, the IFSR is set up such that 561.308 (Foreign financial institution), 561.309 (U.S. financial institution) and 561.320 (Iranian financial institution) are all of differing scopes. "Iranian financial institution" is the broadest in scope, including "dealers in precious metals, stones, or jewels," as well as all institutions owned or controlled by Iran wherever located. The U.S. version does not include dealers in precious metals, stones, or jewels, presumably by design, and is limited only to entities in the U.S. The term "foreign financial institution" is the only of the three to exclude "insurance companies," again presumably by design, and specifically carves out certain international financial insertions[1]. The varying scopes of the three definitions are tailored to the...