Ed. Note: if you’re new to TURBOFAC, please take note that the text string filtration function generally shouldn’t be used for terms such as “ordinarily resident,” “causing” or “new debt”. For research on the meaning of words and phrases such as those, i.e. terms central to the key legal issues in sanctions law that appear on a cross-programmatic basis, you’re typically better off locating and checking the appropriate box in the “Key Legal Issues” search category, which will limit the results to those that have been manually assessed as being relevant for the interpretation of the terms at issue.
Try typing your search term (“ordinarily resident,” “new debt,” or something else) in the “Find a Search Filter” box at the top of the page, and the corresponding “Key Legal Issues” check box will pop up instantly, if one exists. Once you check the box (e.g. “new debt,” with ~55 results), you can always use the text string filtration function to further refine your search (e.g. by typing “invoice” and narrowing the ~55 results to ~10).
Note in addition that the same applies to text string searches such as “14071” (if you’re looking for items related to EO 14071). By typing “14071” in the “Find a Search Filter” field up top, you will be able to instantly narrow the results down to items manually assessed as relating to EO 14071. Ditto terms such as “515.204” or “Iran General License G” (try the “Discrete Legal Provision” search category).
Please contact [email protected] or [email protected] with any questions on search results and efficiency.
Please click "Apply Text String Filters" again after clicking the "Close" button immediately below.
1) IN GENERAL
a) 560.516 is a general license that, subject to the limitations in the GL, serves the function that would ordinarily be served by the typical "ordinarily incident" 400-level interpretive provision. See e.g. Note to paragraph (b) of §560.405 (Transactions ordinarily incident to a licensed transaction authorized), carving out payments from 560.405 and specifying that they must be made pursuant to the terms of 560.516. The most substantial differences between 560.516, and what the state of affairs would have been but for the payment carveout to 560.405, is that payments ordinarily incident to licensed transactions are only permitted if they involve "United States depository institutions" (560.319) or "United States registered brokers or dealers in securities" (560.321), as those terms are defined in the