31 CFR § 560.516 - Transfers of funds involving Iran.

Date issued: Oct. 22 2012

Last substantive commentary amendment:
Jan. 02 2024

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TURBOFAC Commentary (2370 words)

Notes:

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