Case No. IA-15877

Date issued: Jan. 11 2013

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TURBOFAC Commentary (943 words)

Notes:

1) Note Common to Case No. IA-15877, Case No. IA-2012-299441-1, Case No. IA-2013-303511, Case No. IA-15582, License No. IA-15582 and Case No. IA-2012-(Chicagoland Foreign Investment Group, LLC) concerning "passive shareholding" and the import/export of services to and from Iran.

The guidance letters referenced in the title to this note all address the situation of an Iranian seeking to come to the U.S. who appears to own equity in an Iranian company. Three letters have a version of the following:

"a U.S. person who is a passive shareholder in an Iranian company who does not hold a management or board position, and who made the investment prior to becoming a U.S. person, would not necessarily be regarded by OFAC as violating the ITSR; however, should that...