415. For persons determined to be subject to multiple Directives, how do the prohibitions and exemptions listed under one Directive affect prohibitions and exemptions under the other Directives?
Each Directive operates independently of the others. If a transaction involves a person subject to two Directives, for example, a U.S. person engaging in that transaction must comply with the requirements of both Directives. Exemptions in one Directive apply only to the prohibitions contained in that Directive and do not carry over to another Directive. For example, if a person is subject to both Directive 2 and Directive 4, the exemption for the provision of financial services by U.S. persons or in the United States under Directive 4 does not supersede the prohibition in Directive 2 on dealing in debt of longer than the applicable tenor specified in Directive 2 of such a person (the relevant tenor under Directive...
This FAQ addresses the question of what it means to be subject to two directives, but does not discuss the issue of whether ownership interests of SSI-listed entities are aggregated across directives in order to make that threshold determination. The below addresses that issue.
In FAQ # 373, OFAC says that the:
"named persons, their property, and their interests in property, which includes entities owned 50 percent or more by one or more persons identified [on the SSI List] as subject to [one or more of] the Directives."
There, "named persons" is clearly a reference to persons actually listed on the SSI list. Concerning the application of the 50% rule in the SSI context, OFAC states the following in the preface to FAQ # 398, which deals with the application of the 50% rule in...