[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR560.501]

[Page 779-780]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 560--IRANIAN TRANSACTIONS REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations and Statements of Licensing Policy
 
Sec. 560.501  Effect of license or authorization.


    (a) No license or other authorization contained in this part, or 
otherwise issued by or under the direction of the Director of the Office 
of Foreign Assets Control, authorizes or validates any transaction 
effected prior to the issuance of the license, unless specifically 
provided in such license or other authorization.
    (b) No regulation, ruling, instruction, or license authorizes a 
transaction prohibited under this part unless the regulation, ruling, 
instruction, or license is issued by the Office of Foreign Assets 
Control and specifically refers to this part. No regulation, ruling, 
instruction, or license referring to this part authorizes any 
transactions prohibited by any provision of this chapter unless the 
regulation, ruling, instruction or license specifically refers to such 
provision.
    (c) Any regulation, ruling, instruction or license authorizing any 
transaction otherwise prohibited under this part has the effect of 
removing a prohibition or prohibitions contained in this part from the 
transaction, but only to the extent specifically stated by its terms. 
Unless the regulation, ruling, instruction or license otherwise 
specifies, such an authorization does not create any right, duty, 
obligation, claim, or interest in, or with respect to, any property 
which would not otherwise exist under ordinary principles of law.
    (d) Specific licenses issued prior to 12:01 a.m., Eastern Daylight 
Time, August 20, 1997, continue in effect in accordance with their terms 
except to the extent specifically revoked, amended, or modified by the 
Office of Foreign Assets Control.
    (e) Nothing contained in this part shall be construed to supersede 
the requirements established under any other provision of law or to 
relieve a person from any requirement to obtain a license or other 
authorization from

[[Page 780]]

another department or agency of the U.S. Government in compliance with 
applicable laws and regulations subject to the jurisdiction of that 
department or agency. For example, exports of goods, services, or 
technical data which are not prohibited by this part or which do not 
require a license by the Office of Foreign Assets Control, nevertheless 
may require authorization by the U.S. Department of Commerce, the U.S. 
Department of State or other agencies of the U.S. Government. See also 
Sec. 560.701(d).

[60 FR 47063, Sept. 11, 1995, as amended at 64 FR 20173, Apr. 26, 1999]