[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR560.501]



[Page 307-308]

 

                  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



[[Page 308]]



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 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]