New Iranian Sanctions: Understanding the Final Rules
The Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) issued final rule on December 26, 2012, amending the Iranian Transactions and Sanctions Regulations (ITSR). The amendments focused on the implementation of section 218 of the Iran Threat Reduction and Syria Human Rights Act of 2012 (“ITRA”) and sections of Executive Order 13622 of July 30, 2012, and Executive Order 13628 of October 9, 2012.
Aside prohibiting firms from establishing and maintaining business with the Government of Iran or any person subject to the jurisdiction of the Government of Iran, the final rule also clarifies how sanctions will be implemented, what the prohibited transactions are, penalties involved in non-compliance and other significant issues.
In light with these changes, US companies and any foreign entities owned or controlled by U.S. persons, must remain vigilant in terms of compliance or risk costly penalties both civil and criminal.
The Knowledge Group has assembled a panel of key thought leaders to help you understand substantive provisions of the final rule on New Iranian Sanctions as well as their impact on your firm. The discussion will include guidance with respect to best practices to effectively comply with the new rules and help avoid the many pitfalls. A live interaction with the audience in a question and answer format is also included in this event.
Jerome J. Zaucha, Partner,
- Will be our scene setter in broad terms, putting Iranian sanctions into context and describe how they inter-relate and inter-connect.
Jeremy Sausser, Senior Advisor for International Regulatory Issues,
United States Department of the Treasury Office of Foreign Assets Control (OFAC)
- Can cover some secondary sanctions
- Discuss IFCA, under National Defense Authorization Act
- Enforcement actions – responses to violations, statutory maximums
Jeremy B. Zucker, Co-chair, International Trade and Government Regulation Practice,
- Overview of recent economic sanctions against Iran relevant to the finance industry
- Explanation of new reporting requirements under Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012
Rob Torresen, Partner,
Sidley Austin LLP
- Liability of U.S. companies for ITSR violations by foreign affiliates (ITRA §218)
- What does the new law mean by “owned or controlled”?
- What does the new law mean by “knowingly”?
- What is the potential IEEPA civil penalty exposure for U.S. parent companies?
- How do companies “wind down” Iran transactions now that the general license to do so has expired (on March 8, 2013)?
- Section 218 liability to US companies
- The Shah Deniz exemption
- How does a provision about a natural gas project in Azerbaijan end up in a new sanctions law involving Iran?
- Why did Congress enact this exception?
- What is the National Iranian Oil Company’s role in the Shah Deniz gas field?
- What are the limitations to the exemption?
- Mention the parallel rule adopted in the European Union.
Who Should Attend:
– Multinational Companies
– Attorneys with Related Practice Areas
– Export Controls Vice Presidents, Directors and Managers
– Trade Compliance Administrators and Managers
– International Trade Specialists
– Regulatory and Policy Managers
– Risk Officers
– Other Professional
Mr. Zaucha, a partner in K&L Gates’ Washington, D.C. office, concentrates his practice on international trade, representing a wide spectrum of multinational companies based both in and outside the U.S. He has substantial experience in all areas of international trade law, including export controls, customs, and trade remedies and agreements.
Mr. Zaucha represents clients in every area of export regulation: export control and trade embargo regulations administered by the Directorate of Defense Trade Controls (DDTC), the Bureau of Industry and Security (BIS), and the Office of Foreign Assets Control (OFAC); the Foreign Corrupt Practices Act (FCPA); Exon-Florio (CFIUS); anti-boycott laws; and various other trade sanction statutes and measures such as Helms-Burton.
Mr. Zaucha also assists clients in all aspects of U.S. (and certain non-U.S.) customs laws: classification, appraisement, special and trade agreement tariff regimes, country of origin and origin marking, entry, liquidation and re-liquidation procedures, enforcement of other agency regulations, NAFTA origination and origin rules, Foreign Trade Zones and Sub-zones, and prior disclosures and customs seizures and penalties.
In addition, Mr. Zaucha has substantial experience handling “trade remedy” proceedings (e.g., antidumping, countervailing duty, and Sections 201 and 301) and bilateral and multilateral (including NAFTA and WTO) trade agreement matters.
Mr. Zaucha has substantial experience assisting clients in every context in which an international trade law issue may arise, including business planning, administrative proceedings, mergers, acquisitions and other business transactions, corporate compliance initiatives, and government investigations and enforcement proceedings. He routinely works with lawyers in the Firm’s Public Policy and Law, Corporate, Mergers & Acquisitions and Securities, Government Contracts & Procurement Policy, and White Collar Crime/Criminal Defense practices to provide coordinated services to clients on trade law matters and other matters with trade law implications.
Mr. Zaucha, a partner in K&L Gates’ Washington, D.C. office, concentrates his practice on international trade, representing a wide spectrum …
Jeremy Sausser is a Senior Advisor for International Regulatory Issues in the Office of Foreign Assets Control (“OFAC”), U.S. Department of the Treasury. Jeremy has helped the agency implement major legislation and is a key participant in the drafting of regulations, interpretive guidance, and frequently asked questions. On a daily basis, he works closely with the financial and exporting communities to ensure compliance with U.S. sanctions law and is responsible for providing practical advice and outreach on OFAC Compliance issues. His diversified portfolio includes topics covering Iran, conflict-of-laws, insurance issues, Weapons of Mass Destruction Proliferation Sanctions, Terrorism Sanctions, and other sanction programs. Jeremy also served as a Licensing Officer in OFAC’s Licensing Division. Prior to joining OFAC, Jeremy was a consumer financial and real estate attorney.
Jeremy Sausser is a Senior Advisor for International Regulatory Issues in the Office of Foreign Assets Control (“OFAC”), U.S. Department …
Jeremy Zucker, co-chair of Dechert’s International Trade and Government Regulation practice, advises clients on international trade regulatory compliance matters, including in relation to the U.S. Foreign Corrupt Practices Act (FCPA), the Export Administration Regulations (EAR), the International Traffic in Arms Regulations (ITAR), economic sanctions programs administered by the Office of Foreign Assets Control (OFAC) and the anti-money laundering provisions of the USA Patriot Act. Mr. Zucker also has extensive experience advising on national security reviews under Exon-Florio by the Committee on Foreign Investment in the United States (CFIUS). He has represented clients before the U.S. Departments of Commerce, Defense, Homeland Security, Justice, State and Treasury, as well as at the White House.
Mr. Zucker co-founded and chairs Freedom Now, a non-profit, non-governmental and non-partisan organization working to free prisoners of conscience through legal, political and public relations advocacy efforts.
Jeremy Zucker, co-chair of Dechert’s International Trade and Government Regulation practice, advises clients on international trade regulatory compliance matters, including …
ROB TORRESEN is a partner in the International Trade practice at Sidley Austin LLP, where he focuses principally on export controls (affecting both commercial and military goods and technology) and economic sanctions. He has extensive experience counseling U.S. and foreign companies in all matters affecting the movement of goods and technology across national borders. His experience extends across a broad range of industries and trade issues implicated by U.S. and foreign laws, measures and regulations. He advises clients on export jurisdiction and classification issues, licensing determinations, export clearance issues, and the design and implementation of export compliance programs. He has recently represented major multinational companies in several U.S. Government investigations and enforcement actions relating to compliance with the U.S. sanctions against Iran.
ROB TORRESEN is a partner in the International Trade practice at Sidley Austin LLP, where he focuses principally on export …
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United States Department of the Treasury Office of Foreign Assets Control (OFAC)
About K&L Gates
K&L Gates delivers legal services on an integrated and global basis, with more than 2,000 lawyers located in 46 cities across five continents. K&L Gates represents a broad array of leading global corporations in every major industry, capital markets participants, and ambitious middle-market and emerging growth companies. The firm serves public sector entities, educational institutions, philanthropic organizations, and individuals. Its lawyers counsel clients on their most sophisticated legal challenges in all areas of corporate and regulatory law as well as litigation. K&L Gates is a leader in legal issues relating to industries critical to the economies of both the developed and developing worlds—technology, manufacturing, energy, transportation, telecommunications, financial services, and life sciences, among others.
About United States Department of the Treasury Office of Foreign Assets Control (OFAC)
About Dechert LLP
With 26 offices throughout the United States, Europe, Asia and the Middle East, Dechert LLP is an international law firm focused on international trade and regulatory compliance, corporate and securities, complex litigation and international arbitration, financial services and asset management, antitrust/competition, energy, life sciences, labor and employment, business restructuring and reorganization, intellectual property, government affairs, real estate finance and tax law.
About Sidley Austin LLP
SIDLEY AUSTIN LLP is a premier law firm, with approximately 1700 lawyers in 18 offices worldwide. Sidley has built a reputation for being a powerful adviser for global business and financial institutions. The lawyers leverage their diversity of knowledge and wide-reaching legal backgrounds with a dedication to teamwork, collaboration and superior client service. Sidley is recognized for service and responsiveness. For the third consecutive year, and each year since the survey’s inception, Sidley has received the most first-tier national rankings of any U.S. law firm in the 2013 U.S. News – Best Lawyers “Best Law Firms” survey. Sidley has also been widely recognized for its pro bono and diversity programs.