ABA Corporate member Fieldfisher, a law firm, has a range of research publications on current financial issues on its website. For example, the firm has a 'micro site' dedicated to Interbank Offered Rates (IBORs) that explains the background and issues behind the ending of IBORs and current initiatives to replace them. The site addresses the use of new benchmarks throughout...
Fieldfisher Provides Update on Iranian Sanctions/Business Opportunities
- 1st, August, 2016
Fieldfisher, the international law firm, has issued an updated note on Iranian sanctions, summarising recent guidance given by US officials and by the Office of Foreign Assets Control (OFAC) on how US and non-US companies can interact with Iran without breaching continuing US sanctions.
Fieldfisher cites the Acting Director of OFAC, John Smith, saying that there are only two rules for non-US persons/entities governing compliance with US sanctions –
1. Do not do business with Iranian persons or entities that remain on the Specially Designated Nationals (SDN) list
2. Do not involve a US person, the US financial system, or the US in any way when engaging in a transaction with Iran.
The Fieldfisher note also summarises guidance recently published by OFAC relating to the effect of US sanctions on foreign entities. For example, US financial institutions may transact with non-US, non-Iranian financial institutions that do business with Iran. Provided that they do not do business with Iran themselves, US financial instittutions do not have to distance themselves from institutions that are doing business with Iran (assuming that the Iranian counterparties are not on the SDN list).
The note also summarises recent guidance relating to US persons serving on the Board of, or in senior management positions in foreign firms that are transacting with Iran. (Such US persons must be 'walled off' from Iran-related business, Fieldfisher says.)
The Fieldfisher note was written by Vivien Davies, a partner in the firm's London dispute resolution practice and Vanessa Wilkinson, a sollicitor in the dispute resolution practice, also in London. Their contact details are given in the note, the full text of which is attached as a pdf below.
In February, Fieldfisher published a note entitled "Persian Prospects" outlining the opportunities and restrictions for business with Iran following the implementation of the Joint Comprehensive Plan of Action (JCPOA).
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