31 C.F.R. Subpart F—Reports
Title 31 - Money and Finance: Treasury
For provisions relating to records and reports, see subpart C of part 501 of this chapter. [62 FR 45109, Aug. 25, 1997]
Title 31: Money and Finance: Treasury
PART 560—IRANIAN TRANSACTIONS REGULATIONS
Subpart F—Reports
§ 560.601 Records and reports.
§ 560.602 [Reserved]
§ 560.603 Reports on oil transactions engaged in by foreign affiliates.
(a) Requirement for reports. A report must be filed with the Office of Foreign Assets Control with respect to each foreign affiliate of a United States person that engaged in a reportable transaction, as defined in paragraph (b) of this section, during the calendar quarter. Reports are due within 60 days after the end of each calendar quarter.
(b) Definitions. For purposes of this section:
(1) The term reportable transaction means any purchase, sale, or swap of Iranian-origin crude oil or natural gas. For purposes of this paragraph (b), a purchase, sale, or swap is deemed to have occurred as of the date of the bill of lading used in connection with such transaction.
(2) The term foreign affiliate means a person or entity other than a United States person (see §560.314) which is organized or located outside the United States and which is owned or controlled by a United States person or persons.
(c) Who must report. A United States person must file a report with respect to each foreign affiliate owned or controlled by it which engaged in a reportable transaction or transactions during the calendar quarter. For the calendar quarter beginning October 1, 1996, and all subsequent quarters, a United States person must file a report only as to each foreign affiliate owned or controlled by it which engaged in a reportable transaction or transactions totaling $1,000,000 or more during the calendar quarter. A single United States entity within a consolidated or affiliated group may be designated to report on each foreign affiliate of the United States members of the group. Such centralized reporting may be done by the United States person who owns or controls, or has been delegated authority to file on behalf of, the remaining United States persons in the group.
(d) What must be reported. (1) Part I of the report must provide the name, address, and principal place of business of the United States person; its place of incorporation or organization if an entity; and the name, title, and telephone number of the individual to contact concerning the report.
(2) Part II of the report must provide, with respect to the foreign affiliate, its name and address; the type of entity, e.g., corporation, partnership, limited liability company; the country of its incorporation or organization; and its principal place of business.
(3) Part III of the report must include the following information with respect to each reportable transaction (a separate Part III must be submitted for each reportable transaction):
(i) The nature of the transaction, e.g., purchase, sale, swap;
(ii) A description of the product involved;
(iii) The name of the Iranian or third country party or parties involved in the transaction;
(iv) The currency and amount of the transaction, and corresponding United States dollar value of the transaction if not denominated in United States dollars.
(e) Where to report. Reports must be filed with the Compliance Programs Division, Office of Foreign Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue, NW—Annex, Washington, DC 20220. Reports may be submitted by facsimile transmission at 202/622–1657. A copy must be retained for the reporter's records.
(f) Whom to contact. Blocked Assets Division, Office of Foreign Assets Control, Department of the Treasury, 1500 Pennsylvania Avenue, NW.—Annex, Washington, DC 20220; telephone: 202/622–2440.
[63 FR 62941, Nov. 10, 1998]
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