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FEDE R A L R E S E R V E B A N K OF DALLAS
DALLAS. TEXAS

75222

C ircular No. 81-127
June 26, 1981

IRANIAN ASSETS CONTROL REGULATIONS
Amendments

TO ALL MEMBER BANKS IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
The Office of Foreign Assets Control is amending the Iranian Assets
Control Regulations. The needs and purposes of the am endments are outlined
in detail in the enclosed copy of the Federal R egister document. The effectiv e
d ate of the amendments was June 12, 1981.
Questions regarding the amendments should be directed to Raymond
W. Konan, Chief Counsel, O ffice of Foreign Assets Control, D epartm ent of the
Treasury, Washington, D.C. 20220, Tel. (202) 376-0236.
Sincerely yours,

William H. Wallace
First Vice President
Enclosure

Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the
extension referred to above.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

IN ADVANCE OF PRINTED COPY
Form TFR-620
REPORT OF IRANIAN FINANCIAL ASSETS
SUBJECT TO TRANSFER
Office of Foreign Assets Control
Unit 620
Department of the Treasury
Washington, D.C. 20220

Form TFR-620 is to be used by all persons required to file
reports pursuant to section 535.620 of Title 31 of the Code
of Federal Regulations.
These reports will be regarded as
privileged and confidential but may be disclosed to Iran. For
assistance, call (202) 376-0968 or 376-0969.
To the Secretary of the Treasury:
The undersigned, pursuant to section 535.620 of Title 31
of the Code of Federal Regulations, hereby makes the following
report:
Requirement for reports. A report shall be filed by
June 26, 1981 on Form TFR-620 by any bank or nonbanking
institution regarding any transfer to the Federal Reserve
Bank of New York that is required by section 535.213 or section
535.214. Any reporter that transfers property to the Federal
Reserve Bank of New York by June 19, pursuant to section 535.213
or section 535.214, shall describe the property so transferred.
Property (including interest through July 8, 1981) not transferred
but required by section 535.213 or section 535.214 to be transferred
shall be separately described.
Contents of report.

State the following information:

1.

Name and address of the transferor (indicate whether
bank or nonbanking institution).

2.

Name and telephone number of person to be contacted
about the transfer.

- 2 3.

Description of the property transferred or
required to be transferred with a list of accounts,
including branch, account party, account number, and
account amount, with breakdown between principal and
interest (as of date transferred or as of July 8 if
not yet transferred ) . Attach list or printout, if
necessary.

4

Total value (market value in the case of securities)
of assets transferred or to be transferred.

5.

Date and time of transfer, if applicable.

6

A statement as to how interest was calculated, including
rate(s) of interest and period(s) for which the rate(s)
was applied.
Attach list or printout, if necessary.

Filing. Reports shall be prepared in triplicate.
Two
copies shall be sent in a set to Unit 620, Office of Foreign
Assets Control, Department of the Treasury, Washington, D.C.
20220.
The third copy shall be retained with the reporter's
records.
Updating of Reports. The Form TFR-620 report shall be
updated within five business days of the transfer date to be
determined by the Treasury Department by any reporter that does
not transfer to the Federal Reserve Bank of New York, on or
before that date, the property described in the reporter's
TFR-620 report.
The required updating shall include a full
explanation as to why the property actually transferred was not
the same as the property described in the reporter's TFR-620 report.

Certification.
I,

________________________________ , certify that
(Type or print name)

I am the

____________ _____ _______ ___________________________
(State relationship of signatory to holder, g.g.,
treasurer or individual holder)

of the _________________________________________________________
(Name of holder)
that I am authorized to make this certification and that, to
the best of my knowledge and belief, the statements set forth in
this report, including any papers attached hereto or filed
herewith, are true and accurate, and that all material facts
in connection with said report have been set forth herein.

(Date)

(Signature)
Address

_________________________
(Street)
(City)
(State)
(Telephone Number)

Filed: June 15, 1981
Publication date: June 16, 1981

IN ADVANCE OF PRINTED COPY

DEPARTM
ENT O THE TREASURY
F
Office of Foreign Assets Control
31 CFR Part 535
Iranian Assets Control Regulations:
Transfer of Financial Assets
to Federal Reserve Bank of New York

AGENCY:

Office of Foreign Assets Control.

ACTION:

Final Rule.

SU M R : The Office of Foreign Assets Control is amending the Iranian
M AY
Assets Control Regulations. The purposes of the amendments are: (1) to
extend the time f o r t r a n s f e r to the Federal Reserve Bank o f New York of
c e r ta in Iranian financial a sse ts held by domestic banks and nonbanking
i n s t i t u t i o n s to a date to be determined by the Department of the Treasury
a f t e r the Supreme Court has had an opportunity to review legal arguments
challenging the P re sid e n t's au th o rity to order the t r a n s f e r s ; (2) to
provide t h a t the United States Government will not seek to inpose pen alties
for f a i l u r e to t r a n s f e r nonfinancial a sse ts to Iran before t h a t date to
be determined by the Department of the Treasury when such a sse ts are the
subject of an attachment, injunction or other lik e proceeding or process;
and (3) to specify th a t persons required to make t r a n s fe r s under section
535.213 or section 535.214 shall repo rt by June 26, 1981, on the assets
required to be t r a n s fe r r e d , whether or not the a sse ts are a ctu a lly t r a n s ­
ferred by th a t date.
EFFECTIVE DATE:

June 12, 1981.

FOR FURTHER INFORM
ATION CONTACT: Raymond W Konan, Chief Counsel, Office
.
of Foreign Assets Control, Department of the Treasury, Washington, D.C. 20220,
Tel. (202) 376-0236.
SUPPLEM
ENTARY INFORM
ATION: The Supreme Court will be reviewing the basic
issues involved in legal challenges to the P re sid e n t's auth ority to order
the t r a n s f e r of c e rta in asse ts of Iran. Because many of the financial
asse ts required to be tran s fe rre d under section 535.213 or 535.214 are
c u rrently the subject of attachments, inju nction s, or sim ila r legal process,
the v a li d i ty of which is now before the Supreme Court fo r review, the time
f o r t h e i r t r a n s f e r to the Federal Reserve Bank of New York is being extended
to a date to be determined subsequently by the Treasury Department.

-2The required reports are necessary to allow the timely compilation
of information on financial a sse ts required to be tr a n s fe rre d to Iran by
July 19, pursuant to the Iran-United States agreements of January 19, 1981.
Since the Regulations involve a foreign a f f a i r s function, the
provisions of the Administrative Procedure Act, 5 U.S.C. 553, requiring
notice of proposed rulemaking, opportunity for public p a rtic ip a tio n and
delay in e ff e c tiv e date are inapplicable.
Sim ilarly, because the Regulations are issued with respect to
a foreign a f f a i r s function of the United S ta te s, they are not subject to
Executive Order 12291 of February 17, 1981, dealing with Federal regulations.
31 CFR Part 535 is amended as follows:
1.

Section 535.213 is amended by adding a new paragraph (3) as

follows:
(e) For any property described in paragraph (a) of t h i s sectio n,
the t r a n s f e r time in paragraph (b) is extended to a date to be determined
subsequently by the Department of the Treasury.
2.

Section 535.214 is amended by adding a new paragraph (e) as

follows:
(e) For any property described in paragraph (a) of t h i s sectio n ,
the t r a n s f e r time in paragraph (b) is extended to a date to be subsequently
determined by the Department of the Treasury.
3.

Section 535.215 is amended by adding a new paragraph (c) as

follows:
(c)
The United States Government will not seek to impose c iv il
or criminal sanctions on any party fo r f a i l u r e to t r a n s f e r before a date
to be determined by the Department of the Treasury any property described
in paragraph (a) of t h is section th a t is the subject of an attachment,
injunction, or other lik e proceedings or process on June 19, 1981.
4.

Section 535.620 is revised to read as follows:

Section 535.620

Report on t r a n s f e r of domestic bank assets
and finan cial asse ts held by nonbanking
in stitu tio n s.

(a)
Requirement for r e p o r t s . A repo rt shall be f i l e d by June 26,
1981 on Form TFR-620 by any bank or nonbanking i n s t i t u t i o n regarding any
t r a n s f e r to the Federal Reserve Bank of New York t h a t is required by
section 535.213 or section 535.214. Any re p o rte r t h a t tr a n s fe r s property
to the Federal Reserve Bank of New York by June 19, pursuant to section
535.213 or section 535.214, shall describe the property so tra n s fe rre d .
Property (including i n t e r e s t through July 8, 1981, not tran s fe rre d but
required by section 535.213 or section 535.214 to be tran s fe rre d shall be
separately described.

-3(b) Contents of r e p o r t .
information:

Each report shall contain the following

(1) Name and address of the tr a n s fe ro r (indicate whether bank
or nonbanking i n s t i t u t i o n ) .
(2) Name and telephone number of person to be contacted about
the t r a n s fe r .
(3) Description of the property tran s fe rre d or required to be
tran s fe rre d with a l i s t of accounts, including branch, account p arty,
account number, and account amount, with breakdown between principal and
i n t e r e s t (as of date tr a n s fe rre d or as of July 8 i f not y e t tr a n s fe r r e d ) .
(4) Total value (market value in the case of s e c u r i t i e s ) of each
tr a n s f e r .
(5) Date and time of tr a n s f e r ( i f a p plic able).
(6) A statement as to how i n t e r e s t was c alcu la te d , including r a te ( s )
of i n t e r e s t and period(s) fo r which the r a t e ( s ) was applied.
(c) F i l i n g . Reports shall be prepared in t r i p l i c a t e . Two copies
shall
be sent
in a se t
to Unit 620, Office of Foreign Assets Control,
Department of the Treasury, Washington, D.C. 20220. The t h ir d copy shall
be retained fo r the r e p o r t e r 's records.
regarded

(d) C o n fiden tiality of r e p o r t s .
as privileged and confidential

Reports under t h is section are
but may be disclosed to Iran.

(e) Updating of r e p o r t s . The
Form TFR-620 report shall be
updated within five business days of the t r a n s f e r date to be determined
by the Treasury Department by any rep orter th a t does not tr a n s f e r to the
Federal Reserve Bank of New York, on or before t h a t date, the property
described in the r e p o r t e r 's TFR-620 rep o rt. The required updating shall
include a f u ll explanation as to why the property actu ally tra n s fe rre d was
not the same as the property described in the r e p o r t e r 's TFR-620 repo rt.
(Sec. 201-207, 91 S ta t. 1626, 50 U.S.C. 1701-1706; E.0. No. 12170, 44 FR 65729;
E.0. No. 12205, 45 FR 24099; E.0. No. 12211, 45 FR 26605; E.0. No. 12276,
46 FR 7913; E.0. No. 12279, 46 FR 7919; E.0. No. 12280, 46 FR 7921; E.0.
No. 12281, 46 FR 7923; E.0. No. 12282, 46 FR 7925; and E.0. No. 12294,
46 FR 14111.)
Dated:

/s/

June 12, 1981

Dennis M O'Connell
.

Dennis M O'Connell
.
Di re c to r

-4Approved:

/ s / John P. Simpson
John P. Simpson
Acting A ssistant Secretary,
Enforcement and Operations

Filed:

June 15, 1981

Publication date:

June 16, 1981


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102