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3 CFR,

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38554 Federal Register / Vol. 66, No.

143 / Wednesday, July 25,

2001 / Rules and Regulations Comp., p. 113;

E.O. 12283,

46 FR 7927;

3 CFR,

1981 Comp., p. 114;

and E.O. 12294,

46 FR 14111,

3 CFR,

1981 Comp., p. 139. 2. Amend § 535.215 to revise paragraph (a) to read as follows: § 535.215 Direction involving other properties in which Iran or an Iranian entity has an interest held by any person subject to the jurisdiction of the United States. (a) Except as provided in paragraphs (b) and (c) of this section, all persons subject to the jurisdiction of the United States in possession or control of properties, as defined in § 535.333 of this part, not including funds and securities owned by Iran or its agencies, instrumentalities or controlled entities, are licensed, authorized, directed and compelled to transfer such properties held on January 18,

1981 as directed after that day by the Government of Iran, acting through its authorized agent. Such directions shall include arrangements for payment of the costs of transporting the properties, unless the possessors of the properties were required to pay such costs by contract or applicable law on January 19, 1981. Except where specifically stated, this license, authorization and direction does not relieve persons subject to the jurisdiction of the United States from existing legal requirements other than those based upon the International Emergency Economic Powers Act. 3. Amend § 535.333 to read as follows: § 535.333 Properties. (a) The term properties as used in § 535.215 means all uncontested and non-contingent liabilities and property interests of the Government of Iran, its agencies, instrumentalities, or controlled entities, including debts. It does not include bank deposits or funds and securities. It also does not include obligations under standby letters of credit or similar instruments in the nature of performance bonds, including accounts established pursuant to § 535.568. (b) Properties do not cease to fall within the definition in paragraph (a), above, merely due to the existence of unpaid obligations, charges or fees relating to such properties, or undischarged liens against such properties. (c) Liabilities and property interests of the Government of Iran, its agencies, instrumentalities, or controlled entities may be considered contested only if the holder thereof reasonably believes that Iran does not have title or has only partial title to the asset. After October 23, 2001, such a belief may be considered reasonable only if it is based upon a bona fide opinion, in writing, of an attorney licensed to practice within the United States stating that Iran does not have title or has only partial title to the asset. For purposes of this paragraph, the term holder shall include any person who possesses the property, or who, although not in physical possession of the property, has, by contract or otherwise, control over a third party who does in fact have physical possession of the property. A person is not a holder by virtue of being the beneficiary of an attachment, injunction or similar order. (d) Liabilities and property interests shall not be deemed to be contested solely because they are subject to an attachment, injunction, or other similar order. Dated: June 8, 2001. Loren L. Dohm, Acting Director, Office of Foreign Assets Control. Approved: June 25, 2001. James P. Sloan, Acting Under Secretary (Enforcement), Department of the Treasury. [FR Doc. 01C18373 Filed 7C24C01;