Federal Register / Vol. 74, No. 140 / Thursday, July 23, 2009 / Rules and Regulations 36397 

address of record and will direct all 

mailings to this address. 

(3) By submitting the annual 

electronic notification described in 

paragraph (c)(1) of this section, an 

organization acknowledges that it is not 

required to file a return under section 

6033(a) because its annual gross receipts 

are not normally in excess of $25,000. 

In order to make this determination, the 

organization must keep records that 

enable it to calculate its gross receipts. 

All organizations are required to 

maintain records under section 6001. 

These records will provide evidence of 

the continuing basis for the 

organization’s exemption from the filing 

requirements under section 6033(a)(1). 

(4) If an organization that is required 

to submit an annual electronic 

notification files a complete Form 990 

or Form 990–EZ, the annual electronic 

notification requirement shall be 

deemed satisfied. The annual electronic 

notification requirement is not satisfied 

if the Form 990 or Form 990–EZ 

contains only those items of information 

that would have been required by 

submitting the notification in electronic 

form. Also, the filing of a complete 

Form 990 or Form 990–EZ, rather than 

the submission of an annual electronic 

notification, is the filing of a return that 

starts the period of limitations for 

assessment under section 6501(g)(2). 

(d) No effect on other filing 

requirements. An organization that is 

relieved from filing an information 

return under section 6033(a) is still 

subject to the requirements of 

§§ 1.6033–2(i) and (j), concerning: 

notice regarding changes in character, 

operations, or purpose; provision of 

additional information; duty to file 

other returns of information; and duty to 

file unrelated business tax returns. If an 

organization is required to file an 

unrelated business tax return, Form 

990–T, ‘‘Exempt Organization Business 

Income Tax Return,’’ the filing of that 

return does not relieve the organization 

from the requirement of submitting an 

annual electronic notification under 

section 6033(i). 

(e) Accounting period for submitting 

annual electronic notification. An 

annual electronic notification required 

by this section shall be on the basis of 

the established annual accounting 

period of the organization. If the 

organization has no established 

accounting period, the annual electronic 

notification shall be on the basis of the 

calendar year. 

(f) Time and place for submitting 

annual electronic notification. The 

annual electronic notification required 

by this section shall be submitted on or 

before the 15th day of the fifth calendar 

month following the close of the period 

for which the notification is required to 

be submitted. Thus, an organization 

with an accounting period ending 

December 31, 2007, is required to 

submit an annual electronic notification 

by May 15, 2008. The notification shall 

be submitted in accordance with 

instructions and publications, including 

those provided at the Internal Revenue 

Service Web site for exempt 

organizations. 

(g) Effective/applicability date. These 

regulations are applicable to annual 

periods beginning after 2006. 

§ 1.6033–6T [Removed] 

■ Par. 3. Section 1.6033–6T is removed. 

Approved: July 15, 2009. 

Linda E. Stiff, 

Deputy Commissioner for Services and 

Enforcement. 

Michael Mundaca, 

Acting Assistant Secretary of the Treasury 

(Tax Policy). 

[FR Doc. E9–17478 Filed 7–22–09; 8:45 am] 

BILLING CODE 4830–01–P 

DEPARTMENT OF THE TREASURY 

Office of Foreign Assets Control 

31 CFR Part 560 

Iranian Transactions Regulations 

AGENCY: Office of Foreign Assets 

Control, Treasury. 

ACTION: Final rule. 

SUMMARY: The Office of Foreign Assets 

Control of the U.S. Department of the 

Treasury (‘‘OFAC’’) is amending the 

Iranian Transactions Regulations to 

revise the definition of the term Iranian 

accounts and make conforming changes 

to other sections of the regulations. 

DATES: Effective Date: July 23, 2009. 

FOR FURTHER INFORMATION CONTACT: 

Assistant Director for Compliance 

Outreach & Implementation, tel.: 202/ 

622–2490, Assistant Director for 

Licensing, tel.: 202/622–2480, Assistant 

Director for Policy, tel.: 202/622–4855, 

Office of Foreign Assets Control, or 

Chief Counsel (Foreign Assets Control), 

tel.: 202/622–2410, Office of the General 

Counsel, Department of the Treasury, 

Washington, DC 20220 (not toll free 

numbers). 

SUPPLEMENTARY INFORMATION: 

Electronic and Facsimile Availability 

This document and additional 

information concerning the Office of 

Foreign Assets Control are available 

from OFAC’s Web site (http:// 

www.treas.gov/ofac) or via facsimile 

through a 24-hour fax-on demand 

service, tel.: 202/622–0077. 

Background 

The Iranian Transactions Regulations, 

31 CFR part 560 (the ‘‘ITR’’), implement 

a series of Executive Orders that began 

with Executive Order 12613 of October 

29, 1987, issued pursuant to authorities 

including the International Security and 

Development Cooperation Act of 1985 

(22 U.S.C. 2349aa–9). In that original 

order, after finding, inter alia, that the 

Government of Iran was actively 

supporting terrorism as an instrument of 

state policy, the President prohibited 

the importation of Iranian-origin goods 

and services. Subsequently, in 

Executive Order 12957, issued on March 

15, 1995, under the authority of, inter 

alia, the International Emergency 

Economic Powers Act (50 U.S.C. 1701– 

1706) (‘‘IEEPA’’), the President declared 

a national emergency with respect to the 

actions and policies of the Government 

of Iran, including its support for 

international terrorism, its efforts to 

undermine the Middle East peace 

process, and its efforts to acquire 

weapons of mass destruction and the 

means to deliver them. To deal with that 

threat, Executive Order 12957 imposed 

prohibitions on certain transactions 

with respect to the development of 

Iranian petroleum resources. On May 6, 

1995, to further respond to this threat, 

the President issued Executive Order 

12959, which imposed comprehensive 

trade and financial sanctions on Iran. 

Finally, on August 19, 1997, the 

President issued Executive Order 13059 

consolidating and clarifying the 

previous orders. 

Existing § 560.320 of the ITR defines 

the term Iranian accounts to mean 

accounts of persons located in Iran or of 

the Government of Iran maintained on 

the books of either a United States 

depository institution or a United States 

registered broker or dealer in securities. 

OFAC is revising § 560.320 to clarify the 

definition by substituting the new 

phrase ‘‘persons who are ordinarily 

resident in Iran, except when such 

persons are not located in Iran’’ for the 

phrase ‘‘persons located in Iran.’’ This 

change will improve OFAC’s overall 

administration of the ITR and facilitate 

compliance by U.S. financial 

institutions. As revised, § 560.320 

defines Iranian accounts to mean 

accounts of persons who are ordinarily 

resident in Iran, except when such 

persons are not located in Iran, or of the 

Government of Iran maintained on the 

books of either a United States 

depository institution or a United States 

registered broker or dealer in securities. 


erowe on DSK5CLS3C1PROD with RULES
36398 Federal Register / Vol. 74, No. 140 / Thursday, July 23, 2009 / Rules and Regulations 

In addition to revising the definition 

in § 560.320, OFAC is making certain 

conforming changes to § 560.517 and 

§§ 560.532–560.535. These sections use 

language from the unamended 

definition of the term Iranian accounts 

in describing certain transactions that 

are authorized or prohibited with 

respect to such accounts. Therefore, 

OFAC is revising these sections by 

deleting that language and instead 

relying on a reference to the definition 

in § 560.320. Lastly, OFAC also is 

making a technical correction to the 

heading of § 560.532. 

Public Participation 

Because the amendments of the ITR 

involve a foreign affairs function, 

Executive Order 12866 and the 

provisions of the Administrative 

Procedure Act (5 U.S.C. 553) requiring 

notice of proposed rulemaking, 

opportunity for public participation, 

and delay in effective date are 

inapplicable. Because no notice of 

proposed rulemaking is required for this 

rule, the Regulatory Flexibility Act (5 

U.S.C. 601–612) does not apply. 

Paperwork Reduction Act 

The collections of information related 

to the ITR are contained in 31 CFR part 

501 (the ‘‘Reporting, Procedures and 

Penalties Regulations’’). Pursuant to the 

Paperwork Reduction Act of 1995 (44 

U.S.C. 3507), those collections of 

information have been approved by the 

Office of Management and Budget under 

control number 1505–0164. An agency 

may not conduct or sponsor, and a 

person is not required to respond to, a 

collection of information unless the 

collection of information displays a 

valid control number. 

List of Subjects in 31 CFR Part 560 

Administrative practice and 

procedure, Banks, Banking, Brokers, 

Foreign trade, Investments, Loans, 

Securities, Iran. 

■ For the reasons set forth in the 

preamble, the Office of Foreign Assets 

Control amends 31 CFR part 560 as 

follows: 

PART 560—IRANIAN TRANSACTIONS 

REGULATIONS 

■ 1. The authority citation for part 560 

continues to read as follows: 

Authority: 3 U.S.C. 301; 18 U.S.C. 2339B, 

2332d; 22 U.S.C. 2349aa–9; 31 U.S.C. 321(b); 

50 U.S.C. 1601–1651, 1701–1706; Pub. L. 

101–410, 104 Stat. 890 (28 U.S.C. 2461 note); 

Pub. L. 106–387, 114 Stat. 1549; Pub. L. 110– 

96, 121 Stat. 1011; E.O. 12613, 52 FR 41940, 

3 CFR, 1987 Comp., p. 256; E.O. 12957, 60 

FR 14615, 3 CFR, 1995 Comp., p. 332; E.O. 

12959, 60 FR 24757, 3 CFR, 1995 Comp., p. 

356; E.O. 13059, 62 FR 44531, 3 CFR, 1997 

Comp., p. 217. 

Subpart C—General Definitions 

■ 2. Revise § 560.320 to read as follows: 

§ 560.320 Iranian accounts. 

The term Iranian accounts means 

accounts of persons who are ordinarily 

resident in Iran, except when such 

persons are not located in Iran, or of the 

Government of Iran maintained on the 

books of either a United States 

depository institution or a United States 

registered broker or dealer in securities. 

Subpart E—Licenses, Authorizations 

and Statements of Licensing Policy 

■ 3. In § 560.517, revise the introductory 

text of paragraphs (a) and (b) to read as 

follows: 

§ 560.517 Exportation of services: Iranian 

accounts at United States depository 

institutions or United States registered 

brokers or dealers in securities. 

(a) United States depository 

institutions are prohibited from 

performing services with respect to 

Iranian accounts, as defined in 

§ 560.320, except that United States 

depository institutions are authorized to 

provide and be compensated for 

services and incidental transactions 

with respect to: 

* * * * * 

(b) United States registered brokers or 

dealers in securities are prohibited from 

performing services with respect to 

Iranian accounts, as defined in 

§ 560.320, except that United States 

registered brokers or dealers in 

securities are authorized to provide and 

be compensated for services and 

incidental transactions with respect to: 

* * * * * 

■ 4. In § 560.532, revise the heading and 

paragraph (c) to read as follows: 

§ 560.532 Payment for and financing of 

exports and reexports of agricultural 

commodities, medicine, and medical 

devices. 

* * * * * 

(c) No debits or credits to Iranian 

accounts on the books of U.S. 

depository institutions. Nothing in this 

section authorizes payment terms or 

trade financing involving debits or 

credits to Iranian accounts, as defined in 

§ 560.320. 

* * * * * 

■ 5. In § 560.533, revise paragraph (c) to 

read as follows: 

§ 560.533 Brokering sales of agricultural 

commodities, medicine and medical 

devices. 

* * * * * 

(c) No debits or credits to Iranian 

accounts on the books of U.S. 

depository institutions. Payment for any 

brokerage fee earned pursuant to this 

section may not involve debits or credits 

to Iranian accounts, as defined in 

§ 560.320. 

* * * * * 

■ 6. In § 560.534, revise paragraphs (d) 

and (e)(2) to read as follows: 

§ 560.534 Importation into the United 

States of, and dealings in, certain 

foodstuffs and carpets authorized. 

* * * * * 

(d) Iranian accounts. Nothing in this 

section authorizes debits or credits to 

Iranian accounts, as defined in 

§ 560.320. 

(e) * * * 

(2) A United States person may 

process a documentary collection 

relating to the importation into the 

United States of Iranian-origin 

pistachios, but payment under the 

documentary collection may not involve 

the crediting of an Iranian account, as 

defined in § 560.320. 

■ 7. In § 560.535, revise paragraph (d) to 

read as follows: 

§ 560.535 Letters of credit and brokering 

services relating to certain foodstuffs and 

carpets. 

* * * * * 

(d) Iranian accounts. Nothing in this 

section authorizes debits or credits to 

Iranian accounts, as defined in 

§ 560.320. 

* * * * * 

Dated: July 17, 2009. 

Adam J. Szubin, 

Director, Office of Foreign Assets Control. 

[FR Doc. E9–17558 Filed 7–22–09; 8:45 am] 

BILLING CODE 4811–45–P 

DEPARTMENT OF HOMELAND 

SECURITY 

Coast Guard 

33 CFR Part 165 

[Docket No. USCG–2008–1262] 

RIN 1625–AA00 

Safety Zone; AVI September Fireworks 

Display, Colorado River, Laughlin, NV 

AGENCY: Coast Guard, DHS. 

ACTION: Temporary final rule. 

SUMMARY: The Coast Guard is 

establishing a safety zone on the 

navigable waters of the Lower Colorado 

River, Laughlin, NV, in support of a 

fireworks display near the AVI Resort 


erowe on DSK5CLS3C1PROD with RULES