Regulations Implementing the United Nations Resolutions on Iran

Marginal note:Certificate — parties to contract

• 12 (1) If a party to a contract or a gratuitous transfer becomes a designated person, any party to that contract or transfer may apply to the Minister in writing for a certificate to exempt property from the application of section 3 to permit any party that is not a designated person to receive payments or a transfer or to permit the party that is a designated person to make payments or to complete the transfer.

• Marginal note:Certificate — time period

  (2) The Minister must issue a certificate within 90 days after receiving the application and at least 10 working days after advising the Security Council of his or her intention to issue the certificate, if it is established that

  • (a) the contract was entered into or the transfer occurred prior to any party becoming a designated person;

  • (b) the contract does not relate to an activity set out in any of subsections 4(1) and (3) to (5); and

  • (c) the payments or transfer are not to be received, directly or indirectly, by a designated person, by a person acting on behalf of, or at the direction of, a designated person or by a person that is owned, held or controlled by a designated person.