Regulations Implementing the United Nations Resolutions on Iran

Marginal note:Certificate — parties to contract

• 12 (1) A person who is a party to a contract or a gratuitous transfer may apply to the Minister in writing for a certificate to exempt property from the application of section 3 to permit them to receive payments or transfers from a designated person or to permit a designated person to make payments or to carry out the transfer.

• Marginal note:Certificate — time period

  (2) The Minister must issue a certificate within 90 working days after receiving the application and at least 10 working days after advising the Security Council of the 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 an entity that is owned, held or controlled, directly or indirectly, by a designated person.