Regulations Implementing the United Nations Resolutions on Iran

19 (1) If a contract has been entered into by a party who subsequently became a designated person, any party to that contract may apply to the Minister for a certificate to exempt property from the application of section 9 in order for any party who is not a designated person to receive a payment or for the party who is a designated person to make a payment under that contract.

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

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

• (b) the contract is not related to products referred to in section 3, nor to the provision of technical assistance, financial services, brokerage or other services, property, financial assistance or investment related to the supply, sale, transfer, manufacture or use of products referred to in that section; and

• (c) the payment is 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 owned or controlled by a designated person.