Special Economic Measures (Iran) Regulations (SOR/2010-165)

Obligations

9 The following entities must determine on a continuing basis whether they are in possession or control of property that is owned, held or controlled by or on behalf of a listed person:

• (a) authorized foreign banks, as defined in section 2 of the Bank Act, in respect of their business in Canada, and banks regulated by that Act;

• (b) cooperative credit societies, savings and credit unions and caisses populaires regulated by a provincial Act and associations regulated by the Cooperative Credit Associations Act;

• (c) foreign companies, as defined in subsection 2(1) of the Insurance Companies Act, in respect of their insurance business in Canada;

• (d) companies, provincial companies and societies, as those terms are defined in subsection 2(1) of the Insurance Companies Act;

• (e) fraternal benefit societies regulated by a provincial Act in respect of their insurance activities and insurance companies and other entities regulated by a provincial Act that are engaged in the business of insuring risks;

• (f) companies regulated by the Trust and Loan Companies Act;

• (g) trust companies regulated by a provincial Act;

• (h) loan companies regulated by a provincial Act;

• (i) entities that engage in any business described in paragraph 5(h) of the Proceeds of Crime (Money Laundering) and Terrorist Financing Act if the business involves the opening of an account for a client; and

• (j) entities authorized under provincial legislation to engage in the business of dealing in securities or to provide portfolio management or investment counselling services.

• 10 (1) Every person in Canada, every Canadian outside Canada and every entity set out in section 9 must disclose without delay to the Commissioner of the Royal Canadian Mounted Police or to the Director of the Canadian Security Intelligence Service

  • (a) the existence of property in their possession or control that they have reason to believe is owned, held or controlled by or on behalf of a listed person; and

  • (b) any information about a transaction or proposed transaction in respect of property referred to in paragraph (a).

• (2) No proceedings under the Special Economic Measures Act and no civil proceedings lie against a person for a disclosure made in good faith under subsection (1).

Applications

• 11 (1) A listed person may apply to the Minister in writing to have their name removed from Schedule 1.

• (2) On receipt of an application, the Minister must decide whether there are reasonable grounds to recommend to the Governor in Council that the applicant’s name be removed from Schedule 1.

12 If there has been a material change in circumstances since the last application was submitted under section 11, a person may submit another application.

• 13 (1) A person whose name is the same as or similar to the name of a listed person and who claims not to be that person may apply to the Minister in writing for a certificate stating that they are not that listed person.

• (2) Within 30 days after receiving the application, the Minister must,

  • (a) if it is established that the applicant is not the listed person, issue the certificate; or

  • (b) if it is not so established, provide notice to the applicant of his or her determination.

14 [Repealed, SOR/2011-268, s. 7]

Application Before Publication

15 For the purpose of paragraph 11(2)(a) of the Statutory Instruments Act, these Regulations apply before they are published in the Canada Gazette.

Coming into Force

16 These Regulations come into force on the day on which they are registered.