Code of Federal Regulations (Last Updated: July 5, 2024) |
Title 31 - Money and Finance: Treasury |
Subtitle B - Regulations Relating to Money and Finance |
Chapter V - Office of Foreign Assets Control, Department of the Treasury |
Part 576 - Iraq Stabilization and Insurgency Sanctions Regulations |
Subpart E - Licenses, Authorizations, and Statements of Licensing Policy |
§ 576.502 - Effect of license or authorization.
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§ 576.502 Effect of license or authorization.
(a) No license or other authorization contained in this part, or otherwise issued by the Office of Foreign Assets Control, authorizes or validates any transaction effected prior to the issuance of such license or other authorization, unless specifically provided in such license or authorization.
(b) No regulation, ruling, instruction, or license authorizes any transaction prohibited under this part unless the regulation, ruling, instruction or license is issued by the Office of Foreign Assets Control and specifically refers to this part. No regulation, ruling, instruction, or license referring to this part shall be deemed to authorize any transaction prohibited by any other part of this chapter unless the regulation, ruling, instruction, or license specifically refers to such part.
(c) Any regulation, ruling, instruction, or license authorizing any transaction otherwise prohibited under this part has the effect of removing a prohibition contained in this part from the transaction, but only to the extent specifically stated by its terms. Unless the regulation, ruling, instruction, or license otherwise specifies, such an authorization does not create any right, duty, obligation, claim, or interest in, or with respect to, any property which would not otherwise exist under ordinary principles of law.