conference day 1 presentations · 1 q h q q q v v v v q w $ 1 q p h g g h u $ v v l h k v k g 1 g h...
TRANSCRIPT
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SIM
PLI
FY
ING
MATTERS
DO
ING
BU
SIN
ES
S I
N I
RA
N
Sam
Ja
lae
i
Att
orn
ey-
at-
Law
, pa
rtn
er M
ag
nu
sso
n L
aw
He
ad
of M
idd
le E
ast
& Ir
an
De
skC
o-F
ou
nd
er
& M
em
be
r of B
oa
rd o
f Dire
cto
rs o
f th
e N
ord
ic Ir
an
ian
Ch
am
be
r of C
om
me
rce
Boa
rd m
em
be
r Da
nish
A
me
rica
n B
usi
ne
ss F
oru
m
E-mail:sja
@magnussonlaw.com
Mo
bile
:+45
2774
0504
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AG
END
A
IRA
NG
en
era
lIn
tro
du
ctio
n
Polit
ica
lSys
tem
an
dP
ow
erS
tru
ctu
re
Leg
alS
yste
m&
Leg
isla
tion
FIPP
A(F
ore
ign
Inve
stm
en
tPr
om
otio
na
nd
Pro
tec
tion
Ac
t)
Do
ing
Busin
ess
inIra
nD
os
an
dD
on
ts&
Pitf
alls
US
&EU
San
ctio
ns
Da
nish
US
Re
late
dC
om
pa
nie
s
Futu
reIra
nO
pp
ort
un
itie
s(E
co
no
mic
&Po
litic
alS
itua
tion
Post
San
ctio
ns)
Q&
A
271
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IRA
N
GEN
ERA
L IN
TRO
DU
CTI
ON
Pop
ula
tion
ofa
pp
rox.
80m
illio
n
Lan
da
rea
of
1,64
8,19
5km
218
thla
rge
stin
the
wo
rldo
rth
esiz
eo
fUK,
Fra
nc
e,S
pa
in,I
taly
an
dSw
itze
rlan
dc
om
bin
ed
Ap
pro
x.70
%o
fth
ep
op
ula
tion
isu
nd
er3
0ye
ars
old
Hig
hly
ed
uc
ate
da
nd
hig
hlit
era
cy
rate
3rd
inth
ew
orld
for
nu
mb
ero
fen
gin
ee
ring
gra
du
ate
sa
fte
rRu
ssia
&U
SA
90%
Shia
Mu
slim
sm
od
era
tes
Fars
im
ain
lan
gu
ag
esp
ea
kw
ell
Eng
lish
Ne
igh
bo
urin
gto
7c
ou
ntr
ies
4thla
rge
sto
ilp
rod
uc
eri
nth
ew
orld
272
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IRA
N
GEN
ERA
L IN
TRO
DU
CTI
ON
2nd
Hig
he
st g
as
rese
rve
s in
th
e w
orld
Tra
ine
d, y
ou
ng
an
d e
ffic
ien
t m
an
po
we
r at
a c
om
pe
titiv
ec
ost
De
velo
pe
d in
fra
stru
ctu
re in
tra
nsp
ort
atio
n,
tele
co
mm
un
ica
tion
& e
ne
rgy
Larg
est
ma
rke
t in
Mid
dle
Ea
st
mid
dle
inc
om
e p
op
ula
tion
Ge
op
olit
ica
lly im
po
rta
nt:
to
th
e N
ort
h C
asp
ian
Se
e a
nd
to
the
So
uth
Pe
rsia
n G
ulf
-St
rate
gic
loc
atio
n -
Stra
it o
f Ho
rmu
za
s a
ma
in m
arit
ime
pa
thw
ay
for c
rud
e o
il tr
an
spo
rtR
eg
ion
al p
ow
er
4th
ric
he
st c
ou
ntr
y in
th
e w
orld
in re
spe
ct t
o n
atu
ral m
ine
ral
rese
rve
sM
ain
exp
ort
s: O
il, G
as,
Pe
tro
ch
em
ica
l, A
gric
ultu
ral p
rod
uc
ts 273
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POLI
TIC
AL
SYST
EM A
ND
PO
WER
ST
RU
CTU
RE
Ac
om
ple
xp
olit
ica
lsy
ste
mc
om
bin
es
ele
me
nts
of
de
mo
cra
cy
an
dre
ligio
n/t
he
oc
rac
yBa
sed
on
the
Feb
rua
ry19
79Is
lam
icR
evo
lutio
na
nd
co
nst
itutio
ne
na
cte
din
1979
an
dre
vise
din
1989
The
Isla
mic
go
vern
me
nt
ism
od
ele
da
fte
rA
yato
llah
Kh
om
ein
isid
ea
on
rule
of
the
juris
pru
de
nt
(Ve
laya
t-e
-Fa
gh
ih)
me
an
sth
at
the
sta
teto
be
gu
ide
db
ya
lea
rne
dre
ligio
us
juris
t.A
bso
lute
po
we
ro
ver
the
sta
te.P
rote
cto
rof
the
Isla
mic
law
an
dso
cie
tyU
niq
ue
form
of
go
vern
me
nt
Isla
mic
an
dR
ep
ub
lica
nst
ruc
ture
sru
np
ara
llelt
oe
ac
ho
the
rSu
pre
me
Lea
de
r(Sa
yye
dA
liH
oss
ein
iKh
am
en
ei)
Go
vern
me
nt
Pre
sid
en
t(R
ou
ha
ni)
an
da
ca
bin
et
of
22m
inis
ters
(4ye
art
erm
/lim
ito
f2c
on
sec
utiv
ete
rms)
/exe
cu
tive
po
we
rPa
rlia
me
nt
(Ma
jles)
&G
ua
rdia
nC
ou
nc
ilPa
rlia
me
nt
intr
od
uc
es
an
dp
ass
es
law
sBU
T!!!
Ca
nb
ed
ism
isse
db
yth
eG
ua
rdia
nC
ou
nc
il 274
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POLI
TIC
AL
SYST
EM A
ND
PO
WER
ST
RU
CTU
RE
Exp
ed
ien
cy
Co
un
cil
Gu
ard
ian
Co
un
cil
Ass
em
be
lyo
fExp
ert
sR
evo
lutio
na
ryG
ua
rdA
ctu
al
&re
al
(pa
ra)m
ilita
rya
nd
ec
on
om
icp
ow
er
ho
use
ofI
RA
NM
od
era
tes
(Pre
sid
en
tR
ou
ha
ni&
Min
iste
ro
fFo
reig
nA
ffa
irsZa
rif)
vs.
Co
nse
rva
tive
ha
rd-li
ne
rsSu
pre
me
Lea
de
r;H
igh
est
au
tho
rity/
relig
iou
s&
po
litic
al
lea
de
rA
lle
co
no
mic
,m
ilita
ry,
jud
icia
l,re
ligio
us
an
dm
ed
iap
ow
er
(co
ntr
ol)
vest
ed
inh
imb
yth
ec
on
stitu
tion
.D
irec
tlya
pp
oin
tsth
eh
ea
do
fth
eJu
dic
iary
etc
.A
sse
mb
lyo
fEx
pe
rts;
ap
po
ints
&m
oni
tors
&re
mo
ves
The
Sup
rem
eLe
ad
er.
Ass
em
ble
yo
fEx
pe
rts
ele
cte
db
yp
eo
ple
svo
te.
Mu
stb
eM
ulla
hs
The
Pre
sid
en
t;N
ext
toth
eSu
pre
me
Lea
de
r,th
ePr
esi
de
nt
isd
efa
cto
the
hig
he
sto
ffic
ial
au
tho
rity.
Sig
ns
an
dsu
pe
rvis
es
the
imp
lem
en
tatio
no
fla
ws
pa
sse
db
yth
ePa
rlia
me
nt
He
ad
sth
ec
ab
ine
ta
nd
ap
po
ints
an
dd
ism
isse
sm
inis
ters
Ha
sth
ee
xec
utiv
ep
ow
er
275
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POLI
TIC
AL
SYST
EM A
ND
PO
WER
ST
RU
CTU
RE
The
Pre
sid
en
tis
the
Ch
airm
an
toth
eSu
pre
me
Na
tion
al
Sec
urit
yC
ou
nc
ila
nin
flue
ntia
lc
om
mitt
ee
tha
tsu
pe
rvise
sa
llg
ove
rnm
en
ta
ctiv
itie
sre
late
dto
de
fen
se,f
ore
ign
po
licy
an
dth
elik
e
The
Gu
ard
ian
Co
un
cil;
An
up
pe
rh
ou
seo
fPa
rlia
me
nt
(Ma
jles)
tha
tc
an
vote
ou
tth
elo
we
rh
ou
ses/
Pa
rlia
me
nt
law
sa
nd
reso
lutio
ns.
All
leg
isla
tion
mu
stfir
stb
ea
pp
rove
db
yth
eP
arli
am
en
ta
nd
the
nra
tifie
db
yth
eG
ua
rdia
nC
ou
nc
il.Th
eG
ua
rdia
nC
ou
nc
ilc
he
cks
all
law
sp
ass
ed
by
the
Parli
am
en
tfo
rc
om
pa
tibili
tyw
ithth
ec
on
stitu
tion
an
dth
eIs
lam
icte
ne
ts.
12m
em
be
rs(6
cle
rica
lIs
lam
ica
pp
oin
ted
by
the
Sup
rem
eLe
ad
er
with
the
po
we
rto
rule
on
the
co
mp
atib
ility
of
all
leg
isla
tion
with
Isla
mic
prin
cip
les
via
sim
ple
ma
jorit
yo
fth
ese
6)R
est
ele
cte
db
yth
ePa
rlia
me
nt
tho
ug
ha
pp
rove
db
yth
eh
ea
do
fJu
dic
iary
(ap
po
inte
db
yth
eSu
pre
me
Lea
de
r)
The
Pre
sid
en
ta
nd
the
Parli
am
en
ta
ree
lec
ted
by
the
pe
op
le
276
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POLI
TIC
AL
SYST
EM A
ND
PO
WER
ST
RU
CTU
RE
Exp
ed
ien
cy
Co
un
cil;
pe
rma
ne
nt
inst
itutio
ne
sta
blis
he
db
ya
me
nd
ing
the
co
nst
itutio
nin
1989
.To
reso
lve
an
yd
isp
ute
sb
etw
ee
nth
ePa
rlia
me
nt
an
dth
eC
ou
nc
ilo
fG
ua
rdia
ns
an
da
dd
ed
toits
du
ties
an
ad
viso
ryro
leth
eSu
pre
me
Lea
de
r
Exp
ed
ien
cy
Co
un
cil;
on
eo
fth
em
ost
imp
ort
an
ta
cto
rsin
the
de
cisi
on
-m
aki
ng
pro
ce
sso
fIra
n.
Ma
ye
ven
toso
me
ext
en
do
verr
ule
the
co
nst
itutio
n,
ifit
ise
xpe
die
nt
an
dd
ee
me
din
the
inte
rest
of
the
co
un
try.
The
Re
volu
tion
ary
Gu
ard
wa
sc
rea
ted
by
Aya
tolla
hKh
om
ein
iin
ord
er
top
reve
nt
am
ilita
ryc
ou
pa
nd
top
ple
the
reg
ime
.
Bett
er
ed
uc
ate
d,
eq
uip
pe
da
nd
hig
he
rsa
larie
sth
an
the
mili
tary
.p
rote
cto
ro
fth
ere
gim
e.A
pp
rox.
300.
000
Ma
jor
ec
on
om
icp
ow
er
ho
use
.D
irec
tlyo
rin
dire
ctly
ow
ns
ma
jor
Iran
ian
en
titie
s,e
.g.M
AP
NA
Gro
up
an
dM
ah
an
Air
etc
.
277
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
The
Iran
ian
leg
als
yste
mis
ac
ivil
law
syst
em
wh
ich
isfo
un
de
do
nth
eFr
en
ch
law
an
dIs
lam
icju
risp
rud
en
ce
The
Co
mm
erc
ial
Co
de
of
Iran
ha
sa
do
pte
dth
eFr
en
ch
,Sw
issa
nd
Belg
ium
co
mm
erc
iall
aw
sa
nd
wa
se
na
cte
din
Ma
y19
32
The
Iran
ian
Civ
ilC
od
e;
co
mp
rise
so
f3
volu
me
sa
nd
1335
art
icle
s(e
na
cte
db
etw
ee
n19
2819
35la
rge
lyin
tac
tw
itho
nly
min
or
am
en
dm
en
tsm
ad
esin
ce
toits
pro
visio
ns
pe
rta
inin
gto
the
rule
so
fe
vid
en
ce
)
The
Iran
ian
co
urt
sre
fer
toth
eC
ivil
Co
de
as
the
ma
inso
urc
eo
fla
wfo
rd
ete
rmin
ing
the
leg
al
an
dc
om
me
rcia
lrig
hts
of
na
tura
la
nd
leg
alp
ers
on
s
Oth
er
imp
ort
an
tla
ws;
Civ
ilLi
ab
ility
Co
de
,C
om
me
rcia
lA
rbitr
atio
n,
Fore
ign
Inve
stm
en
t,Fr
ee
Tra
de
Zon
es,
Insu
ran
ce
inIra
n,
Lab
or
Law
,R
igh
tso
ffo
reig
nn
atio
na
ls,Ta
xatio
na
nd
Sto
ck
Exc
ha
ng
e27
8
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Co
urt
syst
em
inIra
n:
Cla
ssifi
ed
ac
co
rdin
gto
are
ao
fju
risd
ictio
n,
civ
ilo
rc
rimin
al
(litig
atio
no
rc
rime
)In
an
Iran
ian
co
urt
the
jud
ge
ac
tsa
sp
rose
cu
tor,
jury
an
dth
ea
rbite
r(in
qu
isito
rials
yste
m)
The
jud
ge
ho
lds
ab
solu
tep
ow
er
an
da
llju
dg
es
are
ce
rtifi
ed
un
de
rIs
lam
icla
wa
nd
mo
sta
rem
em
be
rso
fth
eru
ling
cle
rgy
Co
urt
sa
nd
Ma
jorD
isp
ute
Re
solu
tion
Inst
itutio
ns
ofI
ran
:C
ou
rts
of
Firs
tIn
sta
nc
e(p
ub
licc
ou
rts
with
juris
dic
tion
ove
rc
ivil
an
dth
em
ajo
rity
ofc
rimin
alc
ase
s)A
pp
ella
teC
ou
rts
The
Sup
rem
eC
ou
rtTR
AC
(Th
eTe
hra
nR
eg
ion
alA
rbitr
atio
nC
en
tre
est
ab
lish
ed
2004
)Th
eIra
nia
nC
ha
mb
er
of
Co
mm
erc
ee
sta
blis
he
dth
eA
rbitr
atio
nTr
ibu
na
lla
wa
do
pte
din
2000
279
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Arb
itra
tion
Iran
isp
art
yto
the
Ne
wY
ork
Arb
itra
tion
Co
nve
ntio
n19
58w
ithm
ore
tha
n15
0w
orld
wid
esig
na
torie
s.A
nA
rbitr
atio
nc
lau
sep
reve
nts
the
co
urt
sfr
om
tryi
ng
the
co
nfli
ct.
Co
mm
erc
ialp
art
ies
are
fre
eto
ag
ree
tose
ttle
exi
stin
go
ffu
ture
co
nfli
cts
with
ina
spe
cifi
ed
are
a,
suc
ha
sth
eu
nd
ers
tan
din
go
rp
erf
orm
an
ce
un
de
ra
spe
cifi
cc
on
tra
ct
thro
ug
ha
rbitr
atio
n.
Toq
ua
lify
un
de
rth
eN
ew
York
Co
nve
ntio
nth
ea
rbitr
atio
na
gre
em
en
tm
ust
be
ma
de
inw
ritin
g,e
ithe
ra
sp
art
of
the
co
mm
erc
iala
gre
em
en
to
rin
ase
pa
rate
ag
ree
me
nt.
The
pa
rtie
sm
ay
de
sign
ate
the
ven
ue
for
the
arb
itra
tion
,th
en
um
be
ro
fa
rbitr
ato
rsa
nd
the
ap
plic
ab
leru
les
for
the
arb
itra
tion
or
refe
rto
an
exi
stin
ga
rbitr
atio
nfo
rum
,su
ch
as
the
ICC
Arb
itra
tion
or
alo
ca
lC
ha
mb
er
of
Co
mm
erc
eo
rsim
ilar
arb
itra
tion
pa
ne
l.C
om
mo
nn
eu
tra
la
rbitr
atio
ns
are
he
ldin
Züric
ha
nd
Sto
ckh
olm
.Fin
an
cia
lan
dsh
ipp
ing
arb
itra
tion
sa
reo
fte
nh
eld
inLo
nd
on
.
No
ta
llow
ed
toa
pp
oin
tb
efo
reth
ed
ispu
tea
rise
sa
fore
ign
arb
itra
tor
of
the
sam
en
atio
na
lity
as
the
fore
ign
co
ntr
ac
tp
art
y .
The
ap
plic
ab
lela
wis
de
term
ine
de
ithe
rb
ya
gre
em
en
tin
the
co
mm
erc
ial
co
ntr
ac
to
rb
yre
fere
nc
eto
ge
ne
ralI
nte
rna
tion
alP
riva
teLa
wo
nth
ec
ho
ice
of
law
.It
isa
lso
po
ssib
leto
refe
rto
Ge
ne
ral
Prin
cip
les
of
Co
mm
erc
ial
Co
ntr
ac
tLa
w19
99o
rm
ore
spe
cifi
ca
llyth
eP
ECL
rule
so
rU
NC
ITR
AL
Prin
cip
les
2004
.
The
de
cisi
on
retu
rne
db
yth
ea
rbitr
atio
np
an
el
isim
me
dia
tely
en
forc
ea
ble
ina
llo
fth
ec
on
tra
ctin
gst
ate
s.A
pp
ea
lto
the
ord
ina
ryc
ou
rts
of
law
iso
nly
po
ssib
lyw
he
nth
efo
rma
litie
sb
eh
ind
the
arb
itra
tion
we
ren
ot
co
mp
lied
with
.28
0
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Co
rpo
rate
Law
Sta
rtin
ga
bu
sin
ess
inIra
n:
Fore
ign
inve
sto
rsc
an
no
we
sta
blis
hth
eir
co
mp
an
yw
ith10
0%o
wn
ers
hip
of
the
sha
res
an
dc
on
tro
lof
the
irb
usi
ne
ss.
The
rea
ren
ore
qu
irem
en
tso
flo
ca
lIra
nia
np
art
ne
r(c
o-o
wn
ers
hip
)si
nc
eth
ere
are
no
leg
all
imita
tion
so
nth
ep
erc
en
tag
eo
ffo
reig
no
wn
ers
hip
. 281
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Priv
ate
Join
tSto
ck
Co
mp
any
(She
rka
tSa
ham
iKha
ss)
This
bu
sine
sse
ntit
yis
mo
stc
om
mo
nly
use
db
yfo
reig
nin
vest
ors
inte
nd
ing
tose
tu
pb
usin
ess
inIra
n.
For
suc
ce
ssfu
lre
gis
tra
tion
,a
tle
ast
2d
irec
tors
an
d3
sha
reh
old
ers
mu
stb
ea
pp
oin
ted
,w
ho
ca
nb
eo
fa
ny
na
tion
alit
y.Th
em
inim
um
pa
idu
psh
are
ca
pita
lre
qu
ired
will
be
3m
illio
nIra
nia
nR
ials
(ap
pro
x.40
-70
EUR
exc
ha
ng
era
te).
Lim
ited
liab
ility
(sh
are
s).
Both
ind
ivid
ua
lsa
nd
co
rpo
rate
en
titie
sm
ay
ac
ta
ssh
are
ho
lde
rs.H
ow
eve
r,o
nly
ind
ivid
ua
lsm
ay
be
ap
po
inte
da
sd
irec
tors
.
The
form
atio
nis
de
em
ed
toh
ave
take
np
lac
ew
he
nth
ec
ap
itali
nc
ash
ha
sb
ee
nfu
llyc
on
trib
ute
da
nd
wh
en
no
n-c
ash
co
ntr
ibu
tors
ha
veb
ee
na
sse
sse
da
nd
de
live
red
.Ba
sed
up
on
the
dire
ct
co
ntr
ibu
tion
so
fth
ep
art
ne
rsto
the
pa
rtn
ers
hip
an
dn
ot
by
sha
resu
bsc
riptio
n.
Will
be
req
uire
dto
sub
mit
fina
nc
ial
sta
tem
en
tsto
the
Go
vern
me
nt
an
nu
ally
,b
ut
co
uld
be
exe
mp
ted
fro
mg
ett
ing
an
au
dit,
ifi)
the
an
nu
alr
eve
nu
eis
low
er
tha
nEU
R1
mill
ion
or
ii)to
tal
ass
ets
are
low
ert
ha
nEU
R2
mill
ion
282
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Lim
ited
Lia
bili
tyC
om
pa
ny(S
herk
atb
am
aso
uliy
atM
ahd
ou
d)
An
Iran
LLC
ca
nb
ese
t-u
pw
ith2
sha
reh
old
ers
an
d1
dire
cto
rof
an
yn
atio
na
lity.
Furt
he
rmo
re,
the
min
imu
mp
aid
up
sha
rec
ap
italr
eq
uire
dw
illb
e1
milli
on
Iran
ian
Ria
ls.Th
isb
usin
ess
en
tity
ism
ost
lyin
co
rpo
rate
dfo
rth
ep
urp
ose
of
op
en
ing
tra
din
gc
om
pa
nie
s.Li
mite
dlia
bili
ty(s
ha
res)
.Bo
thin
div
idu
als
an
dc
orp
ora
tee
ntit
ies
ma
ya
ct
as
sha
reh
old
ers
.H
ow
eve
r,o
nly
ind
ivid
ua
lsm
ay
be
ap
po
inte
da
sd
irec
tors
.Th
efo
rma
tion
isd
ee
me
dto
ha
veta
ken
pla
ce
wh
en
the
ca
pita
lin
ca
shh
as
be
en
fully
co
ntr
ibu
ted
an
dw
he
nn
on
-ca
shc
on
trib
uto
rsh
ave
be
en
ass
ess
ed
an
dd
eliv
ere
d.
283
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Partne
rship(
)
Base
du
po
nth
ed
irec
tc
on
trib
utio
ns
of
the
pa
rtn
ers
toth
ep
art
ne
rsh
ipa
nd
no
tb
ysh
are
sub
scrip
tion
.Th
en
am
eo
fth
ec
om
pa
ny
mu
sta
lwa
ysin
clu
de
the
ph
rase
Lim
ited
Lia
bili
tyo
the
rwis
eu
nd
er
the
law
the
co
mp
an
yw
illb
ec
on
sid
ere
da
sa
ge
ne
ralp
art
ne
rsh
ip.
Public
JointS
tockCompany
(She
rkatS
aha
miA
m)
This
Iran
bu
sine
ssse
t-u
pw
illb
ere
co
mm
en
de
do
nly
ifa
fore
ign
inve
sto
rw
ishe
sto
raise
pu
blic
ca
pita
l.A
tle
ast
2d
irec
tors
an
d5
sha
reh
old
ers
of
an
yn
atio
na
lity
will
be
req
uire
d.
Furt
he
rmo
re,
min
imu
min
itia
lc
ap
ital
req
uire
dw
illb
ea
pp
rox.
200
EUR
.Li
mite
dlia
bili
ty(s
ha
res)
.Bo
thin
div
idu
als
an
dc
orp
ora
tee
ntit
ies
ma
ya
ct
as
sha
reh
old
ers
.H
ow
eve
r,o
nly
ind
ivid
ua
lsm
ay
be
ap
po
inte
da
sd
irec
tors
.Ev
ery
pu
blic
co
mp
an
yw
illiss
ue
at
lea
st20
%o
fits
sha
res
toth
eg
en
era
lp
ub
lic.
Ma
nd
ato
ryto
list
the
co
mp
an
yo
nth
en
atio
na
lst
oc
ke
xch
an
ge
(Te
hra
nSt
oc
kEx
ch
an
ge
).A
pu
blic
co
mp
an
ym
ust
sub
mit
au
dite
dfin
an
cia
lsta
tem
en
tsto
the
Go
vern
me
nt
an
nu
ally
.
284
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Branc
h&Re
presentatio
nOffice
Ab
ran
ch
off
ice
inIra
nc
an
be
est
ab
lish
ed
with
ou
tth
en
ee
dfo
rIra
nia
np
art
icip
atio
n.
The
bra
nc
his
simp
lya
nIra
nia
nre
gis
tere
de
xte
nsi
on
of
the
pa
ren
tc
om
pa
ny
sett
ing
up
the
bra
nc
h.T
hu
s,th
esh
are
ho
lde
rsa
nd
dire
cto
rsa
reth
esa
me
an
do
no
tre
qu
irere
-ap
po
intm
en
t.H
ow
eve
r,a
resid
en
tle
ga
lre
pre
sen
tativ
em
ust
be
ap
po
inte
din
Iran
toa
cc
ep
tse
rvic
eo
fle
ga
lp
roc
ee
din
gs
an
do
the
ro
ffic
ialc
om
mu
nic
atio
ns.
Alo
ca
lbra
nc
ho
ffic
eo
fa
fore
ign
co
mp
an
yis
the
sub
ord
ina
teo
fth
ep
are
nt
co
mp
an
yw
hic
hc
arr
ies
ou
tth
eo
bje
ctiv
es
an
db
usin
ess
tra
nsa
ctio
nfo
rth
ep
are
nt
co
mp
an
y.Th
eo
pe
ratio
no
fth
eb
ran
ch
off
ice
will
be
co
nd
uc
ted
un
de
rth
en
am
ea
nd
resp
on
sibili
tya
nd
liab
ility
of
the
pa
ren
tc
om
pa
ny.
The
bra
nc
ho
ffic
eis
sub
jec
tto
Iran
ian
law
sin
are
as
suc
ha
sla
bo
ur,
soc
ials
ec
urit
y,ta
xatio
n,
etc
.Th
eIra
nia
ng
ove
rnm
en
tp
rote
cts
the
leg
al
righ
tso
fa
reg
iste
red
bra
nc
ho
ffic
ea
so
fth
em
oth
era
nd
do
me
stic
co
mp
an
ies.
Alth
ou
gh
ab
ran
ch
off
ice
ca
no
nly
pu
rsu
eb
usin
ess
ac
tiviti
es
with
inth
esc
op
ed
efin
ed
by
the
pa
ren
tc
om
pa
ny,
itw
illst
illb
ea
llow
ed
toin
voic
elo
ca
lc
ust
om
ers
,sig
nlo
ca
lsa
les
co
ntr
ac
tsa
nd
rec
eiv
ein
co
me
fro
mc
ust
om
ers
.
285
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LEG
AL
SYST
EM&
LEG
ISLA
TIO
N
ContractLaw
Prin
cip
leo
ffr
ee
do
mo
fco
ntr
ac
t
Art
icle
10C
ivil
Co
de
on
co
ntr
ac
ts;
Priv
ate
co
ntr
ac
tssh
all
be
bin
din
go
nth
ose
wh
oh
ave
sig
ne
dth
em
,pro
vid
ing
the
ya
ren
ot
co
ntr
ary
toth
ee
xplic
itp
rovi
sio
ns
ofl
aw
Co
ntr
ac
tsa
rea
sp
er
law
eith
er
ora
lo
rw
ritte
n.
Typ
ica
llysh
ort
writ
ten
co
ntr
ac
ts.
Ten
de
nc
yo
fth
ere
ce
nt
yea
rsto
wa
rds
writ
ten
on
es;
inte
rna
tion
alw
ritte
nc
on
tra
cts
.
Lan
gu
ag
eo
fth
ec
on
tra
cts
tob
esp
ec
ifie
da
nd
sign
ato
rya
cc
ord
ing
toa
rtic
les
of
ass
oc
iatio
na
nd
lan
gu
ag
eo
fth
ec
on
tra
cts
tob
esp
ec
ifie
d.
Iran
ian
ste
nd
tore
-ne
go
tiate
:C
on
tra
ct
po
ints
sho
uld
be
cle
ar
an
dte
rms
an
dc
on
diti
on
sd
efin
ed
.
286
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LEG
AL
SYST
EM&
LEG
ISLA
TIO
N
Cave
ats
Ma
nd
ato
ryIra
nia
nPr
inc
iple
s
Fre
ed
om
toc
ho
ose
the
law
of
ac
ou
ntr
yo
uts
ide
Iran
on
lyif
the
co
ntr
ac
tis
sig
ned
out
sid
eIra
n
Iran
Go
vern
me
nt
inst
itutio
ns
ma
yo
nly
sub
mit
toa
rbitr
atio
nw
itha
pp
rova
lfro
mPa
rlia
me
nt
Ifsu
ch
ap
pro
val
isg
ive
nth
ea
rbitr
atio
nfin
din
gis
also
bin
din
go
nth
eG
ove
rnm
en
tin
stitu
tion
.
Ord
rePu
blic
.A
gre
em
en
tsa
ga
inst
pu
blic
ord
er,
mo
ralit
ya
ren
ot
en
forc
ea
ble
.
No
teu
sery
disa
llow
ing
inte
rest
on
loa
ns,
as
op
po
sed
tofe
es
an
dd
efa
ult
da
ma
ge
s.El
em
en
tso
fu
nju
ste
nric
hm
en
t,u
ne
thic
al
inve
stm
en
tse
.g.
ga
mb
ling
,a
lco
ho
l,p
ork
pro
duc
tsa
nd
spe
cu
latio
no
re
ven
un
ce
rta
ine
lem
en
tso
fth
ec
on
tra
ct
(pric
e,d
eliv
ery
)sh
ou
ldb
ea
void
ed
.
287
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LEG
AL
SYST
EM&
LEG
ISLA
TIO
N
Lim
itatio
no
fLia
bili
tyC
lea
rwo
rde
dlim
itatio
ns
are
allo
we
d,e
xce
pt
toa
void
liab
ility
forp
ers
on
ali
nju
ryo
rde
ath
.
The
reis
ag
en
era
lprin
cip
leo
fad
uty
tom
itig
ate
loss
es.
Sta
nd
ard
cla
use
so
nc
ap
on
liab
ility,
no
liab
ility
for
ind
irec
to
rc
on
seq
ue
nc
ial
da
ma
ge
s,o
nly
liab
ility
forg
ross
ne
glig
en
ce
Forc
eM
aje
ure
Iran
ap
plie
sth
ep
rinc
iple
of
Forc
eM
aje
ure
as
be
ing
ca
use
so
uts
ide
ap
ers
ons
co
ntro
lth
at
co
uld
no
tb
efo
rese
en
ora
void
ed
oro
verc
om
e
Fina
nc
ing
and
Bank
ing
Iran
ba
nks
op
era
teu
nd
ert
he
Sha
ria
hin
tere
stfr
ee
len
din
gru
les
Inve
stm
en
tsin
Iran
ba
nks
ca
pita
lis
allo
we
d,b
ut
stric
tlyc
on
tro
lled
288
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Ap
plic
ab
lela
w:
Art
icle
968
oft
he
Civ
ilC
od
eo
fIra
n;
Oblig
atio
nsarisingoutofcontractsare
subjectto
lexlocic
ontractus
(the
lawsofthe
place
ofthe
signing
the
contract)
exc
eptwhere
both
ofthepartiesto
thetransa
ctio
nare
both
foreignnatio
nalsand
have
exp
licity
orim
plie
dly
declared
the
transa
ctio
nto
the
lawsof
anotherc
ountry
-Ira
nia
nc
ou
rts
tod
ec
ide
forI
ran
ian
law
s,if
no
arb
itra
tion
cla
use
-In
ca
seo
fa
na
rbitr
atio
nc
lau
se,t
he
law
of
ch
oic
e.
-Lo
nd
on
Arb
itra
tion
an
dU
Kla
w
289
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
TaxLa
w-
-Ira
nD
irec
tTa
xatio
nA
ct;
-C
orp
ora
teta
xa
tth
est
an
da
rdra
teo
f25
%(t
ax
flat)
an
d9%
VA
T/Fi
xed
co
rpo
rate
inc
om
eta
xa
ta
flat
rate
of2
5%
--
Ag
ree
me
nts
toA
void
Do
ub
leTa
xatio
n;
-Th
eG
ove
rnm
en
to
fth
eIs
lam
icR
ep
ub
lico
fIra
nh
as
sign
ed
mu
tua
la
gre
em
en
tsw
ithso
me
fore
ign
co
un
trie
sto
avo
idd
ou
ble
taxa
tion
.E.
g.
Ge
rma
ny,
Fra
nc
e,
Au
stria
,Sp
ain
,Bu
lga
ria,
Pola
nd
,C
hin
a,
Ru
ssia
,Sw
itze
rlan
d,
Turk
ey
etc
.,b
ut
NO
TD
en
ma
rk.
Labour
Law
--
Art
icle
120
ofI
ran
ian
Lab
ou
rLa
w;
-Fo
reigncitize
nsshallnotbeengaged
inanyso
rtofwork
inIra
nunless
first
they
have
anentryvisa
entitlingthem
tosp
ecifiedwork
andse
condhave
obtaineda
work
perm
itin
accordancewith
thereleva
ntlawsandregulatio
ns
290
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
All
em
plo
yers
mu
stm
ake
an
un
em
plo
yme
nt
co
ntr
ibu
tion
toth
eG
ove
rnm
en
tw
ort
h3%
of
the
em
plo
yee
ssa
lary
.
8-9
ho
urs
wo
rkd
ays
(40-
45h
ou
rsa
we
ek)
are
ob
serv
ed
fro
mSa
turd
ay
toW
ed
ne
sda
y.Th
urs
da
ya
nd
Frid
ay
are
co
nsi
de
red
as
we
eke
nd
s
All
Irani
an
em
plo
yee
sa
ree
ntit
led
toa
tle
ast
on
em
on
tho
fh
olid
ays
pe
ra
nn
um
ina
dd
itio
nto
all
off
icia
lsta
teh
olid
ays
.In
Iran
,a
ne
mp
loye
ec
an
on
lyb
ed
ism
isse
dfr
om
serv
ice
aft
er
afo
rma
lh
ea
ring
at
the
Isla
mic
Lab
ou
rC
ou
nc
ilo
rth
eLa
bo
ur
Dis
cre
tion
ary
Boa
rd.
Emp
loye
efr
ien
dly
de
cis
ion
s.
All
em
plo
yers
are
req
uire
dto
co
ntr
ibu
te23
%o
fth
eir
em
plo
yee
ssa
lary
toth
ela
tte
rs
soc
ials
ec
urit
ya
cc
ou
nt
Ac
co
rdin
gto
the
prin
cip
leo
ffr
ee
do
mo
fc
on
tra
ct
inIs
lam
icla
wth
ee
mp
loye
ra
nd
the
em
plo
yee
are
fre
eto
ma
kea
ny
sort
of
co
ntr
ac
tn
ot
co
ntr
ary
toth
ela
w.
Iran
ian
lab
ou
rla
wis
prim
aril
yd
eriv
ed
fro
mth
ep
rinc
iple
sou
rce
of
Isla
mic
Feg
hh
.fr
ee
do
mo
fa
cc
ess
toe
mp
loym
en
t,c
f.A
rt.
2o
fth
eC
ivil
Co
de
an
dA
rt2
of
the
Lab
ou
rC
od
ea
nd
Prin
cip
le28
of
Irani
an
Co
nst
itutio
n;
Eve
ryp
ers
on
ha
sth
erig
ht
toc
ho
ose
ajo
bh
e/s
he
wish
es
as
lon
ga
sit
isn
ot
co
ntr
ary
toIs
lam
law
s,p
ub
licp
olic
ya
nd
the
righ
tso
foth
ers
.
De
finiti
on
of
an
em
plo
yee
un
de
rIra
nia
nLa
bo
ur
law
;A
pe
rso
nw
ho
wo
rks
by
the
off
er
of
em
plo
yer
an
din
retu
rnfo
ra
pa
yme
nt
wh
ich
inc
lud
es
sala
ry,
wa
ge
,p
rofit
an
de
very
oth
era
dva
nta
ge
,no
twith
sta
nd
ing
the
title
of
this
pa
yme
nt
.
291
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
The
reis
am
inim
um
na
tion
al
wa
ge
ap
plic
ab
leto
ea
ch
sec
tor
of
ac
tivity
fixe
db
yth
eSu
pre
me
Lab
ou
rC
ou
nc
ilw
hic
his
revi
sed
an
nu
ally
.In
2014
the
min
imu
mw
ag
e,
de
term
ine
db
yth
eSu
pre
me
Lab
ou
rC
ou
ncil,
wa
sa
bo
ut
USD
195
pe
rm
on
th.
In20
15th
em
inim
um
wa
ge
wa
sin
cre
ase
db
yth
eSu
pre
me
Lab
ou
rC
ou
ncil
with
17%
an
dth
us
toU
SD22
8.
Me
mb
ers
hip
inth
eso
cia
lse
cu
rity
syst
em
fora
lle
mp
loye
es
isc
om
pul
sory
.
The
co
mp
reh
en
sive
Irani
an
Lab
ou
rla
wc
ove
rsa
llla
bo
ur
rela
tion
sin
Iran
,in
clu
din
ghi
ring
of
loc
al
an
dfo
reig
nst
aff
.Th
eIra
nia
nLa
bo
ur
law
pro
vid
es
ave
ryb
roa
da
nd
inc
lusiv
ed
efin
itio
no
fth
ein
div
idua
lsit
co
vers
,a
nd
writ
ten
,o
ral,
tem
po
rary
an
din
de
finite
em
plo
yme
ntc
on
tra
cts
are
all
rec
og
niz
ed
.
The
Iran
ian
Lab
ou
rla
wis
very
em
plo
yee
-frie
nd
lya
nd
ma
kes
ite
xtre
me
lyd
iffic
ult
tola
yoff
sta
ff.
Emp
loyi
ng
pe
rso
nn
el
on
co
nse
cu
tive
six-m
on
thc
on
tra
cts
isill
eg
al,
as
isd
ismiss
ing
sta
ffw
itho
utp
roo
fofa
serio
us
off
en
ce
.
Lab
ou
rdisp
ute
sa
rese
ttle
db
ya
spe
cia
lLa
bo
urC
ou
nc
il,w
hic
hu
sua
llyru
les
infa
vou
roft
he
em
plo
yee
.
The
Lab
ou
rla
wp
rovi
de
sth
em
inim
um
sta
nd
ard
sa
ne
mp
loye
rm
ust
ad
he
reto
wh
en
form
ing
an
em
plo
yme
ntr
ela
tion
ship
.
292
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Fore
ign
na
tion
als
are
pro
hib
ited
fro
mw
ork
ing
inIra
nu
nle
ssth
ey
rec
eiv
ew
ork
an
de
mp
loym
en
tp
erm
its/l
ice
nse
(eve
nif
the
ya
resu
pp
ose
dto
rec
eiv
ew
ag
es
an
dsa
lary
ou
tsid
eth
eIra
nia
nte
rrito
ry)
issu
ed
by
the
De
pa
rtm
en
tG
en
era
lfo
rEm
plo
yme
nt
of
Fore
ign
Na
tion
als
.
The
Irani
an
Emp
loye
rsa
reo
blig
ate
dto
see
kth
ep
erm
issio
no
fth
eD
ep
art
me
nt
Ge
ne
ralf
or
Emp
loym
en
to
fFo
reig
nN
atio
na
lsb
efo
rec
on
clu
din
ga
ny
co
ntr
ac
tth
at
ma
yle
ad
toth
ee
mp
loym
en
toff
ore
ign
citi
zen
sin
Iran
.
The
FIP
PA(T
he
Fore
ign
Inve
stm
en
tPr
om
otio
na
nd
Pro
tec
tion
Ac
t),
pa
sse
din
2002
,h
as
co
nsid
ere
dp
rom
isin
gp
rovi
sion
sfo
riss
ua
nc
eo
fw
ork
pe
rmits
for
fore
ign
inve
sto
rs,
ma
na
ge
rsa
nd
exp
ert
sin
rela
tion
with
inve
stm
en
tsu
nd
er
FIP
PA.
Thu
s,su
bje
ct
toe
xce
ptio
ns
un
de
rth
eg
en
era
lru
les
inth
isre
ga
rd.
The
wo
rkp
erm
itso
ffo
reig
nn
atio
na
lsa
reiss
ue
d,e
xte
nd
ed
orr
en
ew
ed
fora
pe
riod
of
on
eye
ar.
Off
icia
lu
ne
mp
loym
en
tra
tein
Iran
ac
co
rdin
gto
the
Go
vern
me
nt
is25
%.
Ho
we
ver,
the
un
off
icia
lest
ima
ted
un
em
plo
yme
ntr
ate
isa
pp
rox.
40-4
5%.
Ma
ssiv
eh
um
an
ca
pita
lflig
ht;
bra
ind
rain
293
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Intelle
ctualProperty;
The
Iran
ian
Inte
llec
tua
lPr
op
ert
yLa
w(IR
-IPL)
de
term
ine
sth
ep
rote
ctio
na
nd
the
use
of
inte
llec
tua
lp
rop
ert
yin
clu
din
gTr
ad
em
ark
s,Pa
ten
tsa
nd
Pate
nt
De
sig
ns.
Pro
tec
tion
of
inte
llec
tua
lpro
pe
rty
ha
sa
lon
gtr
ad
itio
nin
Iran
.N
ew
eff
ort
sb
ec
au
seo
fte
ch
no
log
ica
lin
no
vatio
ns
inIra
nd
urin
gre
ce
nt
yea
rsh
ave
ca
use
dth
ele
gisl
ato
rto
pa
ym
ore
att
en
tion
toIP
pro
tec
tion
s.Fo
reig
nc
om
pa
nie
sre
turn
ing
toth
ec
ou
ntr
yo
rn
ew
co
me
rsa
rew
ell
ad
vise
dto
ha
vea
clo
selo
ok
on
the
irIP
pro
tec
tion
The
Iran
ian
go
vern
me
nt
ha
sa
dh
ere
dto
an
um
be
ro
fin
tern
atio
na
lc
on
ven
tion
s.
Iran
isa
me
mb
er
of
WIP
Osin
ce
2001
an
dh
as
ac
ce
de
dto
seve
ralW
IPO
inte
llec
tua
l-pro
pe
rty
tre
atie
s.
Iran
join
ed
the
Co
nve
ntio
nfo
rth
ep
rote
ctio
no
fIn
du
stria
lPro
pe
rty
(Pa
risC
on
ven
tion
)in
1959
.
InD
ec
em
be
r20
03Ira
nb
ec
am
ea
pa
rty
toth
eM
ad
ridA
gre
em
en
ta
nd
the
Ma
drid
Pro
toc
olf
ort
he
Inte
rna
tion
alR
eg
istra
tion
of
Ma
rks.
294
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
In20
00Ira
njo
ine
dth
eLi
sbo
nA
gre
em
en
tfo
rth
ePr
ote
ctio
no
fA
pp
ella
tion
so
fO
rigin
an
dth
eir
Inte
rna
tion
al
Re
gist
ratio
ne
nsu
res
the
pro
tec
tion
of
ge
og
rap
hic
aln
am
es
ass
oc
iate
dw
ithp
rod
uc
ts.
Iran
ha
sN
OT
be
co
me
am
em
be
ro
fTh
eH
ag
ue
Ag
ree
me
nt
for
the
Pro
tec
tion
ofI
nd
ust
rialD
esig
ns.
Co
pyr
igh
ta
nd
rela
ted
righ
tsa
rep
rote
cte
du
nd
erT
he
Law
forP
rote
ctio
no
fA
uth
ors
,C
om
po
sers
an
dA
rtist
sR
igh
ts(1
970)
an
dTh
eLa
wo
fTr
an
sla
tion
an
dR
ep
rod
uc
tion
of
Boo
ks,
Perio
dic
als
an
dA
ud
ioW
ork
s(1
973)
.A
lso
pro
tec
ted
un
de
rth
eEl
ec
tro
nic
Co
mm
erc
eA
ct
(200
3)
295
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Iran
ha
sn
ot
ac
ce
de
dto
an
yin
tern
atio
na
lc
on
ven
tion
or
ag
ree
me
nt
on
co
pyr
igh
ta
nd
rela
ted
righ
tsp
rote
ctio
n(e
.g.
Bern
an
dR
om
eC
on
ven
tion
).Th
us,
the
rea
reso
me
lac
un
aa
nd
co
ntr
ary
reg
ula
tion
sw
ithin
tern
atio
na
lc
on
ven
tion
sin
Iran
ian
leg
als
yste
m.
Iran
ian
Inte
llec
tua
lPro
pe
rty
Rig
ht
law
so
fIra
nc
arr
yo
ut
the
follo
win
gA
cts
:
The
Pa
risC
on
ven
tion
for
the
Pro
tec
tion
of
Ind
ust
rialP
rop
ert
y,St
oc
kho
lm(1
967
&19
79)
The
Paris
Co
nve
ntio
np
rovi
de
sth
efo
llow
ing
pro
tec
tion
of
ind
ust
rialp
rop
ert
y;1)
Pate
nts
2)U
tility
mo
de
ls3)
Ind
ust
riald
esig
ns
4)Tr
ad
em
ark
s5)
Serv
ice
ma
rks
6)Tr
ad
en
am
es
7)In
dic
atio
no
fso
urc
eo
rap
pe
llatio
ns
ofo
rigin
296
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LEG
AL
SYST
EM &
LEG
ISLA
TIO
N
Ma
drid
Co
nve
ntio
na
nd
Pro
toc
ol
Lisb
on
Ag
ree
me
nt
for
the
Pro
tec
tion
of
Ap
pe
llatio
ns
of
Orig
ina
nd
the
irIn
tern
atio
na
lRe
gist
ratio
n
Bila
tera
lIn
vest
me
nt
Tre
atie
s
Pate
nt
an
dTr
ad
em
ark
Re
gis
tra
tion
Ac
t19
31
Re
gu
latio
ns
for
the
Exe
cu
tion
of
the
Pate
nt
an
dTr
ad
em
ark
Re
gist
ratio
nA
ct
1958
Soft
wa
reA
ct
2000
(Pro
tec
tion
ofR
igh
tso
fCo
mp
ute
rSo
ftw
are
Ac
t20
00)
Ele
ctr
on
icC
om
me
rce
Ac
tfo
rth
ep
rote
ctio
no
fso
me
ind
ust
rial
pro
pe
rty
inE-
Co
mm
erc
e(o
nth
eIn
tern
et)
2003
Ap
pe
llatio
no
fOrig
inA
ct
(200
4)
Isla
mic
Pe
na
lCo
de
(199
8)
Civ
ilLi
ab
ility
Ac
t(1
960)
297
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FIPP
A
The
Fore
ign
Inve
stm
en
tPr
om
otio
na
nd
Pro
tec
tion
Ac
t(F
IPP
A)
2002
pro
vid
es
ce
rta
inp
rote
ctio
na
nd
ad
van
tag
es
tofo
reig
nd
irec
ta
nd
ind
irec
tin
vest
me
nts
inIra
nsu
ch
as;
No
limits
on
:1)
Equ
ity p
erc
en
tag
e2)
Vo
lum
e o
f in
vest
me
nts
3)C
ap
ital r
ep
art
itio
n4)
Typ
es
of c
ap
ital i
mp
ort
ed
(b
oth
ca
sh a
nd
/or c
on
trib
utio
n in
kin
d/t
an
gib
lea
nd
inta
ng
ible
)
Oth
ers
erv
ice
sa
nd
ad
van
tag
es:
1)Is
sua
nc
e &
ass
ista
nc
e in
rela
tion
to
ob
tain
ing
ne
ce
ssa
ry p
erm
its a
nd
lic
en
ses
fro
m t
he
rele
van
t Ira
nia
n M
inist
ries/
org
an
isatio
ns
an
d in
vest
me
nt
sec
tors
2)3
yea
rs M
ulti
-en
try
Visa
3)3
yea
rs re
side
nc
e p
erm
it4)
Wo
rk p
erm
it
298
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FIPP
A
Bro
ad
de
finiti
on
of
fore
ign
inve
stm
en
t/c
ap
ital;
Ca
sho
rin
kin
d,
suc
ha
sm
ac
hin
ery
an
de
qu
ipm
en
t,ra
wm
ate
rials
,pa
rts,
spe
cia
lize
dse
rvic
es
as
we
lla
sin
telle
ctu
alp
rop
ert
y
No
rest
rictio
no
fw
ha
teve
rn
atu
reis
imp
ose
do
nth
em
an
ne
r,ty
pe
an
dvo
lum
eo
fin
vest
me
nt,
pe
rce
nta
ge
of
sha
reho
ldin
g,
pro
fita
nd
ca
pita
lre
pa
rtiti
on
as
we
lla
sin
tern
al
rela
tion
sb
etw
ee
nth
ep
art
ies
toa
nin
vest
me
ntp
roje
ct
FIPP
Ap
rovi
de
sfu
llse
cu
rity
ag
ain
stth
eris
ksw
hic
ha
reg
en
era
llyre
ferr
ed
toa
sn
on
-c
om
me
rcia
lris
ks.
Re
pa
tria
tion
of
the
prin
cip
al
ca
pita
l,d
ivid
en
da
nd
ca
pita
lg
ain
,c
om
pe
nsa
tion
inc
ase
of
exp
rop
riatio
no
rn
atio
na
liza
tion
an
dc
om
pe
nsa
tion
inc
ase
of
bu
sin
ess
disr
up
tion
by
the
go
vern
me
nt
are
fully
gu
ara
nte
ed
No
disc
rimin
atio
nvi
s-a
-vis
fore
ign
inve
sto
rsa
nd
all
fac
ilitie
s,p
rivile
ge
s,e
xem
ptio
ns
an
da
ny
rec
ord
tolo
ca
linv
est
ors
will
be
eq
ua
llye
xte
nd
ed
tofo
reig
nin
vest
ors
Fore
ign
inve
stm
en
tsa
dm
itte
din
ac
co
rda
nc
ew
ithth
ep
rovi
sion
so
fFI
PPA
sha
lle
njo
yth
efa
cili
ties
an
dp
rote
ctio
ns
ava
ilab
leu
nd
erF
IPPA
.
Dire
ct
inve
stm
en
t(e
qu
ityp
art
icip
atio
n)
ina
lla
rea
so
pe
nto
Iran
ian
priv
ate
sec
tor.
Ind
irec
tin
vest
me
nt/
inve
stm
en
tth
rou
gh
co
ntr
ac
tua
larr
an
ge
me
nts
(no
n-e
qu
ityfo
rms)
:
Buy
Bac
kA
rra
ng
em
en
ts
Civ
ilPa
rtn
ers
hip
BOT
Sch
em
es
(Bu
ild-O
pe
rate
-Tra
nsf
er)
299
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FIPP
A
Fore
ign
ca
pita
lma
yb
eim
po
rte
din
toth
ec
ou
ntr
yb
yw
ay
of
on
eo
ra
co
mb
ina
tion
of
the
follo
win
gm
an
ne
rs;
1)C
ash
fun
ds
tob
ec
on
vert
ed
into
Ria
ls
2)C
ash
fun
dn
ot
tob
ec
on
vert
ed
into
Ria
ls,
bu
tto
be
use
dd
irec
tlyfo
rth
ep
urc
ha
ses
an
do
rde
rsre
late
dto
fore
ign
inve
stm
en
ts
3)N
on
-ca
shite
ms,
aft
er
valu
atio
nb
yth
ec
om
pe
ten
ta
uth
orit
ies
The
pro
fitd
ivid
en
dfr
om
fore
ign
inve
stm
en
ta
fte
rd
ed
uc
tion
of
taxe
s,d
ue
sa
nd
sta
tuto
ryre
serv
es,
up
on
the
ap
pro
valo
fth
eBo
ard
an
dc
on
firm
atio
nb
yth
eM
inist
er
of
Eco
no
mic
Aff
airs
an
dFi
na
nc
e,s
ha
llb
etr
an
sfe
rab
lea
bro
ad
toth
esa
me
rate
as
bro
ug
ht
in.
Ad
miss
ion
of
fore
ign
inve
stm
en
tsh
all
be
ma
de
ina
cc
ord
an
ce
with
the
pro
visio
ns
of
FIPP
Aa
nd
with
du
eo
bse
rva
nce
of
oth
er
pre
vaili
ngla
ws
an
dre
gu
latio
nso
fth
ec
ou
ntr
y,fo
rth
ep
urp
ose
ofd
eve
lop
me
nta
nd
pro
mo
tion
ofp
rod
uc
ing
ac
tiviti
es
inin
du
stry
etc
.
Brin
ga
bo
ut
ec
on
om
icg
row
th,
up
gra
de
tec
hn
olo
gy,
en
ha
nc
eth
eq
ua
lity
of
pro
duc
ts,
inc
rea
see
mp
loym
en
top
po
rtu
niti
es
an
de
xpo
rts
Do
es
no
tp
ose
an
yth
rea
tto
the
na
tion
als
ec
urit
ya
nd
pu
blic
inte
rest
sa
nd
ca
use
da
ma
ge
toth
ee
nvi
ronm
en
t;d
oe
sn
ot
disr
upt
the
co
un
try
se
co
no
my
an
dje
op
ard
ize
the
pro
du
ctio
nb
ylo
ca
linv
est
me
nts
Inve
stig
atio
no
fa
lliss
ue
sre
late
dto
fore
ign
inve
stm
en
tsu
ch
as
ad
miss
ion
,im
po
rta
tion
,u
tiliz
atio
na
nd
rep
art
itio
n30
0
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FIPP
A
OIE
TAI
An
yin
vest
me
nt
thro
ug
hFI
PPA
will
be
ha
nd
led
thro
ug
hO
IETA
I(O
rga
nisa
tion
for
Inve
stm
en
t,Ec
on
om
ica
nd
Tec
hn
ica
lA
ssist
an
ce
of
Iran
),w
hic
hw
as
fou
nd
ed
inJu
ne
1975
an
dc
on
stitu
tes
the
fore
ign
inve
stm
en
ta
uth
orit
yo
fIra
n.
The
he
ad
of
this
bo
dy
isth
evi
ce
min
iste
rfo
rin
vest
me
nts
an
din
tern
atio
na
la
ffa
irso
fth
eM
inist
ryo
fEc
on
om
icA
ffa
irs&
Fin
an
ce
The
fun
ctio
ns
of
the
org
an
isatio
nra
ng
efr
om
inve
stm
en
tto
fina
nc
ing
as
we
lla
sfr
om
bila
tera
lto
reg
ion
ala
nd
inte
rna
tion
alr
ela
tion
s
301
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DO
S A
ND
DO
NTS
(PIT
FALL
S)
Tho
rou
gh
pre
pa
ratio
nw
illle
ad
tosu
cc
ess
Mo
sto
bst
ac
les
inIra
nc
an
be
ove
rco
me
ifc
om
pa
nie
sp
rep
are
we
lla
th
om
ea
nd
co
mp
lyto
ce
rta
ing
uid
elin
es
Som
efo
reig
nc
om
pa
nie
sa
reb
ett
er
po
sitio
ne
dth
an
oth
ers
(ba
sed
on
pe
rce
ive
dp
rod
uc
tfe
atu
res
orl
oya
ltyth
rou
gh
ou
tth
esa
nc
tion
yea
rs)
3m
ain
rule
tofa
cili
tate
asm
oo
the
ntr
yto
the
Iran
ian
ma
rke
t;1)
Ge
tthe
ba
sic
srig
ht
Ag
oo
du
nd
ers
tan
din
go
fth
ec
ou
ntr
ys
his
tory
,c
ultu
rea
nd
bu
sin
ess
lan
dsc
ap
eis
an
ab
solu
tem
inim
um
Lan
gu
ag
eis
ess
en
tial;
ma
ny
do
cu
me
nts
are
on
lya
vaila
ble
inPe
rsia
na
nd
som
eo
lde
rIra
nia
ns
do
no
tsp
ea
kw
ell
Eng
lish
or
Ge
rma
n.
Ha
vin
gPe
rsia
nsp
ea
kers
an
da
dvi
sors
inyo
urt
ea
mw
illp
rove
inva
lua
ble
.G
ain
ing
ag
oo
du
nd
ers
tan
din
ga
nd
the
bu
ild-u
ptr
ust
will
take
time
an
de
ffo
rta
nd
thro
ug
hfa
ce
-2-f
ac
em
ee
ting
s(w
inin
ga
nd
din
ing
)a
nd
no
tth
rou
gh
em
ails
an
dc
on
fere
nc
ec
alls
Tra
vel
toIra
na
nd
exp
ec
tto
be
pre
sen
to
fte
na
nd
ide
ally
est
ab
lish
an
an
ch
or
on
the
gro
un
d(
bo
ots
on
the
gro
un
d).
The
co
un
try
an
da
llits
intr
ica
cie
sd
em
an
dfr
eq
ue
nt
fac
e-t
o-f
ac
ein
tera
ctio
ns
302
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DO
S A
ND
DO
NTS
(PIT
FALL
S)
2)St
art
att
heto
pA
ima
nd
go
for
an
en
try
po
int
inth
eh
igh
est
ec
he
lon
so
fa
no
rga
niz
atio
n/c
om
pa
ny
Ma
yn
ot
be
ea
sya
tfir
st,b
ut
itw
illsp
ee
du
pth
eo
vera
llp
roc
ess
(an
de
xpe
ct
tom
irro
rth
ele
velo
fse
nio
rity
inte
rms
ofa
tte
nd
an
ce
)W
he
na
cc
ess
tose
nio
rm
an
ag
em
en
tis
diff
icu
lt.Lo
ca
la
ge
nts
are
ess
en
tial
too
pe
nd
oo
rsa
nd
he
lpw
ithn
avi
ga
teth
esy
ste
mPe
rsia
na
dvi
sors
Sele
ctin
ga
relia
ble
loc
ala
ge
nt
co
uld
be
on
eo
fth
em
ost
stra
teg
icm
ove
sth
at
ac
om
pa
ny
en
terin
gIra
nm
ake
s
3)Po
sitio
nfo
rlo
ngte
rmA
diff
ere
ntia
ting
an
dlo
ng
-te
rmp
osit
ion
ing
isc
ruc
ial
tosp
ark
inte
rest
for
sust
ain
ab
lep
art
ne
rsh
ips
Build
ing
loc
al
em
plo
yme
nt
thro
ug
ho
ffic
es
an
dfa
cto
ries
or
JVis
ave
ryst
ron
gc
om
mitm
en
tW
he
nd
oin
gb
usin
ess
inIra
n,o
ne
key
virt
ue
isp
atie
nc
eD
ec
isio
n-m
aki
ng
sim
ply
take
stim
ed
ue
toth
ec
ultu
rea
nd
ad
min
istr
ativ
ero
ad
blo
cks
Wh
en
me
etin
gs
are
clo
sed
with
cle
ar
ne
xtst
ep
s,e
xpe
ct
the
time
line
sto
be
fluid
303
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DO
S A
ND
DO
NTS
(PIT
FALL
S)
Ge
nera
lBe
aw
are
Iran
ian
ste
nd
tore
-ne
go
tiate
ove
ra
nd
ove
ra
ga
in(e
ven
clo
sed
item
s)A
bso
lute
ess
en
tiale
sta
blis
hin
gn
etw
ork
s:R
ela
tion
ship
-bu
ildin
gIn
tern
atio
na
lexp
erie
nc
eis
no
ta
lwa
ysg
ive
nM
ost
lylim
ited
fore
ign
lan
gu
ag
ekn
ow
led
ge
-yo
un
gp
op
ula
tion
spe
ak
we
llEn
glis
hC
alc
ula
ted
ura
tion
ofn
eg
otia
tion
sPr
efe
rab
lyd
raft
ea
sya
nd
sho
rtc
on
tra
cts
(Lo
IorM
oU
ina
dva
nc
e)
Do
you
rdu
ed
ilig
en
ce
kno
ww
ho
you
are
de
alin
gw
ithC
orr
up
tion
an
db
ribe
ryn
o.1
30o
ut
of1
68A
prio
rity
ofP
resid
en
tR
ou
ha
ni
Sna
p-b
ac
kc
lau
ses
Do
no
te
xpe
ct
sam
ele
velo
fexc
elle
nc
ea
nd
pro
fess
ion
ala
pp
roa
ch
304
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US
& E
U S
AN
CTI
ON
S
EUsa
nctio
nsre
gim
eC
om
me
rcia
lp
rod
uc
tsth
at
ca
nb
eu
sed
tod
eve
lop
an
dd
eliv
er
we
ap
on
so
fm
ass
de
stru
ctio
n(d
ua
l-use
pro
du
cts
)W
ea
po
ns
an
de
qu
ipm
en
tu
sed
fori
nte
rna
lre
pre
ssio
nPr
od
uc
tsa
nd
serv
ice
sfo
roil,
ga
sa
nd
pe
tro
ch
em
ica
lse
cto
rsSa
nc
tion
sto
wa
rds
pe
rso
ns
an
de
ntit
ies
tied
toth
en
uc
lea
rpro
gra
mA
pp
rova
loff
ina
nc
ialt
ran
sac
tion
sw
ithIra
n
EUsa
nctio
nsre
lief
Fin
an
cia
l,b
an
kin
ga
nd
insu
ran
ce
me
asu
res
Tra
nsf
ero
ffu
nd
sto
/fro
mIra
np
erm
itte
da
nd
no
lice
nse
req
uire
me
nts
De
-list
ing
of
pe
rso
ns,
en
titie
sa
nd
bo
die
s(a
pp
rox.
300
inc
l.C
en
tra
lBa
nk
of
Iran
)a
sse
tfr
ee
zes
no
lon
ge
rap
ply
Iran
ian
ba
nks
allo
we
dto
rec
on
ne
ct
toSW
IFT
Ban
kin
ga
ctiv
itie
s(in
cl.
Esta
blis
hm
en
to
fn
ew
co
rre
spo
nd
en
tb
an
kin
gre
latio
nsh
ips)
pe
rmitt
ed
Oil,
ga
sa
nd
pe
tro
ch
em
ica
lse
cto
rsEx
po
rto
fe
qu
ipm
en
ta
nd
serv
ice
sto
oil,
ga
sa
nd
pe
tro
ch
em
ica
lin
du
strie
sp
erm
itte
d.
Imp
ort
/sw
ap
/tra
nsp
ort
of
oil,
ga
sa
nd
pe
tro
ch
em
ica
lp
rod
uc
tsfr
om
Iran
pe
rmitt
ed
305
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US
& E
U S
AN
CTI
ON
S
Ship
pin
g,s
hip
bu
ildin
ga
nd
tra
nsp
ort
sec
tors
Sale
/su
pp
ly/e
xpo
rto
fn
ava
leq
uip
me
nt
allo
we
dPr
ovi
sion
ofb
un
kerin
g/s
hip
sup
ply
serv
ice
sa
llow
ed
Ca
rgo
flig
hts
fro
mIra
ng
ain
ac
ce
ssto
EUa
irpo
rts
EUsa
nctio
nsst
illin
pla
ce
Pro
hib
itio
ns
Arm
se
mb
arg
oM
issile
tec
hn
olo
gy
San
ctio
ns
rela
ted
toh
um
an
righ
tsa
nd
terr
oris
m:
84p
ers
on
slis
ted
,b
an
on
exp
ort
so
fe
qu
ipm
en
tfo
rin
tern
alr
ep
ress
ion
Lic
ens
ere
qui
rem
ent
sN
uc
lea
req
uip
me
nt
Du
al-u
seite
ms
(no
wre
qu
ires
lice
nse
fora
llth
irdc
ou
ntr
ies)
Soft
wa
reu
sed
inm
ilita
ry/n
uc
lea
rin
du
strie
sC
ert
ain
gra
ph
itea
nd
me
tals
306
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US
& E
U S
AN
CTI
ON
S
US
sanc
tions
reg
ime
Prim
ary
Sanc
tions
Re
late
dto
Iran
sh
um
an
righ
tsa
bu
ses,
sup
po
rtfo
rte
rro
retc
.A
ffe
ct
US
pe
rso
ns
an
de
ntit
ies
ow
ne
do
rco
ntr
olle
db
yU
Sp
ers
on
s
Sec
ond
ary
Sanc
tions
Re
late
dto
Iran
sn
uc
lea
rpro
gra
mA
ffe
ct
no
n-U
Sp
ers
on
se
ng
ag
ed
inIra
n-a
ctiv
itie
s,p
rima
rily
with
infin
an
cia
l,e
ne
rgy,
insu
ran
ce
an
dsh
ipp
ing
sec
tors
US
prim
ary
sanc
tions
relie
fBu
lko
fUS
prim
ary
san
ctio
ns
will
rem
ain
,exc
ep
t:Fo
reig
ne
ntit
ies
ow
ne
do
rc
on
tro
lled
by
US
pe
rso
ns
will
no
lon
ge
rb
esu
bje
ct
toU
Sp
rima
rysa
nc
tion
s
Sale
of
US
pro
du
ce
dc
om
me
rcia
lairc
raft
s,sp
are
pa
rts
etc
.will
be
allo
we
d
Lic
en
ses
forI
ran
ian
-orig
inc
arp
ets
an
dfo
od
stu
ffs
will
be
issu
ed
Ce
rta
inin
div
idu
als
an
de
ntit
ies
will
be
rem
ove
dfr
om
OFA
CSD
Nlis
t.
307
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US
& E
U S
AN
CTI
ON
S
US
sec
ond
ary
sanc
tions
relie
fSa
nc
tion
sd
ete
rrin
gn
on
-US
pe
rso
ns
fro
me
ng
ag
ing
inIra
n-r
ela
ted
ac
tiviti
es
will
be
lifte
d:
Fin
an
ce
an
db
an
kin
gEn
erg
ya
nd
pe
tro
ch
em
ica
lsIn
sura
nc
eSh
ipp
ing
,sh
ipb
uild
ing
an
dp
ort
sSo
ftw
are
an
dm
eta
lsA
uto
mo
tive
sec
tor
REM
EMBE
R!!!
!Sa
nc
tion
sh
ave
no
tye
tb
ee
nlif
ted
an
dm
an
yp
art
sw
illre
ma
in!
Sna
p-b
ac
ko
fsa
nc
tion
sin
ca
seo
fno
n-c
om
plia
nc
eb
yIra
nIra
ns
ba
llist
icm
issile
sp
rog
ram
,h
um
an
righ
tsa
cc
ord
,re
gio
na
lac
tion
se
tc.
ma
yle
ad
ton
ew
US
san
ctio
ns
fro
mC
on
gre
sso
rby
ind
ivid
ua
lUS
Sta
tes
308
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SNAP
BAC
K
Eco
no
mic
Sa
nc
tion
s Ira
n30
9
Iran
san
ctio
ns
on
lysu
spe
nd
ed
May
bere
intr
oduc
edif
nucl
earp
rogr
amac
cord
isvi
olat
ed
Tran
sitio
nsru
les
unpr
edic
tabl
e
Imm
edia
teef
fect
orad
aptio
npe
riod
Tra
nsa
ctio
ns
un
tilsn
ap
ba
ck
eff
ec
tive
da
tea
ren
ot
un
law
ful
Aff
ec
ted
pa
rtie
sm
ay
ha
veto
ab
an
do
na
sse
tsw
itho
ut
co
mp
en
satio
n
![Page 41: Conference Day 1 Presentations · 1 q h q q q v v v v q w $ 1 q p h g g h u $ v v l h k v k g 1 g h w \ q r] w u o v v](https://reader035.vdocuments.site/reader035/viewer/2022081913/5ffdf9fd499387508f2c961c/html5/thumbnails/41.jpg)
GEN
ERA
L C
LAU
SE
Ge
nera
l Ec
ono
mic
Sa
nctio
ns e
xclu
sio
n c
laus
eIf,
by
virt
ue
of
an
yla
wo
rre
gu
latio
nw
hic
his
ap
plic
ab
leto
NN
Co
rpo
ratio
na
tth
etim
eo
fe
xec
utin
ga
ny
co
ntr
ac
tua
lco
mm
itme
nt
or
at
an
ytim
eth
ere
aft
er,
pro
vid
ing
de
live
ryo
fa
ny
go
od
so
rse
rvic
es
toa
co
ntr
ac
tua
lp
art
ne
ris
or
wo
uld
be
un
law
fulb
ec
au
seit
bre
ac
he
sa
na
pp
lica
ble
em
ba
rgo
or
san
ctio
n,
NN
sha
lln
ot
be
co
mm
itte
dto
ma
kesu
ch
de
live
rya
nd
sha
llh
ave
no
liab
ility
wh
ats
oe
ver
no
rp
rovi
de
an
ysu
pp
ort
toth
ec
on
tra
ct
pa
rtn
er
toth
ee
xte
nt
tha
tit
wo
uld
be
inb
rea
ch
ofs
uc
he
mb
arg
oo
rsa
nc
tion
.
310
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SPEC
IFIC
SA
NC
TIO
NS
CLA
USE
Sna
pb
ac
k C
laus
e (
Eco
nom
ic S
anc
tions
)N
NC
orp
ora
tion
co
nfir
ms
an
dP
urc
ha
ser
ac
kno
wle
dg
es
tha
ta
ny
off
er,
ac
ce
pta
nc
e,
ag
ree
me
nt,
co
mm
itme
nt,
un
de
rta
kin
go
rp
erf
orm
an
ce
(N
NO
blig
atio
ns
)b
yo
ro
nb
eh
alf
of
NN
ism
ad
esu
bje
ct
toa
ny
pre
sen
to
rfu
ture
ec
on
om
icsa
nc
tion
sre
gu
latio
ns
tha
tm
ay
aff
ec
tsu
ch
off
er,
ac
ce
pta
nc
e,
ag
ree
me
nt,
co
mm
itme
nt,
un
de
rta
kin
go
rp
erf
orm
an
ce
toth
ee
ffe
ct
tha
tN
Nm
ay
the
reb
yb
ec
om
elia
ble
top
en
alty
or
oth
er
san
ctio
ns
for
bre
ac
ho
fa
ny
suc
hre
gu
latio
ns.
suc
hre
gu
latio
ns.
NN
de
cla
res
tha
tto
the
be
sto
fits
kno
wle
dg
eth
ere
isn
oc
urr
en
tU
N,E
Uo
rOFA
Csa
nc
tion
sth
at
pre
ven
tN
Nfr
om
pe
rfo
rmin
gth
ep
rese
nt
co
ntr
ac
t,b
ut
NN
ma
kes
no
wa
rra
nty
orr
ep
rese
nta
tion
toth
at
eff
ec
t.Fo
rth
ep
urp
ose
oft
his
Cla
use
inits
en
tire
tyN
Nsh
all
inc
lud
ea
lsoa
ny
of
itssu
bsi
dia
ries,
dire
cto
rs,
off
ice
rs,
ag
en
ts,
em
plo
yee
s,a
ffili
ate
so
ro
the
rp
ers
on
ac
ting
on
itsb
eh
alf.
311
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SPEC
IFIC
SA
NC
TIO
NS
CLA
USE
Sna
pb
ac
k C
laus
e (
co
nt.)
Inth
ee
ven
tth
at
an
yp
rese
nt
lice
nse
toc
on
du
ct
oth
erw
ise
san
ctio
ne
da
ctiv
itie
ssh
ou
ldb
ete
rmin
ate
do
rw
ithd
raw
nN
CG
sha
llb
ee
ntit
led
toc
on
sid
er
an
yo
fth
eN
NO
blig
atio
ns
aff
ec
ted
by
suc
hte
rmin
atio
no
rw
ithd
raw
ala
sn
ull
an
dvo
idfr
om
the
Effe
ctiv
eD
ate
of
suc
hte
rmin
atio
no
rw
ithd
raw
al(
the
Effe
ctiv
eD
ate
)w
itho
ut
inc
urr
ing
an
ylia
bili
tyth
ere
for.
Suc
hlic
en
sein
clu
de
s,b
ut
isn
ot
limite
dto
,th
eU
NSe
cu
rity
Co
un
cil
Re
solu
tion
2015
/223
1a
nd
resu
ltin
gO
FAC
an
dEU
Re
solu
tion
sa
llow
ing
sna
pb
ac
ko
fth
esu
spe
nsi
on
of
exi
stin
gIR
AN
San
ctio
ns
inc
ert
ain
circ
um
sta
nc
es.
Ifa
nd
wh
en
an
ya
uth
oriz
ed
ag
en
cy
initi
ate
sa
ny
ste
pth
at
ma
yle
ad
toth
ete
rmin
atio
no
rw
ithd
raw
al
of
alic
en
seto
co
nd
uc
to
the
rwis
esa
nc
tion
ed
ac
tiviti
es
inp
art
or
infu
llg
ove
rne
db
ya
co
ntr
ac
tb
etw
ee
nN
Na
nd
the
Purc
ha
ser,
NN
sha
llb
ee
ntit
led
tod
em
an
de
ithe
rth
efu
llp
aym
en
tb
efo
reth
eEf
fec
tive
Da
tefo
ra
ny
item
so
rse
rvic
es
de
live
red
or
ag
ree
dto
be
de
live
red
by
NN
toth
ePu
rch
ase
ro
rth
ere
turn
be
fore
the
Effe
ctiv
eD
ate
of
all
go
od
sth
at
ha
ven
ot
be
en
pa
idin
full
on
orb
efo
reth
eEf
fec
tive
Da
te.
312
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SPEC
IFIC
SA
NC
TIO
NS
CLA
USE
Sna
pb
ac
k C
laus
e (
co
nt.)
NN
sha
lla
lsob
ee
ntit
led
tow
ithd
raw
by
or
be
fore
the
Effe
ctiv
eD
ate
an
yo
fits
em
plo
yee
so
rse
co
nd
ed
sta
ffp
rese
nt
inth
ec
ou
ntr
yw
he
red
eliv
erie
so
rse
rvic
es
we
rein
ten
de
dto
be
pe
rfo
rme
dif
the
pre
sen
ce
of
suc
he
mp
loye
es
or
sec
on
de
dst
aff
wo
uld
inth
eo
pin
ion
of
NN
be
co
nsid
ere
dto
vio
late
ec
on
om
icsa
nc
tion
sfr
om
the
Effe
ctiv
eD
ate
.
An
ya
ctio
no
nth
ep
art
of
NN
pre
pa
red
or
exe
cu
ted
by
NN
for
the
pe
rfo
rma
nc
eo
fa
ny
of
the
ste
ps
me
ntio
ne
din
this
cla
use
sha
lln
ot
be
co
nsid
ere
db
yth
ePu
rch
ase
ro
ra
ny
third
pa
rty
tob
ea
vio
latio
no
fa
ny
NN
Ob
liga
tion
su
nd
er
itsc
on
tra
ct
with
the
Purc
ha
ser.
313
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CO
NTR
AC
T C
LAU
SES
Ca
vea
tG
en
era
lc
on
tra
cts
with
pa
rtn
ers
ma
yin
clu
de
cla
use
sw
he
reb
yth
ed
ec
lare
toh
ave
co
mm
itte
dth
em
selv
es
on
lyto
co
op
era
tew
itho
the
rp
art
ne
rsw
ho
intu
rnu
nd
ert
ake
too
bse
rve
the
san
ctio
ns
rule
sth
at
ap
ply
toth
ep
art
ne
rits
elf,
e.g
.n
on
-US
co
mp
an
ies
un
de
rta
keto
co
mp
lyw
ithO
FAC
rule
s.
Suc
hc
lau
ses
are
als
ose
en
inc
on
tra
cts
wis
hp
art
ne
rsw
ho
are
no
td
irec
tlysu
bje
ct
toO
FAC
rule
sb
ut
du
eto
US
rela
tion
sw
ish
toe
nsu
reth
at
the
ya
ren
eve
rsu
bje
ct
toa
ny
alle
ga
tion
so
fb
rea
ch
ing
or
ass
istin
gin
bre
ac
hin
gO
FAC
rule
s.
Suc
hc
lau
ses
ma
yn
ee
da
ca
rve
ou
ta
nd
eith
er
co
nse
nt
fro
mU
Sp
are
nt
ori
nsp
ec
ific
ca
ses
ma
ybe
also
OFA
CLi
ce
nse
.
314
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FUTU
RE
IRA
N
OPP
OR
TUN
ITIE
S
Fin
an
cia
lSy
ste
ms
tra
nsf
er
of
fun
ds
ina
nd
ou
to
fIra
n(s
till
the
big
ge
stc
ha
llen
ge
an
dth
em
ajo
rexi
stin
giss
ue
)D
an
ishe
xpo
rtto
Iran
exp
ec
tsto
do
ub
lein
2016
toD
KK2.
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315