In a Federal Register notice published on October 22, 2012, the Office of Foreign Assets Control (OFAC) issued a final ruling in regards the current Iranian Transaction Regulations (ITR) to change its name to the Iranian Transactions and Sanctions Regulations (ITSR), and due to extensive changes, OFAC announced their decision to re-issue the regulations in its entirety.

In the notice, OFAC lists the different changes being included in the new ITSR. The new regulations will implement Executive Order 13599, issued by the President on February 5, 2012, which blocks property of the Government of Iran and Iranian financial institutions, and subsections 1245(c) and (d)(1)(B) of the National  Defense Authorization Act for Fiscal Year 2012 (NDAA).

Other changes mentioned in the final ruling include the addition and removal of several new general licenses to the ITSR, and the introduction of a licensing policy which until now was only available on the OFAC website.  

The new regulations became effective on October 22, 2012.

The full text of the Federal Register notice is available online here.