OFAC Compliance Representation and Warranty


Summary

This representation and warranty clause may be used by an issuer to indicate compliance with sanctions of the Office of Foreign Assets Control (OFAC). OFAC is an agency within the U.S. Department of the Treasury that administers and enforces economic and trade sanctions to advance foreign policy and national security concerns. This clause includes practical guidance and drafting notes. OFAC operates under a number of statutes, including the International Emergency Economic Powers Act and the Trading with the Enemy Act as well as certain United Nations and other international decrees. OFAC sanctions apply to specific nations, regimes, terrorists, and other individuals who engage in activities that threaten economic and national security. A list of current countries, entities, and individuals who are targeted by OFAC can be found on the website of the Department of the Treasury, available at: Sanctions Programs and Country Information. See also OFAC Due Diligence in Securities Offerings ...