On October 18, 2015, President Obama issued a Presidential Memorandum preparing for the implementation (Implementation Day) of the Joint Comprehensive Plan of Action of July 14, 2015 (JCPOA) entered into among the United States and other negotiating parties and Iran regarding Iran's nuclear programs and the lifting of certain sanctions imposed by both the United States (Iran Freedom and Counter-Proliferation Act of 2012; IFCA) and other countries—as well as by UN resolutions—that are now in place. We previously reported on the JCPOA in our July 15, 2015, Duane Morris Alert.

In accordance with the Memorandum issued by President Obama relating to Adoption Day, the U.S. Secretary of State issued certain waivers applicable to specific provisions and persons subject to the provisions of the IFCA. For a comprehensive review of the waiver provisions, please visit the JCPOA Contingent Waivers page on the Department of State website.

The waivers and findings, as well as the lifting of nuclear-related sanctions, announced by the Secretary of State (sections 17.1-17.2 of Annex V of the JCOPA) do not go into effect and will not occur until the Secretary of State confirms that Iran has implemented the nuclear-related measures specified in the JCPOA as verified by the International Atomic Energy Agency (IAEA).

It is important to note that "Adoption Day" should not be confused with "Implementation Day" and that the sanctions remain in place until they are lifted by the Secretary of State.

The Office of Foreign Assets Control (OFAC) has stated: "The timing of Implementation Day and the associated sanctions lifting will depend on when Iran fulfills its key nuclear-related commitments specified in the JCPOA. Once the IAEA verifies that Iran has implemented these commitments under the JCPOA, the United States and the European Union will implement the first phase of their commitments with respect to the JCPOA, as set out in Annex V of the JCPOA." Annex V can be found on the Department of State website.

Prior to Implementation Day, OFAC intends to publish on its website detailed guidance and information on the implementation of the U.S. commitments with respect to sanctions under the JCPOA. OFAC also intends to update its website on Implementation Day to notify the public that the easing of U.S. sanctions pursuant to the JCPOA is in effect.