[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR500.502]

[Page 528]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 500--FOREIGN ASSETS CONTROL REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations and Statements of Licensing Policy
 
Sec. 500.502  Effect of subsequent license or authorization.


    No license or other authorization contained in this chapter or 
otherwise issued by or under the direction of the Secretary of the 
Treasury pursuant to section 3(a) or 5(b) of the Trading With the Enemy 
Act, as amended, shall be deemed to authorize or validate any 
transaction effected prior to the issuance thereof, unless such license 
or other authorization specifically so provides.