[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: 31CFR537.405]

[Page 678]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 537--BURMESE SANCTIONS REGULATIONS--Table of Contents
 
                       Subpart D--Interpretations
 
Sec. 537.405  Investments in entities involved in economic development projects in Burma.

    (a) The purchase of shares in a third-country company that is 
engaged in the economic development of resources located in Burma is 
prohibited by Sec. 537.201 where the company's profits are predominantly 
derived from the company's economic development of resources located in 
Burma.
    (b) If a U.S. person holds shares in an entity which subsequently 
engages exclusively or predominantly in the economic development of 
resources located in Burma or subsequently derives its income 
exclusively or predominantly from such economic development, the United 
States person is not required to relinquish its shares, but may not 
purchase additional shares. Divestment of the shares in such an entity 
to a foreign person -- constituting the facilitation of that foreign 
person's investment in Burma -- is authorized under general license 
pursuant to Sec. 537.504.