[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: 31CFR585.201]

[Page 831-832]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
     PART 585--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) AND BOSNIAN SERB-CONTROLLED AREAS OF THE REPUBLIC OF BOSNIA AND HERZEGOVINA SANCTIONS 
REGULATIONS--Table of Contents
 
                         Subpart B--Prohibitions
 
Sec. 585.201  Prohibited transactions involving blocked property; transactions with respect to securities.


    (a) Except as authorized by regulations, orders, directives, 
rulings, instructions, licenses, or otherwise, and notwithstanding the 
existence of any rights or obligations conferred or imposed by any 
international agreement or any contract entered into or any license or 
permit granted before 11:59 p.m. Eastern Daylight Time (``EDT''), May 
30, 1992, no property or interest in property of the Government of the 
FRY (S&M), or that is held in the name of the Federal Republic of 
Yugoslavia or the former Government of the Socialist Federal Republic of 
Yugoslavia, that is in the United States, that hereafter comes within 
the United States, or that is or hereafter comes within the possession 
or control of U.S. persons, including their overseas

[[Page 832]]

branches, may be transferred, paid, exported, withdrawn or otherwise 
dealt in.
    (b) Except as otherwise authorized, and notwithstanding the 
existence of any rights or obligations conferred or imposed by any 
international agreement or any contract entered into or any license or 
permit granted before 12:01 a.m. EDT, April 26, 1993, no property or 
interest in property of any commercial, industrial, or public utility 
undertakings or entities organized or located in the Federal Republic of 
Yugoslavia (Serbia and Montenegro), including, without limitation, the 
property and all interests in property of entities (wherever organized 
or located) owned or controlled by such undertakings or entities, that 
are in the United States, that hereafter come within the United States, 
or that are or hereafter come within the possession or control of United 
States persons, including their overseas branches, may be transferred, 
paid, exported, withdrawn or otherwise dealt in.
    (c) Except as otherwise authorized, and notwithstanding the 
existence of any rights or obligations conferred or imposed by any 
international agreementor any contract entered into or any licence or 
permit granted before 11:59 p.m. EDT, October 25, 1994, no property or 
interest in property of the following persons that is in the United 
States, that hereafter comes within the United States, or that is or 
hereafter comes within the possession or control of United States 
persons, including their overseas branches, may be transferred, paid, 
exported, withdrawn, or otherwise dealt in:
    (1) The Bosnian Serb military and paramilitary forces and the 
authorities in those areas of the Republic of Bosnia and Herzegovina 
under the control of those forces;
    (2) Any entity, including any commercial, industrial, or public 
utility undertaking, organized or located in those areas of the Republic 
of Bosnia and Herzegovina under the control of Bosnian Serb forces;
    (3) Any entity, wherever organized or located, which is owned or 
controlled directly or indirectly by any person in, or resident in, 
those areas of the Republic of Bosnia and HErzegovona under the control 
of Bosnian Serb forces; and
    (4) Any person acting for or on behalf of any person included within 
the scope of paragraphs (c)(1), (2), or (3) of this section.
    Note to Sec. 585.201(c): Please refer to the appendices at the end 
of this chapter for listings of persons designated pursuant to this 
section. Section 501.807 of this chapter sets forth the procedures to be 
followed by persons seeking administrative reconsideration of their 
designation or that of a vessel as blocked, or who wish to assert that 
the circumstances resulting in the designation are no longer applicable.
    (d) Unless otherwise authorized by this part or by a specific 
license expressly referring to this section, the transfer (including the 
transfer on the books of any issuer or agent thereof), the endorsement 
or guaranty of signatures on, or any other dealing in any security (or 
evidence thereof) registered or inscribed in the name of the Government 
of the Federal Republic of Yugoslavia or the former Government of the 
Socialist Federal Republic of Yugoslavia and held within the possession 
or control of a U.S. person is prohibited, irrespective of the fact that 
at any time either at or subsequent to the effective date the registered 
or inscribed owner thereof may have, or appears to have, assigned, 
transferred, or otherwise disposed of any such security.
    (e) When a transaction results in the blocking of funds at a 
financial institution pursuant to this section and a party to the 
transaction believes the funds have been blocked due to mistaken 
identity, that party may seek to have such funds unblocked pursuant to 
the administrative procedures set forth in Sec. 501.806 of this chapter.

[58 FR 13201, Mar. 10, 1993, as amended at 58 FR 35828, July 1, 1993; 60 
FR 34145, June 30, 1995; 61 FR 32938, June 26, 1996; 62 FR 45110, Aug. 
25, 1997]