[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: 31CFR586.502]

[Page 865-866]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 586--FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA & MONTENEGRO) KOSOVO SANCTIONS REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations, and Statements of Licensing Policy
 
Sec. 586.502  Effect of license or authorization.

    (a) No license or other authorization contained in this part, or 
otherwise issued by or under the direction of the Director of the Office 
of Foreign Assets Control pursuant to this part, authorizes or validates 
any transaction effected prior to the issuance of the license, unless 
specifically so provided in such license or authorization.
    (b) No regulation, ruling, instruction, or license authorizes any 
transaction prohibited under this part unless the regulation, ruling, 
instruction, or license is issued by the Office of Foreign Assets 
Control and specifically refers

[[Page 866]]

to this part. No regulation, ruling, instruction, or license referring 
to this part authorizes any transaction prohibited by any provision of 
this chapter unless the regulation, ruling, instruction or license 
specifically refers to such provision.
    (c) Any regulation, ruling, instruction, or license authorizing any 
transaction otherwise prohibited under this part has the effect of 
removing a prohibition or prohibitions contained in this part from the 
transaction, but only to the extent specifically stated by its terms. 
Unless the regulation, ruling, instruction, or license otherwise 
specifies, such an authorization does not create any right, duty, 
obligation, claim, or interest in, or with respect to, any property 
which would not otherwise exist under ordinary principles of law.

    Note to paragraph (c) of Sec. 586.502:
    The general license in Sec. 586.516 authorizing transactions with 
respect to property in which the Government of the Republic of 
Montenegro has an interest removes such property and interests in 
property from the phrase ``property and interests in property blocked 
pursuant to Sec. 586.201'' for purposes of this part.

    (d) Any general license or statement of licensing policy contained 
in this part authorizing transactions with respect to the Government of 
the FRY (S&M) shall, unless otherwise stated, also authorize analogous 
transactions with respect to the Governments or territories of the 
Republic of Serbia and the Republic of Montenegro.