[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: 31CFR586.506]

[Page 867]
 
                  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. 586.506  Investment and reinvestment of certain funds.

    U.S. financial institutions are authorized to invest and reinvest 
assets blocked pursuant to Sec. 586.201, subject to the following 
conditions:
    (a) The assets representing such investments and reinvestments are 
credited to a blocked account or subaccount which is held in the same 
name at the same U.S. financial institution, or within the possession or 
control of a U.S. person, but in no case may funds be transferred 
outside the United States for this purpose; and
    (b) The proceeds of such investments and reinvestments are not 
credited to a blocked account or subaccount under any name or 
designation which differs from the name or designation of the specific 
blocked account or subaccount in which such funds or securities were 
held; and
    (c) No immediate financial or economic benefit accrues (e.g., 
through pledging or other use) to any person whose property or interests 
in property are blocked pursuant to Sec. 586.201.