[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: 31CFR596.501]

[Page 952]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 596--TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS--Table of Contents
 
 Subpart E--Licenses, Authorizations and Statements of Licensing Policy
 
Sec. 596.501  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, authorizes or validates any transaction 
effected prior to the issuance of the license, unless specifically 
provided in such license or other authorization.
    (b) No regulation, ruling, instruction, or license authorizes a 
transaction prohibited under this part unless the regulation, ruling, 
instruction, or license is issued by the Office of Foreign Assets 
Control and specifically refers to a part in 31 CFR chapter V. No 
regulation, ruling, instruction, or license referring to this part 
authorizes any transactions 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.