[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR501.605]

[Page 565-566]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 501_REPORTING, PROCEDURES AND PENALTIES REGULATIONS--Table of Contents
 
                            Subpart C_Reports
 
Sec. 501.605  Reports on litigation, arbitration, and dispute resolution 
proceedings.

    (a) U.S. persons (or persons subject to the jurisdiction of the 
United States in the case of parts 500 and 515 of this chapter) 
participating in litigation, arbitration, or other binding alternative 
dispute resolution proceedings in the United States on behalf of or 
against persons whose property or interests in property are blocked or 
whose funds have been retained pursuant to Sec. 596.504(b) of this 
chapter, or when the outcome of any proceeding may affect blocked 
property or retained funds, must:
    (1) Provide notice of such proceedings upon their commencement or 
upon submission or receipt of documents bringing the proceedings within 
the terms of the introductory text to this paragraph (a);
    (2) Submit copies of all pleadings, motions, memoranda, exhibits, 
stipulations, correspondence, and proposed orders or judgments 
(including any proposed final judgment or default judgment) submitted to 
the court or other adjudicatory body, and all orders, decisions, 
opinions, or memoranda issued

[[Page 566]]

by the court, to the Chief Counsel, Office of Foreign Assets Control, 
U.S. Department of the Treasury, 1500 Pennsylvania Avenue, NW.--Annex, 
Washington, DC 20220, within 10 days of filing, submission or issuance. 
This paragraph (a)(2) shall not apply to discovery requests or 
responses, documents filed under seal, or requests for procedural action 
not seeking action dispositive of the proceedings (such as requests for 
extension of time to file); and
    (3) Report by immediate facsimile transmission to the Chief Counsel, 
Office of Foreign Assets Control, at facsimile number 202/622-1911, the 
scheduling of any hearing or status conference in the proceedings 
whenever it appears that the court or other adjudicatory body may issue 
an order or judgment in the proceedings (including a final judgment or 
default judgment) or is considering or may decide any pending request 
dispositive of the merits of the proceedings or of any claim raised in 
the proceedings.
    (b) The reporting requirements of paragraph (a) of this section do 
not apply to proceedings to which the Office of Foreign Assets Control 
is a party.
    (c) Persons initiating proceedings subject to the reporting 
requirements of this section must notify the court or other adjudicatory 
body of the restrictions set forth under the applicable part in this 
chapter governing the transfer of blocked property or funds retained 
pursuant to Sec. 596.504(b) of this chapter, including the prohibition 
on any unlicensed attachment, judgment, decree, lien, execution, 
garnishment or other judicial process with respect to any property in 
which, on or after the applicable effective date, there existed an 
interest of any person whose property and property interests were 
subject to blocking pursuant to this chapter or were subject to 
retention pursuant to Sec. 596.504(b) of this chapter.