[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: 31CFR587.506]

[Page 880-881]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 587_FEDERAL REPUBLIC OF YUGOSLAVIA (SERBIA AND MONTENEGRO) MILOSEVIC 
SANCTIONS REGULATIONS--Table of Contents
 
  Subpart E_Licenses, Authorizations and Statements of Licensing Policy
 
Sec. 587.506  Investment and reinvestment of certain funds.

    Subject to the requirements of Sec. 587.201, U.S. financial 
institutions are

[[Page 881]]

authorized to invest and reinvest assets blocked pursuant to Sec. 
587.201, 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 funds shall not be transferred outside the 
United States for this purpose;
    (b) The proceeds of such investments and reinvestments shall not be 
credited to a blocked account or subaccount under any name or 
designation that 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 persons designated in or pursuant to 
Sec. 587.201(a).