[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR501.605]



[Page 51-52]

 

                  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 52]]



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.