[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: 31CFR586.502]



[Page 384]

 

                  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. 586.502  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 pursuant to this part, authorizes or validates 

any transaction effected prior to the issuance of the license, unless 

specifically so provided in such license or authorization.

    (b) No regulation, ruling, instruction, or license authorizes any 

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 this part. No regulation, ruling, 

instruction, or license referring to this part authorizes any 

transaction 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.



    Note to paragraph (c) of Sec. 586.502: The general license in Sec. 

586.516 authorizing transactions with respect to property in which the 

Government of the Republic of Montenegro has an interest removes such 

property and interests in property from the phrase ``property and 

interests in property blocked pursuant to Sec. 586.201'' for purposes 

of this part.



    (d) Any general license or statement of licensing policy contained 

in this part authorizing transactions with respect to the Government of 

the FRY (S&M) shall, unless otherwise stated, also authorize analogous 

transactions with respect to the Governments or territories of the 

Republic of Serbia and the Republic of Montenegro.