[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: 31CFR586.506]



[Page 385]

 

                  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. 586.506  Investment and reinvestment of certain funds.



    U.S. financial institutions are authorized to invest and reinvest 

assets blocked pursuant to Sec. 586.201, 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 in no case may funds be transferred 

outside the United States for this purpose; and

    (b) The proceeds of such investments and reinvestments are not 

credited to a blocked account or subaccount under any name or 

designation which 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 any person whose property or interests 

in property are blocked pursuant to Sec. 586.201.