[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: 31CFR587.506]



[Page 401]

 

                  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 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).