[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: 31CFR588.502]



[Page 413-414]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 588_WESTERN BALKANS STABILIZATION REGULATIONS--Table of Contents

 

  Subpart E_Licenses, Authorizations and Statements of Licensing Policy

 

Sec. 588.502  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, authorizes or validates any transaction 

effected prior to the issuance of the license, unless specifically 

provided in such license or authorization.

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

transaction



[[Page 414]]



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 shall be deemed to authorize 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 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.