[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: 31CFR596.501]



[Page 478-479]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

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

 

PART 596_TERRORISM LIST GOVERNMENTS SANCTIONS REGULATIONS--Table of 

Contents

 

  Subpart E_Licenses, Authorizations and Statements of Licensing Policy

 

Sec. 596.501  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 other authorization.



[[Page 479]]



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

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 a part in 31 CFR chapter V. No 

regulation, ruling, instruction, or license referring to this part 

authorizes any transactions 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.