Legal provisions of COM(2000)150 - Amendment of Council Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment in relation to Yugoslavia (FRY) [and repealing Regulations (EC) No 1295/98 and (EC) No 1607/98]

Please note

This page contains a limited version of this dossier in the EU Monitor.

dossier COM(2000)150 - Amendment of Council Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment in relation to ...
document COM(2000)150 EN
date April  6, 2000

Contents

Article 1

Council Regulation (EC) No 1294/1999 shall be amended as follows:

1. Paragraphs 1 and 2 of Article 1 shall be replaced by the following:

"1. Government of the FRY means

- the Government of the Federal Republic of Yugoslavia at any level, its agencies, bodies or organs;

- any company, undertaking, institution, including any financial institution, and entity owned or controlled by that Government;

- any socially-owned entity organised in the Federal Republic of Yugoslavia

- any successor to such companies, undertakings, institutions and entities as of 26 April 1999

- any subsidiary or branch, wherever located, of such companies, undertakings, institutions and entities; and

- any person acting or purporting to act for or on behalf of any of the foregoing.

2. Government of the Republic of Serbia means

- the Government of the Republic of Serbia at any level, its agencies, bodies or organs;

- any company, undertaking, institution, including any financial institution, and entity owned or controlled by that Government;

- any socially-owned entity organised in the Republic of Serbia;

- any successor to such companies, undertakings, institutions and entities as of 26 April 1999;

- any subsidiary or branch, wherever located, of such companies, undertakings, institutions and entities; and

- any person acting or purporting to act for or on behalf of any of the foregoing."

2. Article 2 shall be replaced by the following:

Article 2

1. Any person listed in Annex I to this Regulation shall be deemed to be a person acting or purporting to act for or on behalf of the Government of the FRY or the Government of the Republic of Serbia.

2. Companies, undertakings, institutions or entities listed in Annex II to this Regulation shall be deemed to be owned or controlled by the Government of the FRY of the Government of the Republic of Serbia.

Annex II concerns only companies, undertakings, institutions or entities located, registered or incorporated outside the territory of the Federal Republic of Yugoslavia.

3. All companies, undertakings, institutions or entities located, registered or incorporated in the Federal Republic of Yugoslavia shall be deemed to be socially-owned or owned or controlled by the Government of the FRY or the Government of the Republic of Serbia.

4. Nothing in this Article shall discharge any natural or legal person from its obligations to exercise due diligence in respect of acting in conformity with the provisions of this Regulation."

3. Article 6 shall be replaced by the following:

"Article 6

Without prejudice to the Community rules concerning confidentiality and to the provisions of Article 284 of the Treaty, banks, other financial institutions, insurance companies, and other bodies and persons shall provide immediately, on request or not, to the competent authorities of the Member States in charge of monitoring and/or enforcing the provisions of this Regulation and the Commission any information which may facilitate compliance with this Regulation, notably accounts and amounts frozen in accordance with Article 3 and transactions executed under the provisions of Article 7 of and 8." The competent authorities of the Member States and/or the Commission shall be empowered to verify these reports."

4. Paragraphs 1 and 2 of Article 8 shall be replaced by the following:

"1. In accordance with the provisions of Article 9, the Commission shall be empowered:

(a) to amend Annexes I and II;

(b) to grant individual or general authorisations

(i) to unfreeze funds, or make funds available for the benefit of the Government of the FRY or the Government of the Republic of Serbia; or

(ii) to acquire or extend a participation in, ownership of or control over real estate, a company, undertaking, institution or entity referred to in Article 4,

if not granting such authorisations would cause damage to the interests of the Community.

(c) to establish a list of companies, undertakings, institutions or entities within the Federal Republic of Yugoslavia that are neither socially owned, nor owned or controlled by the Government of the FRY or the Government of Serbia.

(d) issue, on a case-by-case basis and on request by an interested party, confirmations that a company, undertaking, institution or entity within the Federal Republic of Yugoslavia is neither socially owned, nor owned or controlled by the Government of the FRY or the Government of Serbia.

2. Any request by a legal or natural person for an authorisation referred to in paragraph 1 (b), for a confirmation referred to in paragraph 1 (d), for an amendment of Annexes I or II or for being listed as not socially owned, or owned or controlled by the Government of the FRY or the Government of Serbia, shall be made through the competent authorities of the Member States.

The competent authorities of the Member States shall verify, to the fullest extent possible, the information provided by the persons making a request."

5. Article 10 shall be replaced by the following:

"Article 10

The Committee referred to in Article 9 shall examine all questions concerning the application of this Regulation, which may be raised either by the chairman or by a representative of a Member State."

Article 2

This Regulation shall enter into force on the day following that of its publication in the Official Journal of the European Communities.

This Regulation shall be binding in its entirety and directly applicable in all Member States.