# EUR-Lex - 52011PC0940 - EN

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# 52011PC0940

**Joint Proposal for a COUNCIL REGULATION amending Regulation (EU) No 204/2011 concerning restrictive measures in view of the situation in Libya /* COM/2011/0940 final - 2011/0467 (NLE) */**

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EXPLANATORY MEMORANDUM

(1)
On 2 March 2011, the Council adopted Regulation
(EU) No 204/2011 imposing restrictive measures in view of the situation in
Libya in order to give effect to UN Security Council Resolution 1970 (2011). In
accordance with UN Security Council Resolution 1973 (2011) of 17 March 2011,
the assets of the Central Bank of Libya and the Libyan Arab Foreign Bank were
frozen under Regulation (EU) n° 233/2011.

(2)
On 15 September 2011, the UN Security Council
adopted Resolution 2009 (2011) to promote Libya’s recovery from its recent
conflict and begin unwinding some of the sanctions imposed under UNSCR 1970 and
successive resolutions. UNSCR 2009 provides for a transparent and responsible
unfreezing of certain frozen funds in order to support the resumption of
economic activity.

(3)
On 16 December 2011 the UN Security Council
decided to lift the restrictive measures on the Central Bank of Libya and the
Libyan Arab Foreign Bank, which it had imposed by Resolution 1973(2011) of 17
March 2011. The Council is preparing a CFSP Decision to endorse this UN
decision.

(4)
These measures fall within the scope of the
Treaty on the Functioning of the European Union and, therefore, notably with a
view to ensuring their uniform application by economic operators in all Member
States, regulatory action at the level of the Union is necessary in order to
implement them.

(5)
The High Representative for Foreign Affairs and
Security Policy and the European Commission therefore propose to terminate the
corresponding restrictive measures laid down in Council Regulation (EU) No
204/2011 concerning restrictive measures in view of the situation in Libya.

2011/0467 (NLE)

Joint Proposal for a

COUNCIL REGULATION

amending Regulation (EU) No 204/2011
concerning restrictive measures in view of the situation in Libya

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty on the
Functioning of the European Union, and in particular Article 215 thereof,

Having regard to Council Decision
2011/.../CFSP of ... 2011 amending Council Decision 2011/137/CFSP concerning
restrictive measures in view of the situation in Libya[1],

Having regard to the joint proposal from
the High Representative of the Union for Foreign Affairs and Security Policy
and the European Commission,

Whereas:

(1)
On 2 March 2011, and further to Council Decision
2011/137/CFSP, the Council adopted Regulation (EU) No 204/2011 concerning
restrictive measures in view of the situation in Libya[2].
Regulation (EU) No 204/2011 provides in particular for the freezing of funds
and economic resources of the Central Bank of Libya and the Libyan Arab Foreign
Bank.

(2)
In light of UNSCR 2009 (2011), and further to Decision
2011/625/CFSP, Regulation (EU) No 965/2011 provides in particular for
adjustments to the assets freeze of certain Libyan entities in order to support
Libya’s economic recovery.

(3)
By means of its decision of 16 December, the UN Security
Council decided that the measures concerning the Central Bank of Libya and Libyan
Arab Foreign Bank should be terminated. In line with Decision 2011/.../CFSP the
relevant provision of Regulation (EU) No 204/2011 should therefore be amended,

(4)
These measures fall within the scope of the
Treaty on the Functioning of the European Union and, therefore, in particular
with a view to ensuring their uniform application by economic operators in all
Member States, regulatory action at the level of the Union is necessary in
order to implement them.

(5)
In order to ensure that the measures provided
for in this Regulation are effective, this Regulation must enter into force
immediately,

HAS ADOPTED THIS REGULATION:

Article 1

Regulation (EU) No 204/2011 is amended as
follows:

Article 5 (4) is replaced by the following:

“4.     All funds and economic resources
belonging to, owned, held or controlled on 16 September 2011 by:

(a)
Libyan Investment Authority; and

(b)
Libyan Africa Investment Portfolio,

and located outside Libya on that date shall
remain frozen.”

Article 2

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

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

Done at Brussels,

For
the Council

The
President

[1]               OJ L ..., ...2011, p. ...

[2]               OJ L 58, 3.03.2011, p. 1.