Proposal for a Council Regulation amending Regulation (EC) No 723/2000 amending Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment in relation to the Federal Republic of Yugoslavia (FRY)
Date: 2000-05-16
Institutions: European Commission
Subjects: Yugoslavia, capital market, economic sanctions, international sanctions, regulation of investments

COMMISSION OF THE EUROPEAN COMMUNITIES

Brussels, 16.05.2000
COM(2000)298 final

Proposal for a

COUNCIL REGULATION

amending Regulation (EC) No 723/2000 amending Regulation (EC) No 1294/1999
concerning a freeze of funds and a ban on investment in relation to the Federal Republic
of Yugoslavia (FRY)

(presented by the Commission)

EXPLANATORY MEMORANDUM

On 6 April 2000, the Council adopted Regulation (EC) No 723/2000, amending, inter alia,
Article 2 of Council Regulation (EC) No 1294/1999 and adding Annexes IV, V and VI to that
Regulation. Annex VI should contain a list of companies, undertakings, institutions or entities
that will be deemed not to be targeted by the financial sanctions against the Federal Republic
of Yugoslavia.

Article 1(3) of Regulation (EC) No 723/2000, providing for the amendment of Article 2 of
Council Regulation (EC) No 1294/1999 and adding the said annexes, will be applicable as
from 15 May 2000.

Due to unforeseen technical and administrative difficulties in collecting the necessary
information and data for establishing the list in Annex VI, there is need for a postponement of
the date of entry into force of Article 1(3).

It is proposed to fix the new date at 30 June 2000.

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Proposal for a

COUNCIL REGULATION

amending Regulation (EC) No 723/2000 amending Regulation (EC) No 1294/1999
concerning a freeze of funds and a ban on investment in relation to the Federal Republic
of Yugoslavia (FRY)

THE COUNCIL OF THE EUROPEAN UNION,

Having regard to the Treaty establishing the European Community, and in particular Articles
60 and 301 thereof,

Having regard to the proposal from the Commission1,

Whereas:

(1)

(2)

(3)

(4)

The Council adopted Regulation (EC) No 723/2000 of 6 April 2000 amending
Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment
in relation to the Federal Republic of Yugoslavia (FRY), that entered into force on 8
April 2000.

Article 1 (3) of Regulation (EC) No 723/2000 would be applicable as from 15 May
2000 only in order to allow sufficient
time to establish the list of companies,
undertakings, institutions or entities located, registered or incorporated in the FRY,
with the exception of the Province of Kosovo and the Republic of Montenegro, that
will be deemed to be neither owned or controlled by the Government of the FRY or
the Government of the Republic of Serbia nor socially owned.

There is a need for additional time to allow for the collection of the necessary
information and data to establish the list in Annex VI.

Article 1 (3) of Regulation (EC) No 723/2000 should therefore be applicable as from
30 June 2000.

HAS ADOPTED THIS REGULATION:

Article 1

The second sentence of Article 2 of Regulation (EC) No 723/2000 shall be replaced by the
following:

“ Article 1 (3) shall be applicable as from 30 June 2000.”

1

OJ C , , p. .

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Article 2

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

It shall be applicable as from 15 May 2000.

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

Done at Brussels,

For the Council
The President

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