Source: https://www.law.cornell.edu/cfr/text/31/537.404
Timestamp: 2016-07-28 01:53:28
Document Index: 350630956

Matched Legal Cases: ['art 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537', '§ 537']

31 CFR 537.404 - Transactions incidental to a licensed transaction authorized. | US Law | LII / Legal Information Institute
CFR › Title 31 › Subtitle B › Chapter V › Part 537 › Subpart D › Section 537.404 31 CFR 537.404 - Transactions incidental to a licensed transaction authorized.
§ 537.404
A transaction, not explicitly authorized within the terms of the license, by or with a person whose property or interests in property are blocked pursuant to § 537.201(a), except as provided in paragraph (b) of this section; or
A transaction, not explicitly authorized within the terms of the license, involving a debit to a blocked account or a transfer of blocked property, except as provided in paragraph (b) of this section.
Transactions licensed pursuant to subpart E of this part and those transactions falling within the scope of paragraph (a) of this section are authorized even though they may involve transfers to or from an account of a financial institution whose property or interests in property are blocked pursuant to § 537.201(a), provided that the account is not on the books of a financial institution that is a U.S. person.
§ 537.404 Transactions ordinarily incident to a licensed transaction.
(1) An ordinarily incident transaction, not explicitly authorized within the terms of the license, by or with a person whose property and interests in property are blocked pursuant to § 537.201(a), except as provided in paragraph (b) of this section; or
(b) Transactions licensed pursuant to subpart E of this part and those transactions falling within the scope of paragraph (a) of this section are authorized even though they may involve transfers to or from an account of a financial institution whose property and interests in property are blocked pursuant to § 537.201(a), provided that the account is not on the books of a financial institution that is a U.S. person, unless otherwise authorized.
Note to § 537.404(b):
See § 537.531 for a general license authorizing transactions involving certain Burmese financial institutions whose property and interests in property are blocked pursuant to § 537.201(a), including establishing and maintaining accounts on the books of U.S. financial institutions.
Example: A license authorizing a person to complete a securities sale involving Company A, whose property and interests in property are blocked pursuant to § 537.201(a), also authorizes other persons to engage in activities that are ordinarily incident and necessary to complete the sale, including transactions by the buyer, broker, transfer agents, and banks, provided that, except as provided in paragraph (b) of this section, such other persons are not themselves persons whose property and interests in property are blocked pursuant to § 537.201(a).