Article 1 
1. All funds held outside the territory of the Federal Republic of Yugoslavia belonging to Mr Milosevic and to natural persons associated with him, as listed in Annex I, shall be frozen. 2. No funds shall be made available, directly or indirectly, to or for the benefit of any person referred to in paragraph 1. 3. For the purpose of this Regulation: — funds means: financial assets and economic benefits of any kind, including, but not necessarily limited to, cash, cheques, claims on money, drafts, money orders and other payment instruments; deposits with financial institutions or other entities, balances on accounts, debts and debt obligations; publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures, derivatives contracts; interest, dividends or other income on or value accruing from or generated by assets; credit, right of set-off, guarantees, performance bonds or other financial commitments; letters of credit, bills of lading, bills of sale; documents evidencing an interest in funds or financial resources, and any other instrument of export-financing; — freezing of funds shall mean: preventing any move, transfer, alteration, use of or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would make possible the use of the funds, including portfolio management, except that any interest or income arising or any capital automatically repayable on maturity of any funds shall be paid into and held in a frozen account.
Article 2 
1. The participation, knowingly and intentionally, in related activities, the object or effect of which is, directly or indirectly, to promote the transactions or activities referred to in Article 1 or to circumvent the provisions of this Regulation shall be prohibited. 2. Any information that the provisions of this Regulation are being, or have been circumvented shall be notified to the competent authorities of the Member States as listed in Annex II and/or the Commission.
Amendment rationale: EXPLANATORY MEMORANDUM 1. Council Regulation (EC) No 2488/2000, as last amended by Council Regulation (EC) No 1791/2006, confirmed certain restrictive measures in relation to former President Milosevic and persons associated with him. 2. It is appropriate to align Regulation (EC) No 2488/2000 with recent developments in sanctions practice regarding the identification of competent authorities, liability for certain infringements, protection of personal data and drafting of the article on Union jurisdiction. 3. For the sake of clarity, those Articles to which amendments need to be made should be republished in full.
Revised version (Article 2 ):
1. The participation, knowingly and intentionally, in related activities, the object or effect of which is, directly or indirectly, to promote the transactions or activities referred to in Article 1 or to circumvent the provisions of this Regulation shall be prohibited. 2. Any information that the provisions of this Regulation are being, or have been circumvented shall be notified to the competent authorities as indicated in the websites listed in Annex II and/or to the Commission.
Article 3 
1. Without prejudice to the applicable rules concerning reporting, confidentiality and professional secrecy and to the provisions of Article 284 of the Treaty, banks, other financial institutions, insurance companies, and other bodies and persons shall: (a) provide immediately any information which would facilitate compliance with this Regulation, such as accounts and amounts frozen in accordance with Article 1: — to the competent authorities of the Member States listed in Annex II where they are resident or located, and — directly or through these competent authorities to the Commission, (a) provide immediately any information which would facilitate compliance with this Regulation, such as accounts and amounts frozen in accordance with Article 1: — to the competent authorities of the Member States listed in Annex II where they are resident or located, and — directly or through these competent authorities to the Commission, (b) cooperate with the competent authorities listed in Annex II in any verification of this information. 2. Any information provided or received in accordance with this Article shall be used only for the purposes for which it was provided or received. 3. Any information directly received by the Commission shall be made available to the competent authorities of the Member States concerned.
Amendment rationale: EXPLANATORY MEMORANDUM 1. Council Regulation (EC) No 2488/2000, as last amended by Council Regulation (EC) No 1791/2006, confirmed certain restrictive measures in relation to former President Milosevic and persons associated with him. 2. It is appropriate to align Regulation (EC) No 2488/2000 with recent developments in sanctions practice regarding the identification of competent authorities, liability for certain infringements, protection of personal data and drafting of the article on Union jurisdiction. 3. For the sake of clarity, those Articles to which amendments need to be made should be republished in full.
Revised version (Article 3 ):
1. Without prejudice to the applicable rules concerning reporting, confidentiality and professional secrecy, natural and legal persons, entities and bodies shall: (a) supply immediately any information which would facilitate compliance with this Regulation, such as accounts and amounts frozen in accordance with Article 1, to the competent authorities of Member States as indicated in the websites listed in Annex II for the country where they are resident or located and shall transmit such information, directly or through the competent authority as indicated in the websites listed in Annex II, to the Commission; and (b) cooperate with that competent authority in any verification of this information. 2. Any additional information directly received by the Commission shall be made available to the Member State concerned. 3. Any information provided or received in accordance with this Article shall be used only for the purposes for which it was provided or received.
Article 4 
1. The measures necessary for the implementation of this Regulation relating to the matters referred to below with the exception of those referred to in paragraph (c) shall be adopted in accordance with the management procedure referred to in Article 5(2). 2. The Commission shall be empowered: (a) to amend Annex I, taking into account decisions implementing Common Position 2000/696/CFSP, (b) on an exceptional basis, to grant exemptions to Article 1 for strictly humanitarian purposes. (c) on the basis of information supplied by Member States, to amend data on competent authorities of the Member States listed in Annex II. 3. Any request by a person for an exemption referred to in paragraph 2(b) or for an amendment of Annex I shall be made through the competent authorities of the Member States listed in Annex II. The competent authorities of the Member States shall verify, to the fullest extent possible, the information provided by the persons making a request.
Amendment rationale: EXPLANATORY MEMORANDUM 1. Council Regulation (EC) No 2488/2000, as last amended by Council Regulation (EC) No 1791/2006, confirmed certain restrictive measures in relation to former President Milosevic and persons associated with him. 2. It is appropriate to align Regulation (EC) No 2488/2000 with recent developments in sanctions practice regarding the identification of competent authorities, liability for certain infringements, protection of personal data and drafting of the article on Union jurisdiction. 3. For the sake of clarity, those Articles to which amendments need to be made should be republished in full.
Revised version (Article 4 ):
1. The measures necessary for the implementation of this Regulation relating to the matters referred to below with the exception of those referred to in paragraph (c) shall be adopted in accordance with the management procedure referred to in Article 5(2). 2. The Commission shall be empowered: (a) to amend Annex I, taking into account decisions implementing Common Position 2000/696/CFSP, (b) on an exceptional basis, to grant exemptions to Article 1 for strictly humanitarian purposes, (c) to amend Annex II on the basis of information supplied by Member States. 3. Any request by a person for an exemption referred to in paragraph 2(b) or for an amendment of Annex I shall be made through the competent authorities as indicated in the websites listed in Annex II. The competent authorities of the Member States shall verify, to the fullest extent possible, the information provided by the persons making a request.
Article 5 
1. The Commission shall be assisted by the Committee established under Regulation (EC) No 2271/96. 2. Where reference is made to this paragraph, Articles 4 and 7 of Decision 1999/468/EC shall apply. The period laid down in Article 4(3) of Decision 1999/468/EC shall be set at 10 working days. 3. The Committee shall adopt its rules of procedure.
Article 6 
1. The Committee referred to in Article 5 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. 2. The Committee shall regularly review the effectiveness of the provisions of this Regulation and the Commission shall, on the basis of that review, report regularly to the Council.
Article 7 
The Commission and the Member States shall inform each other of the measures taken under this Regulation and supply each other with the relevant information at their disposal in connection with this Regulation, in particular information received in accordance with Article 3, and in respect of violation and enforcement problems or judgments handed down by national courts.
Article 8 
Each Member State shall determine the sanctions to be imposed where the provisions of this Regulation are infringed. Such sanctions shall be effective, proportionate and dissuasive. Pending the adoption, where necessary, of any legislation to this end, the sanctions to be imposed where the provisions of this Regulation are infringed shall be those determined by the Member States in accordance with Article 12 of Regulation (EC) No 1294/1999.
Article 9 
Regulations (EC) Nos 1294/99 and 607/2000 and Article 2 of Regulation (EC) No 926/98 shall be repealed.
Article 10 
This Regulation shall apply: — within the territory of the Community including its airspace, — on board any aircraft or any vessel under the jurisdiction of a Member State, — to any person elsewhere who is a national of a Member State, — to any body which is incorporated or constituted under the law of a Member State.
Amendment rationale: EXPLANATORY MEMORANDUM 1. Council Regulation (EC) No 2488/2000, as last amended by Council Regulation (EC) No 1791/2006, confirmed certain restrictive measures in relation to former President Milosevic and persons associated with him. 2. It is appropriate to align Regulation (EC) No 2488/2000 with recent developments in sanctions practice regarding the identification of competent authorities, liability for certain infringements, protection of personal data and drafting of the article on Union jurisdiction. 3. For the sake of clarity, those Articles to which amendments need to be made should be republished in full.
Revised version (Article 10 ):
This Regulation shall apply: (a) within the territory of the Union, including its airspace; (b) on board any aircraft or any vessel under the jurisdiction of a Member State; (c) to any person inside or outside the territory of the Union who is a national of a Member State; (d) to any legal person, entity or body which is incorporated or constituted under the law of a Member State; (e) to any legal person, entity or body in respect of any business done in whole or in part within the Union.
Article 11 
This Regulation shall enter into force on the day 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.