Council Regulation (EC) No 1763/2004 of 11 October 2004 imposing certain restrictive measures in support of effective implementation of the mandate of the International Criminal Tribunal for the former Yugoslavia (ICTY)

For the purposes of this Regulation, the following definitions shall apply:

1. ‘funds’ means financial assets and benefits of every kind, including but not limited to:

   1. cash, cheques, claims on money, drafts, money orders and other payment instruments;

   2. deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;

   3. publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;

   4. interest, dividends or other income on or value accruing from or generated by assets;

   5. credit, right of set-off, guarantees, performance bonds or other financial commitments;

   6. letters of credit, bills of lading, bills of sale;

   7. documents evidencing an interest in funds or financial resources;

   8. any other instrument of export financing;

2. ‘freezing of funds’ means preventing any move, transfer, alteration, use of, access to, 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 enable the funds to be used, including portfolio management;

3. ‘economic resources’ means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but can be used to obtain funds, goods or services;

4. ‘freezing of economic resources’ means preventing their use to obtain funds, goods or services in any way, including, but not limited to, the selling, hiring or mortgaging of them.

By way of derogation from Article 2, the competent authorities of the Member States as listed in Annex II may authorise the release of certain frozen funds or economic resources or the making available of certain frozen funds or economic resources, under such conditions as they deem appropriate, after having determined that the funds or economic resources concerned are:

1. necessary for basic expenses, including payments for foodstuffs, rent or mortgage, medicines and medical treatment, taxes, insurance premiums, and public utility charges;

2. intended exclusively for payment of reasonable professional fees and reimbursement of incurred expenses associated with the provision of legal services;

3. intended exclusively for payment of fees or service charges for routine holding or maintenance of frozen funds or economic resources;

4. necessary for extraordinary expenses, provided that the relevant competent authority has notified the grounds on which it considers that a specific authorisation should be granted to all other competent authorities and the Commission at least two weeks prior to the authorisation.

The relevant competent authority shall inform the competent authorities of the other Member States and the Commission of any authorisation granted under this Article.

By way of derogation from Article 2, the competent authorities of the Member States as listed in Annex II may authorise the release of certain frozen funds or economic resources, if the following conditions are met:

1. the funds or economic resources are subject of a judicial, administrative or arbitral lien established prior to 14 October 2004 or of a judicial, administrative or arbitral judgment rendered prior to that date;

2. The funds or economic resources will be used exclusively to satisfy claims secured by such a lien or recognised as valid in such a judgment, within the limits set by applicable laws and regulations governing the rights of persons having such claims;

3. The lien or judgment is not for the benefit of a person, entity or body listed in Annex I;

4. Recognising the lien or judgment is not contrary to public policy in the Member State concerned.

The relevant competent authority shall inform the competent authorities of the other Member States and the Commission of any authorisation granted under this Article.