[Federal Register Volume 60, Number 125 (Thursday, June 29, 1995)]
[Rules and Regulations]
[Pages 33725-33726]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 95-15927]



-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY
Office of Foreign Assets Control

31 CFR Parts 520, 540, 545, 555, 565, 570 and 580


Foreign Funds Control Regulations, Nicaraguan Trade Control 
Regulations, South African Transactions Regulations, Soviet Gold Coin 
Regulations, Panamanian Transactions Regulations, Kuwaiti Assets 
Control Regulations, Haitian Transactions Regulations; Removal of 
Regulations

AGENCY: Office of Foreign Assets Control, Treasury.

ACTION: Final rule.

-----------------------------------------------------------------------

SUMMARY: This rule removes 31 CFR parts 520, 540, 545, 555, 565, 570 
and 580, the Foreign Funds Control Regulations, Nicaraguan Trade 
Control Regulations, South African Transactions Regulations, Soviet 
Gold Coin Regulations, Panamanian Transactions Regulations, Kuwaiti 
Assets Control Regulations, and Haitian Transactions Regulations.

EFFECTIVE DATE: June 29, 1995.

FOR FURTHER INFORMATION CONTACT: Steven I. Pinter, Chief of Licensing 
(tel.: 202/622-2480), or William B. Hoffman, Chief Counsel (tel.: 202/
622-2410), Office of Foreign Assets Control, Department of the 
Treasury, Washington, DC 20220.

SUPPLEMENTARY INFORMATION:

Electronic Availability

    This document is available as an electronic file on The Federal 
Bulletin Board the day of publication in the Federal Register. By modem 
dial 202/512-1387 and type ``/GO/FAC'', or call 202/512-1530 for disks 
or paper copies. This file is available for downloading in WordPerfect 
5.1, ASCII, and Postscript formats. The document is also accessible for 
downloading in ASCII format without charge from Treasury's Electronic 
Library (``TEL'') in the ``Business, Trade and Labor Mall'' of the 
FedWorld bulletin board. By modem dial 703/321-3339, and select self-
expanding file ``T11FR00.EXE'' in TEL. For Internet access, use one of 
the following protocols: Telnet = fedworld.gov (192.239.93.3); World 
Wide Web (Home Page) = http://www.fedworld.gov; FTP = ftp.fedworld.gov 
(192.239.92.205).

Background

    This rule removes 31 CFR parts 520, 540, 545, 555, 565, 570 and 
580, the Foreign Funds Control Regulations, Nicaraguan Trade Control 
Regulations, South African Transactions Regulations, Soviet Gold Coin 
Regulations, 

[[Page 33726]]
Panamanian Transactions Regulations, Kuwaiti Assets Control 
Regulations, and Haitian Transactions Regulations. Parts 540, 565, 570 
and 580 relate to sanctions programs under national emergency 
declarations that have been terminated by Executive order. Parts 545 
and 555 contained sanctions mandated by the Comprehensive Anti-
Apartheid Act of 1986, 22 U.S.C. 5001-5116 (1986), that have been 
lifted upon repeal of the authorizing provisions or terminated by 
Presidential determination pursuant to that Act. Part 520 contains 
residual sanctions measures imposed during World War II, including 
procedural requirements that have no further practical purpose relating 
to securities looted from their rightful owners by the Nazis. Removal 
of these parts does not affect ongoing enforcement proceedings, nor 
prevent the initiation of enforcement proceedings where the relevant 
statute of limitations has not run.
    Because these Regulations involve a foreign affairs function, 
Executive Order 12866 and the provisions of the Administrative 
Procedure Act, 5 U.S.C. 553, requiring notice of proposed rulemaking, 
opportunity for public participation, and delay in effective date, are 
inapplicable. Because no notice of proposed rulemaking is required for 
this rule, the Regulatory Flexibility Act, 5 U.S.C. 601-612, does not 
apply.

List of Subjects

31 CFR Part 520

    Administrative practice and procedure, Banks, Banking, Currency, 
Foreign Assets Control Office, Foreign investments in United States, 
Penalties, Reporting and recordkeeping requirements, Securities.

31 CFR Part 540

    Administrative practice and procedure, Foreign Assets Control 
Office, Foreign trade, Nicaragua, Penalties, Reporting and 
recordkeeping requirements.

31 CFR Part 545

    Administrative practice and procedure, Banks, Banking, Foreign 
Assets Control office, Foreign currencies, Gold, Imports, Krugerrands, 
Penalties, Reporting and recordkeeping requirements, South Africa, 
United States investments abroad.

31 CFR Part 555

    Gold, Imports, Penalties, Reporting and recordkeeping requirements, 
Treasury Department, Union of Soviet Socialist Republics.

31 CFR Part 565

    Administrative practice and procedure, Banks, Banking, Currency, 
Foreign Assets Control Office, Foreign investments in United States, 
Panama, Penalties, Reporting and recordkeeping requirements, 
Securities.

31 CFR Part 570

    Administrative practice and procedure, Banks, Banking, Currency, 
Foreign Assets Control Office, Foreign investments in United States, 
Foreign trade, Iraq, Kuwait, Penalties, Reporting and recordkeeping 
requirements, Securities.

31 CFR Part 580

    Administrative practice and procedure, Banks, Banking, Currency, 
Foreign Assets Control Office, Foreign investments in United States, 
Foreign trade, Haiti, Penalties, Reporting and recordkeeping 
requirements, Securities.
    For the reasons set forth in the preamble, 31 CFR chapter V is 
amended by removing parts 520, 540, 545, 555, 565, 570, and 580.

    Dated: June 20, 1995
R. Richard Newcomb,
Director, Office of Foreign Assets Control.
    Approved: June 20, 1995.
John P. Simpson,
Deputy Assistant Secretary (Regulatory, Tariff and Trade Enforcement).
[FR Doc. 95-15927 Filed 6-23-95; 4:58 pm]
BILLING CODE 4810-25-F