[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]
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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.
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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
