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Council Regulation (EU) No 270/2011Show full title

Council Regulation (EU) No 270/2011 of 21 March 2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Egypt

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Article 5

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

(a)the funds or economic resources in question are the subject of a judicial, administrative or arbitral lien established prior to the date on which the natural or legal person, entity or body referred to in Article 2 was listed in Annex I, or of a judicial, administrative or arbitral judgment rendered prior to that date;

(b)the funds or economic resources in question 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;

(c)the lien or judgment is not for the benefit of a person, entity or body listed in Annex I; and

(d)recognising the lien or judgment is not contrary to public policy in the Member State concerned.

2.The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under paragraph 1.

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