Council Regulation (EU) No 330/2011Show full title

Article 1 U.K.

Regulation (EC) No 560/2005 is hereby amended as follows:

(1)

the following Articles are inserted:

‘Article 3a

By way of derogation from Article 2, the competent authorities of the Member States, as indicated on the websites listed in Annex II, may authorise, with regard to persons, entities and bodies listed in Annex IA, the release of certain frozen funds or economic resources or the making available of certain funds or economic resources which are necessary for humanitarian purposes, after notification in advance to the other Member States and to the Commission.

Article 3b

By way of derogation from Article 2, and provided that a payment by a person, entity or body listed in Annex IA is due under a contract or agreement that was concluded by, or an obligation that arose for, the person, entity or body concerned, before the date on which that person, entity or body had been designated, the competent authorities of the Member States, as indicated on the websites listed in Annex II, may authorise, under such conditions as they deem appropriate, the release of certain frozen funds or economic resources, provided that the competent authority concerned has determined that:

(i)

the funds or economic resources shall be used for a payment by a person, entity or body listed in Annex IA;

(ii)

the payment is not in breach of Article 2(2).

The Member State concerned shall, at least two weeks prior to the grant of the authorisation, notify the other Member States and the Commission of that determination and its intention to grant an authorisation.’;

(2)

Article 9a is replaced by the following:

‘Article 9a

It shall be prohibited:

(a)

to purchase, broker or assist in the issue of bonds or securities issued or guaranteed after the date of entry into force of this Regulation by the illegitimate government of Mr Laurent GBAGBO, as well as by persons or entities acting on its behalf or under its authority, or by entities owned or controlled by it. By way of exception, financial institutions shall be authorised to purchase such bonds or securities of corresponding value to bonds and securities already held by them and which are due to mature;

(b)

to provide loans, in any form, to the illegitimate government of Mr Laurent GBAGBO, as well as to persons or entities acting on its behalf or under its authority, or to entities that it owns or controls.’;

(3)

the following Article is inserted:

‘Article 9b

The prohibitions set out in Article 2(2) and in Article 9a shall not give rise to any liability of any kind on the part of the natural and legal persons, entities and bodies which made funds or economic resources available if they did not know, and had no reasonable cause to suspect, that their actions would infringe the prohibitions in question.’.