31 C.F.R. § 500.553 Prior contractual commitments not a basis for licensing.
Title 31 - Money and Finance: Treasury
Specific licenses are not issued on the basis that an unlicensed firm commitment or payment has been made in connection with a transaction prohibited by §500.204. Contractual commitments to engage in transactions subject to the prohibitions in §500.204 should not be made, unless the contract specifies that the transaction is authorized by a general license or that it is subject to the issuance of a specific Foreign Assets Control license. [40 FR 7650, Feb. 21, 1975]
Title 31: Money and Finance: Treasury
PART 500—FOREIGN ASSETS CONTROL REGULATIONS
Subpart E—Licenses, Authorizations and Statements of Licensing Policy
§ 500.553 Prior contractual commitments not a basis for licensing.
