31 C.F.R. Subpart C—General Definitions
Title 31 - Money and Finance: Treasury
The terms blocked account and blocked property shall mean any account or property subject to the prohibitions in §537.201 held in the name of a person whose property or interests in property are blocked pursuant to §537.201(a), or in which such person has an interest, and with respect to which payments, transfers, exportations, withdrawals, or other dealings may not be made or effected except pursuant to an authorization or license from the Office of Foreign Assets Control expressly authorizing such action. (a) The term economic development of resources located in Burma means activities pursuant to a contract the subject of which includes responsibility for the development or exploitation of resources located in Burma, including making or attempting to make those resources accessible or available for exploitation or economic use. The term shall not be construed to include not-for-profit educational, health, or other humanitarian programs or activities. (b) Examples: The economic development of resources located in Burma includes a contract conferring rights to explore for, develop, extract, or refine petroleum, natural gas, or minerals in the ground in Burma; or a contract to assume control of a mining operation in Burma, acquire a forest or agricultural area for commercial use of the timber or other crops, or acquire land for the construction and operation of a hotel or factory. The term effective date refers to the effective date of the applicable prohibitions and directives contained in this part as follows: (a) With respect to prohibited transfers or other dealings in blocked property or interests in property of persons listed in the Annex to Executive Order 13310 of July 28, 2003 (68 FR 44853, July 30, 2003), 12:01 a.m. eastern daylight time, July 29, 2003; (b) With respect to prohibited transfers or other dealings in blocked property or interests in property of persons designated pursuant to §537.201(a)(2), the earlier of the date on which either actual notice or constructive notice is received of such person's designation; (c) With respect to the exportation or reexportation of financial services to Burma prohibited by §537.202, 12:01 a.m. eastern daylight time, July 29, 2003; (d) With respect to the importation into the United States of products of Burma prohibited by §537.203, 12:01 a.m. eastern daylight time, August 28, 2003; (e) With respect to new investment prohibited by §537.204, 12:01 a.m. eastern daylight time, May 21, 1997. The term entity means a partnership, association, trust, joint venture, corporation, group, subgroup, or other organization. The term exportation or reexportation of financial services to Burma means: (a) The transfer of funds, directly or indirectly, from the United States or by a U.S. person, wherever located, to Burma; or (b) The provision, directly or indirectly, to persons in Burma of insurance services, investment or brokerage services (including but not limited to brokering or trading services regarding securities, debt, commodities, options or foreign exchange), banking services, money remittance services; loans, guarantees, letters of credit or other extensions of credit; or the service of selling or redeeming traveler's checks, money orders and stored value.
NOTE TO §537.305: This defined term has not appeared in other parts of 31 CFR chapter V and is specifically tailored to further the goals of the sanctions prohibitions set forth in this part. The term foreign person means any person that is not a U.S. person. The term Government of Burma means the Government of Burma (sometimes referred to as Myanmar), its agencies, instrumentalities and controlled entities, and the Central Bank of Burma. (a) For purposes of this part, the term information or informational materials includes, but is not limited to, publications, films, posters, phonograph records, photographs, microfilms, microfiche, tapes, compact disks, CD ROMs, artworks, and news wire feeds.
NOTE TO PARAGRAPH (a) OF §537.307: To be considered information or informational materials, artworks must be classified under chapter heading 9701, 9702, or 9703 of the Harmonized Tariff Schedule of the United States. (b) The term information or informational materials, with respect to United States exports, does not include items: (1) That were, as of April 30, 1994, or that thereafter become, controlled for export pursuant to section 5 of the Export Administration Act of 1979, 50 U.S.C. App. 2401–2420 (1979) (the “EAA”), or section 6 of the EAA to the extent that such controls promote the nonproliferation or antiterrorism policies of the United States; or (2) With respect to which acts are prohibited by 18 U.S.C. chapter 37. Except as otherwise provided in this part, the term interest when used with respect to property (e.g., “an interest in property”) means an interest of any nature whatsoever, direct or indirect. (a) Except as otherwise specified, the term license means any license or authorization contained in or issued pursuant to this part. (b) The term general license means any license or authorization the terms of which are set forth in subpart E of this part. (c) The term specific license means any license or authorization not set forth in subpart E of this part but issued pursuant to this part.
NOTE TO §537.309: See §501.801 of this chapter on licensing procedures. (a) The term new investment means any of the following activities if such activity is undertaken pursuant to an agreement, or pursuant to the exercise of rights under such an agreement, that is entered into with the Government of Burma or a nongovernmental entity in Burma on or after May 21, 1997: (1) The entry into a contract that includes the economic development of resources located in Burma, as defined in §537.302; (2) The entry into a contract providing for the general supervision and guarantee of another person's performance of a contract that includes the economic development of resources located in Burma; (3) The purchase of a share of ownership, including an equity interest, in the economic development of resources located in Burma; or (4) The entry into a contract providing for the participation in royalties, earnings, or profits in the economic development of resources located in Burma, without regard to the form of the participation. (b) The term new investment shall not include the entry into, performance of, or financing of a contract to sell or purchase goods, services, or technology unless such contract includes any of the activities described in paragraph (a)(2), (a)(3) or (a)(4) of this section. The term nongovernmental entity in Burma means a partnership, association, trust, joint venture, corporation, or other organization, wherever organized, that is located in Burma or exists for the exclusive or predominant purpose of engaging in the economic development of resources located in Burma or derives its income predominantly from such economic development, and is not the Government of Burma. The term person means an individual or entity. The term product of Burma means goods of Burmese origin pursuant to rules of origin of U.S. Customs and Border Protection. The terms property and property interest include, but are not limited to, money, checks, drafts, bullion, bank deposits, savings accounts, debts, indebtedness, obligations, notes, guarantees, debentures, stocks, bonds, coupons, any other financial instruments, bankers acceptances, mortgages, pledges, liens or other rights in the nature of security, warehouse receipts, bills of lading, trust receipts, bills of sale, any other evidences of title, ownership or indebtedness, letters of credit and any documents relating to any rights or obligations thereunder, powers of attorney, goods, wares, merchandise, chattels, stocks on hand, ships, goods on ships, real estate mortgages, deeds of trust, vendors' sales agreements, land contracts, leaseholds, ground rents, real estate and any other interest therein, options, negotiable instruments, trade acceptances, royalties, book accounts, accounts payable, judgments, patents, trademarks or copyrights, insurance policies, safe deposit boxes and their contents, annuities, pooling agreements, services of any nature whatsoever, contracts of any nature whatsoever, and any other property, real, personal, or mixed, tangible or intangible, or interest or interests therein, present, future or contingent. The term resources located in Burma means any resources, including natural, agricultural, commercial, financial, industrial and human resources, located within the territory of Burma, including the territorial sea, or located within the exclusive economic zone or continental shelf of Burma. The term transfer means any actual or purported act or transaction, whether or not evidenced by writing, and whether or not done or performed within the United States, the purpose, intent, or effect of which is to create, surrender, release, convey, transfer, or alter, directly or indirectly, any right, remedy, power, privilege, or interest with respect to any property and, without limitation upon the foregoing, shall include the making, execution, or delivery of any assignment, power, conveyance, check, declaration, deed, deed of trust, power of attorney, power of appointment, bill of sale, mortgage, receipt, agreement, contract, certificate, gift, sale, affidavit, or statement; the making of any payment; the setting off of any obligation or credit; the appointment of any agent, trustee, or fiduciary; the creation or transfer of any lien; the issuance, docketing, filing, or levy of or under any judgment, decree, attachment, injunction, execution, or other judicial or administrative process or order, or the service of any garnishment; the acquisition of any interest of any nature whatsoever by reason of a judgment or decree of any foreign country; the fulfillment of any condition; the exercise of any power of appointment, power of attorney, or other power; or the acquisition, disposition, transportation, importation, exportation, or withdrawal of any security. The term United States means the United States, its territories and possessions, and all areas under the jurisdiction or authority thereof. The term U.S. depository institution means any entity (including its foreign branches) organized under the laws of the United States or of any jurisdiction within the United States, or any agency, office or branch located in the United States of a foreign entity, that is engaged primarily in the business of banking (for example, banks, savings banks, savings associations, credit unions, trust companies and United States bank holding companies) and is subject to regulation by federal or state banking authorities. The term U.S. financial institution means any U.S. entity (including foreign branches) that is engaged in the business of accepting deposits, making, granting, transferring, holding, or brokering loans or credits, or purchasing or selling foreign exchange, securities, commodity futures or options, or procuring purchasers and sellers thereof, as principal or agent; including, but not limited to, depository institutions, banks, savings banks, trust companies, securities brokers and dealers, commodity futures and options brokers and dealers, forward contract and foreign exchange merchants, securities and commodities exchanges, clearing corporations, investment companies, employee benefit plans, and U.S. holding companies, U.S. affiliates, or U.S. subsidiaries of any of the foregoing. This term includes those branches, offices and agencies of foreign financial institutions that are located in the United States, but not such institutions' foreign branches, offices, or agencies. The term U.S. person means any United States citizen, permanent resident alien, entity organized under the laws of the United States or any jurisdiction within the United States (including foreign branches), or any person in the United States. The term U.S. registered broker or dealer in securities means any U.S. citizen, permanent resident alien, or entity organized under the laws of the United States or of any jurisdiction within the United States, including its foreign branches, or any agency, office or branch of a foreign entity located in the United States, that: (a) Is a “broker” or “dealer” in securities within the meanings set forth in the Securities Exchange Act of 1934; (b) Holds or clears customer accounts; and (c) Is registered with the Securities and Exchange Commission under the Securities Exchange Act of 1934. The term U.S. registered money transmitter means any U.S. citizen, permanent resident alien, or entity organized under the laws of the United States or of any jurisdiction within the United States, including its foreign branches, or any agency, office or branch of a foreign entity located in the United States, that is a money transmitter, as defined in 31 CFR 103.11(uu)(5), and that is registered pursuant to 31 CFR 103.41.
Title 31: Money and Finance: Treasury
PART 537—BURMESE SANCTIONS REGULATIONS
Subpart C—General Definitions
§ 537.301 Blocked account; blocked property.
§ 537.302 Economic development of resources located in Burma.
§ 537.303 Effective date.
§ 537.304 Entity.
§ 537.305 Exportation or reexportation of financial services to Burma.
§ 537.306 Foreign person.
§ 537.307 Government of Burma.
§ 537.308 Information or informational materials.
§ 537.309 Interest.
§ 537.310 Licenses; general and specific.
§ 537.311 New investment.
§ 537.312 Nongovernmental entity in Burma.
§ 537.313 Person.
§ 537.314 Product of Burma.
§ 537.315 Property; property interest.
§ 537.316 Resources located in Burma.
§ 537.317 Transfer.
§ 537.318 United States.
§ 537.319 U.S. depository institution.
§ 537.320 U.S. financial institution.
§ 537.321 U.S. person.
§ 537.322 U.S. registered broker or dealer in securities.
§ 537.323 U.S. registered money transmitter.
