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31 CFR § 515.202 - Transactions with respect to securities registered or inscribed in the name of a designated national.

Date issued: Jul. 09 1963

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§515.202 Transactions with respect to securities registered or inscribed in the name of a designated national.
Unless authorized by a license expressly referring to this section, the acquisition, transfer (including the transfer on the books of any issuer or agent thereof), disposition, transportation, importation, exportation, or withdrawal of, or the endorsement or guaranty of signatures on or otherwise dealing in any security (or evidence thereof) registered or inscribed in the name of any designated national is prohibited irrespective of the fact that at any time (either prior to, on, or subsequent to the "effective date") the registered or inscribed owner thereof may have, or appears to have, assigned, transferred or otherwise disposed of any such security.

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TURBOFAC Commentary (303 words)

Notes:

1) This provision, which in the CACR dates back to 1963, appears to exist as a separate prohibition because it is a derogation from the usual rule that only property in which a Cuban has an interest on or after the effective date is subject to blocking. Alternatively, here the present "interest" is presumed even in cases where it appears as though the interest was extinguished prior to the effective date.

2) This prohibition has not been the subject of any guidance or enforcement action currently on OFAC's website.

3) While this is a separate prohibition in the CACR, most modern sanctions regulations include the substance of this provision in the general blocking prohibition. See e.g. 547.201 (reproduced below), which conveys the same substance as 515.202, but with slightly altered language...