Council Regulation (EC) No 329/2007 (repealed)Show full title

Article 1 U.K.

For the purposes of this Regulation, the following definitions shall apply:

1.

‘Sanctions Committee’ means: the Committee of the UN Security Council which was established pursuant to paragraph 12 of UN Security Council Resolution 1718 (2006);

2.

‘North Korea’ means the Democratic People's Republic of Korea;

3.

‘technical assistance’ means any technical support related to repairs, development, manufacture, assembly, testing, maintenance, or any other technical service, and may take forms such as instruction, advice, training, transmission of working knowledge or skills or consulting services; including verbal forms of assistance;

4.

‘funds’ means financial assets and benefits of every kind, including but not limited to:

(a)

cash, cheques, claims on money, drafts, money orders and other payment instruments;

(b)

deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;

(c)

publicly- and privately-traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;

(d)

interest, dividends or other income on or value accruing from or generated by assets;

(e)

credit, right of set-off, guarantees, performance bonds or other financial commitments;

(f)

letters of credit, bills of lading, bills of sale; and

(g)

documents evidencing an interest in funds or financial resources;

5.

‘freezing of funds’ means preventing any moving, transfer, alteration, use of, access to, or dealing with funds in any way that would result in any change in their volume, amount, location, ownership, possession, character, destination or other change that would enable the use of the funds, including portfolio management;

6.

[F1 ‘ economic resources ’ means assets of every kind, whether tangible or intangible, movable or immovable, actual or potential, which are not funds but can be used to obtain funds, goods or services, including vessels, such as maritime vessels;]

7.

‘freezing of economic resources’ means preventing the use of economic resources to obtain funds, goods or services in any way, including, but not limited to, by selling, hiring or mortgaging them;

8.

‘[F2 territory of the Union’ means the territories of the Member States to which the Treaty is applicable, under the conditions laid down in the Treaty, including their airspace [F3 ;] ]

9.

[F4 ‘ brokering services ’ means:

(i)

the negotiation or arrangement of transactions for the purchase, sale or supply of goods and technology or of financial and technical services, including from a third country to any other third country; or

(ii)

the selling or buying of goods and technology or of financial and technical services, including where they are located in third countries for their transfer to another third country;]

10.

[F5 ‘ investment services ’ means the following services and activities:

(a)

reception and transmission of orders in relation to one or more financial instruments;

(b)

execution of orders on behalf of clients;

(c)

dealing on own account;

(d)

portfolio management;

(e)

investment advice;

(f)

underwriting of financial instruments and/or placing of financial instruments on a firm-commitment basis;

(g)

placing of financial instruments without a firm-commitment basis;

(h)

any service in relation to the admission to trading on a regulated market or trading on a multilateral trading facility;

11.

‘ transfer of funds ’ means:

(a)

any transaction carried out on behalf of a payer through a payment service provider by electronic means, with a view to making funds available to a payee at a payment service provider, irrespective of whether the payer and the payee are the same person;

(b)

any transaction by non-electronic means, such as in cash, cheques or accountancy orders, with a view to making funds available to a payee irrespective of whether the payer and the payee are the same person;

12.

‘ payee ’ means a natural or legal person that is the intended recipient of transferred funds;

13.

‘ payer ’ means a person that holds a payment account and allows a transfer of funds from that payment account, or, where there is no payment account, that gives a transfer-of-funds order;

14.

‘payment service provider’ means the categories of payment service provider referred to in Article 1(1) of Directive 2007/64/EC of the European Parliament and of the Council (1) , natural or legal persons benefiting from a waiver pursuant to Article 26 of Directive 2007/64/EC and legal persons benefiting from a waiver pursuant to Article 9 of Directive 2009/110/EC of the European Parliament and of the Council (2) , providing transfer-of-funds services.]

Textual Amendments

F1 Substituted by Council Regulation (EU) 2016/682 of 29 April 2016 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea.

F2 Substituted by Council Regulation (EU) No 1283/2009 of 22 December 2009 amending Council Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea.

F3 Substituted by Council Regulation (EU) No 696/2013 of 22 July 2013 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People’s Republic of Korea.

F4 Inserted by Council Regulation (EU) No 696/2013 of 22 July 2013 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People’s Republic of Korea.

F5 Inserted by Council Regulation (EU) 2016/841 of 27 May 2016 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea.

(1)

[F5 Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC ( OJ L 319, 5.12.2007, p. 1 ).

(2)

Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC ( OJ L 267, 10.10.2009, p. 7 ).]

Textual Amendments

F5 Inserted by Council Regulation (EU) 2016/841 of 27 May 2016 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea.