EC Council Regulation No. 2580/2001 of December 27, 2001


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Council Regulation (EC) No 2580/2001 of 27 December 2001 on specific restrictive measures directed against certain persons and entities with a view to combating terrorism Official Journal L 344 , 28/12/2001 P. 0070 - 0075 (preamble omitted)

Article 1

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

  1. "Funds, other financial assets and economic resources" means assets of every kind, whether tangible or intangible, movable or immovable, however acquired, and legal documents or instruments in any form, including electronic or digital, evidencing title to, or interest in, such assets, including, but not limited to, bank credits, travellers' cheques, bank cheques, money orders, shares, securities, bonds, drafts and letters of credit.

  2. "Freezing of funds, other financial assets and economic resources" means the prevention of any move, transfer, alteration, use of 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 funds to be used, including portfolio management.

  3. "Financial services" means any service of a financial nature, including all insurance and insurance-related services, and all banking and other financial services (excluding insurance) as follows: Insurance and insurance-related services

    (i) Direct insurance (including coinsurance):

    (A) life assurance;

    (B) non-life;

    (ii) Reinsurance and retrocession;

    (iii) Insurance intermediation, such as brokerage and agency;

    (iv) Services auxiliary to insurance, such as consultancy, actuarial, risk assessment and claim settlement services.

    Banking and other financial services (excluding insurance)

    (v) Acceptance of deposits and other repayable funds;

    (vi) Lending of all types, including consumer credit, mortgage credit, factoring and financing of commercial transaction;

    (vii) Financial leasing; Page 156

    (viii) All payment and money transmission services, including credit, charge and debit cards, travellers' cheques and bankers' drafts;

    (ix) Guarantees and commitments;

    (x) Trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:

    (A) money market instruments (including cheques, bills, certificates of deposits);

    (B) foreign exchange;

    (C) derivative products including, but not limited to, futures and options;

    (D) exchange rate and interest rate instruments, including products such as swaps and forward rate agreements;

    (E) transferable securities;

    (F) other negotiable instruments and financial assets, including bullion;

    (xi) Participation in issues of all kinds of securities, including underwriting and placement as agent (whether publicly or privately) and provision of services related to such issues;

    (xii) Money brokering;

    (xiii) Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial, depository and trust services;

    (xiv) Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments;

    (xv) Provision and transfer of financial information, and financial data processing and related software by suppliers...

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