# Council Regulation (EU) 2017/1501 of 24 August 2017 amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea, Introduction: Introductory text

Extent: E+W+S+N.I.

Council Regulation (EU) 2017/1501
of 24 August 2017
amending Regulation (EC) No 329/2007 concerning restrictive measures against the Democratic People's Republic of Korea
THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215 thereof,
Having regard to Council Decision (CFSP) 2016/849 of 27 May 2016 concerning restrictive measures against the Democratic People's Republic of Korea and repealing Decision 2013/183/CFSP,
Having regard to the joint proposal of the High Representative of the Union for Foreign Affairs and Security Policy and of the European Commission,
Whereas:
(1)
Council Regulation (EC) No 329/2007 gives effect to measures provided for in Decision (CFSP) 2016/849.
(2)
Annex IV to Regulation (EC) No 329/2007 lists persons, entities and bodies who, having been designated by the Sanctions Committee or the United Nations Security Council (UNSC) and are covered by the freezing of funds and economic resources under that Regulation.
(3)
Annex V to Regulation (EC) No 329/2007 lists persons, entities and bodies who, not having been listed in Annex IV, have been listed by the Council, and are covered by the freezing of funds and economic resources under that Regulation.
(4)
On 5 August 2017, the UNSC adopted Resolution 2371 (2017) in which it imposed new measures against North Korea. Among others, the UNSC added nine natural persons and four legal persons to the list of persons and entities subject to restrictive measures. The UNSC also laid down exemptions from those measures with regard to two legal persons, namely, the Foreign Trade Bank (FTB) and the Korean National Insurance Company (KNIC).
(5)
Commission Implementing Regulation (EU) 2017/1457 gives effect to the new measures by including the names of the relevant natural and legal persons in Annex IV to Regulation (EC) No 329/2007. Given that one legal person, namely, the KNIC, was previously included in Annex V to Regulation (EC) No 329/2007, it should now be deleted therefrom.
(6)
Council Decision (CFSP) 2017/1504 amended Decision (CFSP) 2016/849 in order to reflect the cases in which, under Resolution 2371 (2017), restrictive measures against the FTB and the KNIC do not apply.
(7)
Regulation (EC) No 329/2007 should therefore be amended accordingly,
HAS ADOPTED THIS REGULATION:

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Source: https://www.legislation.gov.uk/eur/2017/1501/introduction (the official version)
Page: https://openlegislation.uk/eu-regulation-2017-1501/introduction
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.