7.4.2000 Official Journal of the European Communities L 86/1 (Acts whose publication is obligatory) COUNCIL REGULATION (EC) No 723/2000 of 6 April 2000 amending Regulation (EC) No 1294/1999 concerning a freeze of funds and a ban on investment in relation to the Federal Republic of Yugoslavia (FRY) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Articles 60 and 301 thereof, Having regard to Common Position 98/326/CFSP of 7 May 1998 concerning the freezing of funds held abroad by the Governments of the Federal Republic of Yugoslavia (FRY) and the Republic of Serbia (*), Common Position 98/374/CESP of 8 June 1998 concerning the prohibition of new investment in Serbia (%), and Common Position 1999/318/CFSP of 10 May 1999 concerning additional restrictive measures against the Federal Republic of Yugoslavia (FRY) (%), Having regard to the proposal from the Commission, Whereas: (1)  The Council adopted Regulation (EC) No 1294/1999 of 15 June 1999 concerning a freeze of funds and a ban on investment in relation to the Federal Republic of Yugo- slavia (FRY) (). (2)  The Council has agreed to maintain its overall policy framework of applying maximum pressure on President Milosevic through the strengthening of the sanctions targeted at the regime, without penalising the Serb people. (3)  Investments and financial relations in relation to the FRY, especially the Province of Kosovo and the Republic of Montenegro, may be increased by creating greater legal certainty regarding the real targets of the sanctions. (4 Under these circumstances, the effectiveness of the existing financial sanctions should be enhanced, inter alia, by closing any loopholes that may exist and improving the enforcement. () O] L 143, 14.5.1998, p. 1. () O] L 165, 10.6.1998, p. 1. () O] L 123, 13.5.1999, p. 1. (% O] L 153, 19.6.1999, p. 63. (5) At the same time the sanctions regime should be adapted with a view to reducing the negative impact on the interests of the Community without diminishing the impact on the targeted natural and legal persons, HAS ADOPTED THIS REGULATION: Article 1 Regulation (EC) No 1294/1999 shall be amended as follows: 1. The following recital shall be added to the preamble: ‘(12) The measures necessary for the implementation of this Regulation should be adopted in accordance with Council Decision 1999/468/EC of 28 June 1999 laying down the procedures for the exercise of implementing powers conferred on the Commission (¥). (*) O] L 184, 17.7.1999, p. 23’ 2. Points 1 and 2 of Article 1 shall be replaced by the following: ‘1. Government of the FRY shall mean: — the Government of the Federal Republic of Yugo- slavia at any level, its agencies, bodies or organs, — any company, undertaking, institution, including any financial institution, and entity owned or controlled by that Government, — any socially-owned entity organised in the Federal Republic of Yugoslavia, — any successor to such companies, undertakings, institutions and entities as of 26 April 1999, — any subsidiary or branch, wherever located, of such companies, undertakings, institutions and entities, and — any person acting or purporting to act for or on behalf of any of the foregoing.