19.6.1999 Official Journal of the European Communities L 153/63 COUNCIL 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 Yugoslavia (FRY) and repealing Regulations (EC) No 1295/98 and (EC) No 1607/98 THE COUNCIL OF THE EUROPEAN UNION, as well as persons acting for or on behalf of those governments, as well as the acquiring or extending of a participation in, ownership of or control of real Having r§gard to 'the Trgaty estab}ishing the European estate or companies, undertakings, institutions or Community, and in particular Articles 60 and 301; entities which are owned or controlled by the Government of the Federal Republic of Yugoslavia Having regard to Common Position 98/326/CFSP of 7 or of the Republic of Serbia; May 1998 defined by the Council on the basis of Article J.2 of the Treaty on European Union concerning the (4)  The measures contained in this Regulation should freezing of funds held abroad by the Governments of the be proportionate to the objectives pursued by the Fede.ral Republic of Yuggslavia (FRY) and the Republic of Council with regard to the Kosovo crisis and the Serbia ('), Common Position 98/374/CFSP of 8 June 1998 measures should not lead to severe damage to the defined by the Council on the basis of Article J.2 of the Treaty on European Union concerning the prohibition of new investment in Serbia (%), as well as to Common Posi- tion 1999/318/CFSP of 10 May 1999 adopted by the ()  There is a need to provide for certain specific Council on the basis of Article 15 of the Treaty on exemptions; European Union concerning additional restrictive meas- ures against the Federal Republic of Yugoslavia (%), interests of the Community; (6) A procedure should be laid down for amending the Annexes to this Regulation and for granting Having regard to the proposal from the Commission; specific authorisations to avoid serious damage to industry, companies or the interests of the Community; Whereas: (7) Circumvention of this Regulation should be coun- tered by an adequate system of information, and where appropriate, remedial measures, including additional Community legislation; (1)  The continued violation by the Governments of the Federal Republic of Yugoslavia and the Republic of Serbia of the relevant United Nations Security Council resolutions and the pursuance of extreme and criminally irresponsible policies, including repression against citizens, constitute serious viola- (8)  Competent authorities of the Member States tions of human rights and international humani- should, where necessary, be empowered to ensure tarian law; compliance with this Regulation; (2)  An extension of the scope of the present legal ©9) It is desirable that sanctions for violations of the framework concerning the freezing of funds held provisions of this Regulation can be imposed as of abroad by the Governments of the Federal the date of entry into force of this Regulation; Republic of Yugoslavia and the Republic of Serbia, and concerning the prohibition of new investment ) o in the Republic of Serbia will significantly increase (10)  There is a need for the Commission and Member the pressure on those governments; States to inform each other of the measures taken under this Regulation and of other relevant infor- mation at their disposal in connection with this (3)  Therefore, the scope of the provisions of this legal Regulation; framework should be extended to cover certain assets, other than funds and financial resources, which may generate funds or other financial (11 For. reasons of transparency and s.implicity the resources for the governments concerned, and to main provisions of Council Regulations (EC) No cover companies, undertakings, institutions and 1295/98 .(4) and’No 1607/98 (®) have been incor- entities owned or controlled by those governments, porated into this Regulation, and, therefore those Regulations can be repealed, () OJ L 143, 14.5.1998, p. 1. @) OJ L 165, 10.6.1998, p. 1. () OJ L 178, 23.6.1998, p. 33. ¢) OJ L 123, 13.5.1999, p. 1. () OJ L 209, 25.7.1998, p. 16.