Article 1
Open ↗The Regulation (EU) 2016/44 is amended as follows: (1) in Article 6, paragraph 1 is replaced by the following: ‘1. Annex II shall include the natural or legal persons, entities and bodies designated by the Security Council or by the Sanctions Committee in accordance with paragraph 22 of UNSCR 1970 (2011), paragraph 19, 22 or 23 of UNSCR 1973 (2011), paragraph 4 of UNSCR 2174 (2014), paragraph 11 of UNSCR 2213 (2015), paragraph 11 of UNSCR 2362 (2017), paragraph 11 of UNSCR 2441 (2018), paragraph 18 of UNSCR 2769 (2025) or paragraph 19 of UNSCR 2819 (2026).’ ; (2) in Article 11a, paragraph 1 is replaced by the following: ‘1. After notification by the Member State concerned to the Sanctions Committee and provided that the Sanctions Committee has approved the use of frozen cash reserves as referred to in, and in accordance with, paragraph 14 of UNSCR 2769 (2025), which includes consultation with the Government of Libya, and paragraph 14 of UNSCR 2819 (2026), the competent authorities of that Member State shall authorise the use of frozen cash reserves belonging to the entity listed under entry number 1 in Annex VI, exclusively for investment in: (a) low-risk time deposits with an appropriate financial institution selected by the entity listed under entry number 1 in Annex VI and located in the Member State in which the funds are frozen, in the case of frozen cash reserves referred to in “recommendation 7.1” referred to in UNSCR 2769 (2025); or (b) fixed income instruments, in the case of frozen cash reserves referred to in “recommendation 7.2” referred to in UNSCR 2769 (2025); in accordance with the approval of the Sanctions Committee.’ ; (3) the following Article is inserted: ‘Article 11b 1. After notification by the Member State concerned to the Sanctions Committee and provided that the Sanctions Committee has approved the transfer of frozen funds or economic resources, and in accordance with paragraph 15 of UNSCR 2819 (2026), the competent authorities of that Member State shall authorise the transfer of certain frozen funds or economic resources belonging to the entity listed under entry number 1 in Annex VI, within the same jurisdiction, between the custodial bank, or financial institution acting as global custodian (or any sub-custodians acting on their behalf), to another custodial bank, or financial institution (or any sub-custodians acting on their behalf), for the purpose of transferring the role of global custodian to that custodial bank or financial institution, provided that: (a) throughout and upon completion of the transfer, the assets shall be treated as frozen and subject to measures imposed by this Regulation; (b) the transfer shall be executed in a manner maintaining the form and value of the funds or economic resources being transferred. 2. The notification referred to in paragraph 1 by the Member State concerned to the Sanctions Committee shall include the amount and nature of the frozen funds or economic resources to be transferred and the identity of the current and proposed custodial banks, or financial institutions acting in a custodial capacity. 3. The Member State concerned shall inform the other Member States and the Commission of any authorisation granted under paragraph 1, within two weeks of the authorisation.’.