(a) Any transaction ordinarily incident to a licensed transaction and necessary to give effect thereto is also authorized, except:
(1) An ordinarily incident transaction, not explicitly authorized within the terms of the license, by or with a person whose property and interests in property are blocked pursuant to Sec. 537.201(a), except as provided in paragraph (b) of this section; or
(2) An ordinarily incident transaction, not explicitly authorized within the terms of the license, involving a debit to a blocked account or a transfer of blocked property.
(b) Transactions licensed pursuant to subpart E of this part and those transactions falling within the scope of paragraph (a) of this section are authorized even though they may involve transfers to or from an account of a financial institution whose property and interests in property are blocked pursuant to Sec. 537.201(a), provided that the account is not on the books of a financial institution that is a U.S. person, unless otherwise authorized.
Note to Sec. 537.404(b):
See Sec. 537.531 for a general license authorizing transactions involving certain Burmese financial institutions whose property and interests in property are blocked pursuant to Sec. 537.201(a), including establishing and maintaining accounts on the books of U.S. financial institutions.
(c) Example: A license authorizing a person to complete a securities sale involving Company A, whose property and interests in property are blocked pursuant to Sec. 537.201(a), also authorizes other persons to engage in activities that are ordinarily incident and necessary to complete the sale, including transactions by the buyer, broker, transfer agents, and banks, provided that, except as provided in paragraph (b) of this section, such other persons are not themselves persons whose property and interests in property are blocked pursuant to Sec. 537.201(a).