1. The Controller hereby gives permission, subject to the condition in paragraph3, for a financial institution to continue maintaining an existing account of a SpecifiedPerson.
2. The prior permission of the Controller is required for -
2.1 Specified Persons to open any account with a financial institution;
2.2 Residents to make or receive payments vis-a-vis Specified Persons;
2.3 Residents to make or receive payments in Restricted Currencies;
2.4 Residents to deal in Restricted Currencies;
2.5 Residents to export to Specified Persons unless approved specifically by relevantGovernment authorities and such approved exports are required to comply with theprovisions in ECM 5;
2.6 Residents to enter into, effect or complete any transaction relating to SpecifiedSecurities or to which Specified Persons are a party, or affecting securities heldby or on behalf of Specified Persons; or
2.7 Financial institutions to-
2.7.1 Effect any credit and debit to a Specified Account;
2.7.2 Extend credit facilities for any purpose or enter into forward exchangecontracts with, or on behalf of, Specified Persons; or
2.7.3 Permit drawdowns and performance of any existing credit facility and forwardexchange contracts by, or on behalf of, Specified Persons directly or indirectly.
3. A financial institution is required to designate the existing account of aSpecified Person, and any account opened with the prior permission of the Controllerfor a Specified Person as Specified Account, and mark clearly the words SpecifiedAccount and the territory of the Specified Person, e.g., Specified Account - Israel.
4. This ECM Notice shall not apply to activities related to the United NationsProtection Force, the Conference on Yugoslavia or the European Community MonitorMission.