| Title: | CLARIFICATION ON EU BONDS |
|---|---|
| Date: | 1999-03-16 |
| To: | abi |
| Links: | previous, next |
TO : ALL ABI BROKERS.
FROM : ERIN K ZZ-RILEY
SUBJECT : CLARIFICATION ON EU BONDS
DATE : 03/15/1999
FO:TC:C:E BI
TO : AREA AND PORT DIRECTORS
CMC DIRECTORS
FROM : DIRECTOR
TRADE COMPLIANCE
SUBJECT: CLARIFICATION OF BOND REQUIREMENTS FOR EUROPEAN SANCTIONS
PASS TO: NATIONAL OAS, TCPO'S, ENTRY OFFICERS, ENTRY
SPECIALISTS, NATIONAL IMPORT SPECIALISTS,
FIELD NATIONAL IMPORT SPECIALISTS, IMPORT
SPECIALISTS, NATIONAL AND PORT ACCOUNT
MANAGERS, INSPECTORS, IMPORTERS AND BROKERS
BACKGROUND
ON MARCH 4, 1999, A MEMORANDUM ENTITLED EUROPEAN
SANCTIONS WAS ISSUED BY THIS OFFICE. THE MEMORANDUM
OUTLINED THE REQUIRED ACTIONS FOR SPECIFIED HTS
SUBHEADINGS FOR MERCHANDISE PRODUCED IN THE LISTED
COUNTRIES SUBJECT TO PROPOSED 100 PERCENT DUTIES.
ACTION
THIS MEMORANDUM IS BEING ISSUED AS A RESULT OF THE
LARGE VOLUME OF QUESTIONS THAT HAVE BEEN RECEIVED
REGARDING BOND SUFFICIENCY REQUIREMENTS FOR MERCHANDISE
SUBJECT TO THE EUROPEAN SANCTIONS. IN AN EFFORT TO
ESTABLISH UNIFORMITY FOR IMPORTERS AND PORTS, THE
FOLLOWING BOND SUFFICIENCY REQUIREMENTS SHOULD BE A
DHERED TO BY ALL PORTS:
IF THE IMPORTER OF RECORD PROVIDES A STATEMENT AT
THE TIME OF ENTRY (RELEASE) CERTIFYING THAT IT HAS
REVIEWED ITS CONTINUOUS BOND AND HAS ADDED TO IT
AN AMOUNT EQUAL TO 10 PERCENT OF THE TOTAL OF THE
ENTERED VALUE IMPORTED BY THE IMPORTER FOR THE
PRECEDING YEAR OF THE MERCHANDISE PRESENTLY
SUBJECT TO THE SANCTIONS, THE PORT DIRECTOR WILL
ACCEPT THE CONTINUOUS BOND.
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1
IF THE IMPORTER OF RECORD PROVIDES A SINGLE
TRANSACTION BOND AT THE TIME OF ENTRY (RELEASE)FOR
THE LINES OF MERCHANDISE ON A SPECIFIC ENTRY FOR
THE AFFECTED MERCHANDISE WITH THE REMAINING NON-A
FFECTED MERCHANDISE REMAINING ON THE CONTINUOUS
BOND, THE PORT DIRECTOR WILL ACCEPT THE SINGLE
TRANSACTION BOND AND THE CONTINUOUS BOND IF THE
IMPORTER OF RECORD ATTACHES A STATEMENT CERTIFYING
THAT BOTH BONDS ARE BACKED BY THE SAME SURETY.
PLEASE NOTE THAT THE ABOVE-NOTED CONDITIONS DO NOT
OVERRIDE THE REQUIREMENTS FOR HIGHER BOND AMOUNTS FOR M
ERCHANDISE SUBJECT TO OTHER GOVERNMENT AGENCY (OGA)
REQUIREMENTS. IN CASES WHERE OGA REQUIRES HIGHER BOND
AMOUNTS, THAT IS, THREE TIMES THE ENTERED VALUE, THIS
AMOUNT WILL BE CONSIDERED ADEQUATE TO COVER THE OGA
REQUIREMENTS AND THE PROPOSED INCREASED DUTIES.
THE INFORMATION CONTAINED IN THIS MEMORANDUM WILL BE
ISSUED AS A FORMAL DIRECTIVE AT A LATER DATE.
QUESTIONS CONCERNING BOND REQUIREMENTS FOR MERCHANDISE
SUBJECT TO EUROPEAN SANCTIONS SHOULD BE ADDRESSED TO
BRUCE INGALLS, CHIEF, ENTRY AND BROKER COMPLIANCE AT
(202) 927-1082.
\S\
PHILIP METZGER