L 76/4 Official Journal of the European Union 22.3.2011 COUNCIL REGULATION (EU) No 270/2011 of 21 March 2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Egypt THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty on the Functioning of the European Union, and in particular Article 215(2) thereof, Having regard to Council Decision 2011/172/CFSP of 21 March 2011 concerning restrictive measures directed against certain persons, entities and bodies in view of the situation in Egypt ('), Having regard to the joint proposal from the High Represen- tative of the Union for Foreign Affairs and Security Policy and the European Commission, Whereas: (1) Decision 2011/172/CFSP provides for the freezing of funds and economic resources of certain persons having been identified as responsible for the misappro- priation of Egyptian State funds, and natural or legal persons, entities or bodies associated with them, who are thus depriving the Egyptian people of the benefits of the sustainable development of their economy and society and undermining the development of democracy in the country. These natural or legal persons, entities and bodies are listed in the Annex to Decision 2011/172/CFSP. (2)  These measures fall within the scope of the Treaty on the Functioning of the European Union and, therefore, notably with a view to ensuring their uniform application by economic operators in all Member States, regulatory action at the level of the Union is necessary in order to implement them. (3)  This Regulation respects the fundamental rights and observes the principles recognised in particular by the Charter of Fundamental Rights of the European Union and notably the right to an effective remedy and to a fair trial and the right to the protection of personal data. This Regulation should be applied in accordance with those rights. (4)  The power to amend the list in Annex I to this Regu- lation should be exercised by the Council, in view of the seriousness of the political and security situation in Egypt and to ensure consistency with the process for amending and reviewing the Annex to Decision 2011/172/CFSP. (1) See page 63 of this Official Journal. (5)  The procedure for amending the list in Annex I to this Regulation should include providing natural or legal persons, entities or bodies concerned with the grounds for their listing, so as to give them an opportunity to submit observations. Where observations are submitted, or substantial new evidence is presented, the Council should review its decision on Annex I in light of those observations and inform the person, entity or body concerned accordingly. (6)  For the implementation of this Regulation, and in order to create maximum legal certainty within the Union, the names and other relevant data concerning natural and legal persons, entities and bodies whose funds and economic resources must be frozen in accordance with this Regulation, must be made public. Any processing of personal data should comply with Regulation (EC) No 45/2001 of the European Parliament and of the Council of 18 December 2000 on the protection of individuals with regard to the processing of personal data by the Community institutions and bodies and on the free movement of such data(?) and Directive 95/46/EC of the European Parliament and of the Council of 24 October 1995 on the protection of indi- viduals with regard to the processing of personal data and on the free movement of such data (3). (7 In order to ensure that the measures provided for in this Regulation are effective, it should enter into force immediately, HAS ADOPTED THIS REGULATION: Article 1 For the purposes of this Regulation, the following definitions shall apply: (a) ‘funds’ means financial assets and benefits of every kind, including but not limited to: (i) cash, cheques, claims on money, drafts, money orders and other payment instruments; (ii) deposits with financial institutions or other entities, balances on accounts, debts and debt obligations; () OJ L 8, 12.1.2001, p. 1. () O] L 281, 23.11.1995, p. 31.