Sale or purchase of bondsU.K.
This
adran has no associated
Memorandwm Esboniadol
30.—(1) A person (“P”) must not directly or indirectly—
(a)sell to a person falling within paragraph (4), or
(b)purchase from such a person,
public bonds or public-guaranteed bonds issued after 19 February 2013 if P knows, or has reasonable cause to suspect, that the sale or purchase of such bonds is directly or indirectly to or from such a person.
(2) A person (“P”) must not provide brokering services to a person falling within paragraph (4) in respect of public bonds or public-guaranteed bonds issued after 19 February 2013, if P knows, or has reasonable cause to suspect, that the person falls within paragraph (4).
(3) A person (“P”) must not provide—
(a)brokering services,
(b)advertising services, or
(c)any other services,
if P knows, or has reasonable cause to suspect, that the provision of the services assists a person falling within paragraph (4) to issue public bonds or public-guaranteed bonds.
(4) The following persons fall within this paragraph—
(a)the Government of the DPRK;
(b)the Central Bank of the DPRK;
(c)a person falling within regulation 18(2) (DPRK credit or financial institutions etc.);
(d)a person acting on behalf of or at the direction of a person falling within sub-paragraph (a) or (b);
(e)a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (c).
(5) Paragraphs (1) to (3) are subject to Part 9 (Exceptions and licences).
(6) A person who contravenes a prohibition in paragraph (1), (2) or (3) commits an offence.