The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019

Sale or purchase of bonds

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.