Reg. 7 not in force at made date, see reg. 1(2)

Reg. 7 in force at 25.3.2019 by S.I. 2019/627, reg. 7(1)(f)

http://www.legislation.gov.uk/uksi/2019/411/regulation/7/2019-03-25The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019texttext/xmlenEXITING THE EUROPEAN UNIONSANCTIONSStatute Law Database2024-07-29Expert Participation2019-03-25These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) to establish a sanctions regime in relation to the Democratic People's Republic of Korea (DPRK) for the purposes of implementing many of the obligations that the United Kingdom has under UN Security Council Resolution 1718 (2006), 1874 (2009), 2087 (2013), 2094 (2013), 2270 (2016), 2321 (2016), 2356 (2017), 2371(2017), 2375(2017), and 2397 (2017). They also have the purposes of restricting the ability of the DPRK to carry on its nuclear, biological or chemical weapons programmes, other weapons of mass destruction programmes and ballistic missile programmes, to promote the abandonment of those programmes and the decommissioning of the weapons, and to promote peace, security and stability on the Korean peninsula.PART 2Designation of personsMeaning of “owned or controlled directly or indirectly”7.(1)

A person who is not an individual (“C”) is “owned or controlled directly or indirectly” by another person (“P”) if either of the following two conditions is met (or both are met).

(2)

The first condition is that P—

(a)

holds directly or indirectly more than 50% of the shares in C,

(b)

holds directly or indirectly more than 50% of the voting rights in C, or

(c)

holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of C.

(3)

Schedule 1 contains provision applying for the purpose of interpreting paragraph (2).

(4)

The second condition is that it is reasonable, having regard to all the circumstances, to expect that P would (if P chose to) be able, in most cases or in significant respects, by whatever means and whether directly or indirectly, to achieve the result that affairs of C are conducted in accordance with P's wishes.

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Reg. 7 not in force at made date, see
<ref eId="na378a94cbbbf76b7" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/1/2">reg. 1(2)</ref>
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<ref eId="c24dxfmj4-00052" class="subref" href="http://www.legislation.gov.uk/id/uksi/2019/411/regulation/7">Reg. 7</ref>
in force at 25.3.2019 by
<ref eId="c24dxfmj4-00053" href="http://www.legislation.gov.uk/id/uksi/2019/627">S.I. 2019/627</ref>
,
<ref eId="c24dxfmj4-00054" class="subref operative" href="http://www.legislation.gov.uk/id/uksi/2019/627/regulation/7/1/f">reg. 7(1)(f)</ref>
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