Reg. 98 in force at 14.12.2023, see reg. 1(2)

http://www.legislation.gov.uk/uksi/2023/1314/regulation/98The Iran (Sanctions) Regulations 2023enSANCTIONSStatute Law Database2024-09-24Expert Participation2024-09-13These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c. 13) to establish a sanctions regime in relation to Iran for the purpose of encouraging the Government of Iran to comply with international human rights law and to respect human rights and to deter the Government of Iran or an armed group backed by the Government of Iran from conducting hostile activity against the United Kingdom and other countries.PART 12Supplementary and final provision98Transitional provision: Treasury licences1

Paragraphs (2) to (4) apply to a licence which—

a

was issued by the Treasury under regulation 35(1) of the 2019 Regulations,

b

was in effect immediately before the relevant date, and

c

authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (Finance),

and such a licence is referred to in this regulation as “an existing financial sanctions licence”.

2

An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after the relevant date as if it had been issued by the Treasury under regulation 60(1) (Treasury licences).

3

Any reference in an existing financial sanctions licence to the 2019 Regulations is to be treated on and after the relevant date as a reference to these Regulations.

4

Any reference in an existing financial sanctions licence to a prohibition in the 2019 Regulations is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.

5

Paragraph (6) applies where—

a

an application for a licence, or for the variation of a licence, under the 2019 Regulations was made before the relevant date,

b

the application is for the authorisation of conduct which would (on an after the relevant date) be prohibited under Part 3, and

c

a decision to grant or refuse the application has not been made before that date.

6

The application is to be treated on and after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 60(1) (Treasury licences).

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Reg. 98 in force at 14.12.2023, see
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98
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<heading>Transitional provision: Treasury licences</heading>
<paragraph eId="regulation-98-1">
<num>1</num>
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<p>Paragraphs (2) to (4) apply to a licence which—</p>
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<subparagraph eId="regulation-98-1-a">
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<p>was issued by the Treasury under regulation 35(1) of the 2019 Regulations,</p>
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and such a licence is referred to in this regulation as “
<term refersTo="#term-an-existing-financial-sanctions-licence">an existing financial sanctions licence</term>
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<p>An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after the relevant date as if it had been issued by the Treasury under regulation 60(1) (Treasury licences).</p>
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<p>Any reference in an existing financial sanctions licence to the 2019 Regulations is to be treated on and after the relevant date as a reference to these Regulations.</p>
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<p>Any reference in an existing financial sanctions licence to a prohibition in the 2019 Regulations is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.</p>
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<content>
<p>an application for a licence, or for the variation of a licence, under the 2019 Regulations was made before the relevant date,</p>
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<p>The application is to be treated on and after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 60(1) (Treasury licences).</p>
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