EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations make provision relating to the enforcement of Council Regulation (EU) No. 965/2011 of 28 September 2011 amending Regulation (EU) No. 204/2011 concerning restrictive measures in view of the situation in Libya.
Council Regulation (EU) No. 204/2011has been amended so that four entities (Central Bank of Libya, Libyan Arab Foreign Bank (also known as the Libyan Foreign Bank), Libyan Investment Authority and Libyan Arab Investment Portfolio) are no longer listed in Annex II to the Council Regulation as entities all of whose assets are frozen. The four entities remain subject to a modified asset freeze under Article 5(4) of the Council Regulation. These Regulations provide that the penalties contained in the Libya (Asset-Freezing) Regulations 2011 will apply to breaches of the modified asset freeze in respect of those four entities.
The Schedule to the Libya (Asset-Freezing) Regulations 2011 is amended so that the information provisions it contains continue to apply in relation to the four entities.
An impact assessment has not been produced for this instrument as no impact on the private or voluntary sectors is foreseen. Further information is available from the Asset Freezing Unit, HM Treasury, 1 Horse Guards Road, London SW1A 2HQ and on the HM Treasury website (www.hm-treasury.gsi.gov.uk).