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

Interpretation of Part 4 U.K.

33.—(1) In this Part—

“branch” means—

(a)

in relation to a UK credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution, or

(b)

in relation to a credit or financial institution domiciled in the DPRK, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;

“credit or financial institution domiciled in the DPRK” means—

(a)

a person, other than an individual, which is domiciled in the DPRK and which would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have one, its head office) in the United Kingdom; or

(b)

an undertaking domiciled in the DPRK which by way of business—

(i)

operates a currency exchange office,

(ii)

transmits money (or any representation of monetary value) by any means, or

(iii)

cashes cheques that are made payable to customers;

“subsidiary” has the meaning given by section 1159 of the Companies Act 2006 M1 ;

“UK credit or financial institution” means—

(a)

a person that has permission under Part 4A of the Financial Services and Markets Act 2000 M2 (permission to carry on regulated activity); or

(b)

an undertaking which by way of business—

(i)

operates a currency exchange office,

(ii)

transmits money (or any representation of monetary value) by any means, or

(iii)

cashes cheques that are made payable to customers.

(2) In paragraph (1), the definitions of—

(a) “credit or financial institution domiciled in the DPRK”, and

(b) “UK credit or financial institution”,

are to be read with section 22 of the Financial Services and Markets Act 2000 M3 , any relevant order under that section M4 and Schedule 2 to that Act.

Commencement Information

I1 Reg. 33 not in force at made date, see reg. 1(2)

I2 Reg. 33 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Marginal Citations

M1 2006 c.46.

M2 2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and amended most recently by S.I. 2015/910.

M3 Section 22 has been amended by the Financial Guidance and Claims Act 2018 (c.10), s.27(4); the Financial Services Act 2012 (c.21), s.7, and S.I. 2018/135.

M4 S.I. 2001/544 as amended, most recently by S.I. 2017/500.