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8. For regulation 14A (finance: exception for authorised conduct in a relevant country) substitute—
“Finance: exceptions for authorised conduct outside the Territory
14A.—(1) Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 8 to 12 (asset-freeze etc.), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 16 (Treasury licences) (as it has effect in the United Kingdom).
(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 8 to 12 (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—
(a)under the law of the relevant country, and
(b)for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.
(3) In this regulation—
“relevant country” means—
(a)
any of the Channel Islands,
(c)
any British overseas territory other than the Territory.
(4) Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.”
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