35Power to impose director disqualification sanctionsU.K.
This section has no associated Explanatory Notes
(1)The Sanctions and Anti-Money Laundering Act 2018 is amended as follows.
(2)In section 1 (power to make sanctions regulations), in subsection (5), after paragraph (a) insert—
“(aa)impose director disqualification sanctions (see section 3A);”.
(3)After section 3 insert—
“3ADirector disqualification sanctions
(1)For the purposes of section 1(5)(aa) regulations “impose director disqualification sanctions” if they provide for designated persons (see section 9) to be persons subject to director disqualification sanctions for the purposes of—
(a)section 11A of the Company Directors Disqualification Act 1986, and
(b)Article 15A of the Company Directors Disqualification (Northern Ireland) Order 2002.
(2)As to the effect of such provision, see—
(a)section 11A of the Company Directors Disqualification Act 1986, and
(b)Article 15A of the Company Directors Disqualification (Northern Ireland) Order 2002.”
(4)In section 9 (“designated persons”)—
(a)in subsection (1), for “3 and 4” substitute “3 to 4”;
(b)in subsection (3), after “3,” insert “3A,”.
(5)In section 15 (exceptions and licences), after subsection (3) insert—
“(3A)Where regulations provide for designated persons to be persons subject to director disqualification sanctions for the purposes of section 11A of the Company Directors Disqualification Act 1986 and Article 15A of the Company Directors Disqualification (Northern Ireland) Order 2002, the regulations may—
(a)create exceptions from subsection (1) of that section or paragraph (1) of that Article;
(b)confer power on an appropriate Minister to issue a licence to authorise a designated person to do anything that would otherwise be prohibited by subsection (1) of that section or paragraph (1) of that Article.
(3B)Regulations may, as respects any licences provided for under subsection (3A), make any provision mentioned (in relation to licences) in subsection (3).”