Search Legislation

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

 Help about what version

What Version

 Help about advanced features

Advanced Features

 Help about opening options

Opening OptionsExpand opening options

Changes over time for: Section 26

 Help about opening options

Alternative versions:

Changes to legislation:

There are currently no known outstanding effects for the The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019, Section 26. Help about Changes to Legislation

Investment and commercial activitiesU.K.

This section has no associated Explanatory Memorandum

26.—(1) A person (“P”) must not accept or approve investment in a commercial activity which P knows, or has reasonable cause to suspect, is investment made by—

(a)the Government of the DPRK or any member of that Government;

(b)the Worker's Party of Korea;

(c)a national of the DPRK;

(d)a person, other than an individual, which is incorporated or constituted under the law of the DPRK;

(e)a person acting on behalf of or at the direction of a person falling within any of sub-paragraphs (a) to (d); or

(f)a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (d).

(2) A person (“P”) must not directly or indirectly provide financial services to, or make funds available to, any person falling within paragraph [F11(a), (b) or (d) to (f)] if P knows, or has reasonable cause to suspect, that P is so providing the financial services or making the funds so available.

(3) A person (“P”) must not establish, maintain or operate a joint venture or a co-operative entity with—

(a)a person falling within paragraph (1)(a) to (f), or

(b)a person, other than an individual, which is domiciled in the DPRK,

if P knows or has reasonable cause to suspect that P is so doing.

(4) A person (“P”) must not take, acquire [F2, maintain] or extend any ownership interest in—

(a)a person falling within paragraph [F31(a), (b) or (d) to (f)], or

(b)a person [F4, other than an individual, which is] domiciled in the DPRK,

if P knows or has reasonable cause to suspect that P is so doing.

(5) A person (“P”) must not take, acquire, maintain or extend any ownership interest in activities or assets in the DPRK if P knows, or has reasonable cause, to suspect that P is so doing.

(6) A person (“P”) must not provide financial services directly or indirectly related to any activity that is prohibited by paragraphs (2) to (5) if P knows, or has reasonable cause to suspect, that P is so doing.

(7) Subject to paragraph (8), a person must close any joint ventures or co-operative entities with a person falling within paragraph (1)(a) to (f) or with a person, other than an individual, which is domiciled in the DPRK.

(8) Where a person has directly or indirectly requested approval for a joint venture or co-operative entity from the Committee, that person is not obliged to close that joint venture or co-operative entity—

(a)while no decision has yet been taken by the Committee, or

(b)if the Committee has denied the request for approval, until the end of the period of 120 days beginning with the date on which the Committee denied the request.

(9) Paragraphs (1) to (7) are subject to Part 9 (Exceptions and licences).

(10) A person who contravenes a prohibition in paragraphs (1) to (6) commits an offence.

(11) A person who fails to comply with the requirement in paragraph (7) commits an offence.

Textual Amendments

Commencement Information

I1Reg. 26 not in force at made date, see reg. 1(2)

I2Reg. 26 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)

Back to top

Options/Help

You have chosen to open The Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?

You have chosen to open The Whole Instrument as a PDF

The Whole Instrument you have selected contains over 200 provisions and might take some time to download.

Would you like to continue?

You have chosen to open the Whole Instrument

The Whole Instrument you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.

Would you like to continue?