The Russia (Sanctions) (Overseas Territories) Order 2020

44.  For regulation 71 (“relevant firm”) substitute— U.K.

“71.— (1) The following are relevant firms for the purposes of regulation 70 (finance: reporting obligations)—

(a) a relevant institution;

(b) an undertaking that 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;

(c) a firm or sole practitioner that provides to other persons, by way of business—

(i) accountancy services,

(ii) advice about tax affairs,

(iii) auditing services,

(iv) legal or notarial services, or

[F1 (v) company services, or

(vi) trust services;]

(d) a firm or sole practitioner that carries out, or whose employees carry out, estate agency work;

(e) the holder of a licence to operate a casino in the Territory;

(f) a person engaged in the business of making, supplying, selling (including selling by auction) or exchanging—

(i) articles made from gold, silver, platinum or palladium, or

(ii) precious stones or pearls.

(2) For the purposes of paragraph (1), the following definitions apply—

[F2 “company services” means any of the following services—

(a)

forming companies or other legal persons;

(b)

acting, or arranging for another person to act—

(i)

as a director or secretary of a company,

(ii)

as a partner of a partnership, or

(iii)

in a similar capacity in relation to other legal persons;

(c)

providing a registered office, business address, correspondence or administrative address or other related services for a company, partnership or any other legal person or arrangement;

(d)

acting, or arranging for another person to act, as a nominee shareholder for a person;]

“estate agency work”, in relation to the Territory, is to be read in accordance with section 1 of the Estate Agents Act 1979 M1 , but as if references in that section to disposing of or acquiring an interest in land included (despite anything in section 2 of that Act) references to disposing of or acquiring an estate or interest in land outside the Territory where that estate or interest is capable of being owned or held as a separate interest;

“firm” means any entity that, whether or not a legal person, is not an individual, and includes a body corporate and a partnership or other unincorporated body;

“relevant institution” has the same meaning as it has in regulation 58;

F3 ...

[F2 “trust services” has the meaning given in regulation 18C(7) (trust services).]

(3) For the purposes of regulation 70(1), information or another matter comes to a relevant firm “in the course of carrying on its business” if the information or other matter comes to the firm—

(a) in the case of a relevant firm within paragraph (1)(a), in the course of carrying on an activity in respect of which permission under Part 4A of the Financial Services and Markets Act 2000 would be required if it had its registered office (or if it does not have one, its head office) in the United Kingdom, and

(b) in the case of a relevant firm within any other provision of paragraph (1), in the course of carrying on an activity mentioned in that provision.”

Textual Amendments

F1 Words in Sch. 2 para. 44 substituted (9.3.2023) by The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2023 (S.I. 2023/291), arts. 1(1), 7(a)

F2 Words in Sch. 2 para. 44 inserted (9.3.2023) by The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2023 (S.I. 2023/291), arts. 1(1), 7(b)

F3 Words in Sch. 2 para. 44 omitted (9.3.2023) by virtue of The Russia (Sanctions) (Overseas Territories) (Amendment) Order 2023 (S.I. 2023/291), arts. 1(1), 7(b)

Commencement Information

I1 Sch. 2 para. 44 comes into force in accordance with art. 1(1)

Marginal Citations

M1 1979 c. 38. Section 1 was amended by the Law Reform (Miscellaneous Provisions) (Scotland) Act 1985 (c.73), Schedule 1, paragraph 40; the Planning (Consequential Provisions) Act 1990 (c.11), Schedule 2, paragraph 42; the Planning (Consequential Provisions) (Scotland) Act 1997 (c.11), Schedule 2, paragraph 28; the Enterprise and Regulatory Reform Act 2013 (c.24), section 70; S.I. 1991/2684; S.I. 2000/121; and S.I. 2001/1283.