The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022

Interpretation of Part 3

8.  After regulation 19 insert—

“Interpretation of Part 3

19A.— (1) In this Part—

“branch” means, in relation to a 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;

“credit or financial institution” means a “UK credit or financial institution” or a “non-UK credit or financial institution;

“Government of Russia” has the same meaning as in regulation 6;

“subsidiary” has the meaning given by section 1159 of the Companies Act 2006(1);

(2) For the purposes of this Part, a person is to be regarded as “connected with” Russia if the person is—

(a) an individual who is, or an association or combination of individuals who are, ordinarily resident in Russia,

(b) an individual who is, or an association or combination of individuals who are, located in Russia,

(c) a person, other than an individual, which is incorporated or constituted under the law of Russia, or

(d) a person, other than an individual, which is domiciled in Russia.

(3) In this Part, the definitions of—

(a) “non-UK credit or financial institution”, and

(b) “UK credit or financial institution”,

are to be read with section 22 of the Financial Services and Markets Act 2000(2), any relevant order under that section(3) and Schedule 2 to that Act(4).”

(1)

2006 c.46.

(2)

Section 22 was amended by the Financial Guidance and Claims Act 2018 (c.10), section 27(4); the Financial Services Act 2012, section 7(1); S.I. 2017/500; and S.I. 2018/135.

(3)

S.I. 2001/544, as amended, most recently by SI 2021/90; and SI 2021/494.

(4)

Schedule 2 was amended by the Regulation of Financial Services (Land Transactions) Act 2005 (c.24), section 1; the Dormant Bank and Building Society Accounts Act 2008 (c.31), section 15 and Schedule 2, paragraph 1; the Financial Services Act 2012, sections 7(2) to (5) and 8; the Financial Guidance and Claims Act 2018 (c.10), s.27; S.I. 2013/1881; S.I. S.I. 2018/135; and S.I. 2019/63.