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The Protection of Trading Interests (US Cuban Assets Control Regulations) Order 1992
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- UK Statutory Instruments
- 1992 No. 2449
- Explanatory Note
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Explanatory Note
(This note is not part of the Order)
This Order applies section 1 of the Protection of Trading Interests Act 1980 to Part 515 (US Cuban Assets Control Regulations) of title 31 of the United States Code of Federal Regulations in so far as that part affects trading activities carried on in the United Kingdom or the import of goods to or the export of goods from the United Kingdom. It has been made following the passing by the United States Congress on October 5th 1992 of section 1706(a)(1) of the National Defense Authorization Act for the Fiscal Year 1993 (in the part entitled “Cuban Democracy Act of 1992”) which would prohibit the granting of licences under the US Cuban Assets Control Regulations for certain transactions between US owned or controlled firms in the United Kingdom and Cuba.
Where section 1 of the 1980 Act is applied the Secretary of State may require persons in the United Kingdom who carry on business there (a) to notify him of any requirements or prohibitions imposed or threatened to be imposed on them pursuant to the measures to which section 1 has been applied, and (b) not to comply with any such requirement or prohibition — (sections 1(2) and (3) of the 1980 Act).
Copies of relevant provisions of the US Cuban Assets Control Regulations may be inspected on application at the Department of Trade and Industry.
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