PART 4Finance
CHAPTER 2Investment, financial services and financial markets
Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institution20.
(1)
A person (“P”) must not—
(a)
open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);
(b)
enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or
(c)
authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.
(2)
Paragraph (1) is subject to Part 9 (Exceptions and licences).
(3)
A person who contravenes a prohibition in paragraph (1) commits an offence.