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.