Treasury licencesU.K.
40.—(1) The prohibitions in regulations 12 to 17 (asset-freeze etc) do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.
(2) The Treasury may issue a licence which authorises acts by a particular person in relation to a non-UN designated person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in [F1Part 1 or 2 of Schedule 2].
(3) The Treasury may issue a licence which authorises acts in relation to a UN designated person only where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1 [F2or 1A] of Schedule 2.
(4) In paragraph (3) “UN designated person” means a person who is a designated person for the purposes of regulations 12 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions).
[F3(5) The reference in paragraph (2) to a non-UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.
(6) The reference in paragraph (3) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person.]
Textual Amendments
F1Words in reg. 40(2) substituted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 6(6)(a)
F2Words in reg. 40(3) inserted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 6(6)(b)
F3Reg. 40(5)(6) inserted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 6(6)(c)
Commencement Information
I1Reg. 40 not in force at made date, see reg. 1(2)
I2Reg. 40 in force at 31.12.2020 by S.I. 2019/627, reg. 8(2); 2020 c. 1, Sch. 5 para. 1(1)