PART 10Supplementary and final provision
Transitional provision: Treasury licencesI159
1
Paragraphs (2) to (4) apply to a licence which—
a
was granted, or deemed to be granted, by the Treasury under regulation 9 M1 of the 2011 Regulations in respect of a person named on the ISIL (Da'esh) and Al-Qaida Sanctions List, and
b
was in effect immediately before the relevant date, and
c
authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (finance),
and such a licence is referred to in this regulation as “an existing financial sanctions licence”.
2
An existing financial sanctions licence has effect on and after the relevant date as if it had been issued by the Treasury under regulation 29(1) (Treasury licences).
3
Any reference in an existing financial sanctions licence to the 2011 Regulations or the 2010 Regulations is to be treated on and after the relevant date as a reference to these Regulations.
4
Any reference in an existing financial sanctions licence to a prohibition in—
a
the 2011 Regulations,
b
the 2010 Regulations, or
c
the EU ISIL (Da'esh) and Al-Qaida Regulation,
is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.
5
Paragraph (6) applies where—
a
an application for a licence, or for the variation of a licence, under the 2011 Regulations was made before the relevant date,
b
the application is for the authorisation of conduct which would (on or after the relevant date) be prohibited under Part 3, and
c
a decision to grant or refuse the application has not been made before that date.
6
The application is to be treated on or after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 29 (Treasury licences).
7
In this regulation—
“the EU ISIL (Da'esh) and Al-Qaida Regulation” means Council Regulation (EC) No 881/2002 of 27 May 2002 M2 (restrictive measures against ISIL (Da'esh) and Al-Qaida) as it has effect in EU law;
“the 2010 Regulations” means the Al-Qaida and Taliban (Asset-Freezing) Regulations 2010 M3;
“the 2011 Regulations” means the ISIL (Da'esh) and Al-Qaida (Asset-Freezing) Regulations 2011;
“the relevant date” means—
- a
where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;
- b
otherwise, the date on which Part 3 comes into force.
- a