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—

    1. 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;

    2. b

      otherwise, the date on which Part 3 comes into force.