The Counter-Terrorism (Sanctions) (EU Exit) Regulations 2019

Transitional provision: Treasury licences

35.—(1) Paragraphs (2) to (4) apply to a licence (whether general or granted to a category of persons or to a particular person) which—

(a) was granted by the Treasury under section 17 of the Terrorist Asset-Freezing etc. Act 2010(1) authorising conduct in relation to a person (“P”) which would be prohibited under that Act,

(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 19(1) (treasury licences).

(3) Any reference in an existing financial sanctions licence to the Terrorist Asset-Freezing etc. Act 2010 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 the Terrorist Asset-Freezing etc. Act 2010, is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3 (Finance).

(5) Paragraph (6) applies where—

(a) an application for a licence, or for the variation of a licence, under the Terrorist Asset-Freezing etc. Act 2010, was made before the relevant date;

(b) the application is for the authorisation of conduct which would (on and 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 as an application for a licence, or for the variation of a licence (as the case may be), under regulation 19(1) (treasury licences).

(7) In this regulation, “the relevant date” means the date on which P is designated under regulation 5 for the purposes of regulations 11 to 15 (asset-freeze etc.).

(1)

2010 c.38.