PART 3Finance

F1CHAPTER 2Other financial restrictions

Annotations:
Amendments (Textual)

Dealing with transferable securities or money-market instruments15A

1

A person (“P”) must not directly or indirectly deal with a transferable security or money-market instrument falling within paragraph (2) if P knows, or has reasonable cause to suspect, that P is dealing with such a transferable security or money-market instrument.

2

A transferable security or money-market instrument falls within this paragraph if it—

a

has a maturity exceeding 90 days,

b

is issued by a relevant person, and

F2c

is issued—

i

after the date on which the Amendment Regulations 2021 come into force, and

ii

before the Amendment Regulations 2022 come into force.

F32A

A person (“P”) must not, directly or indirectly, deal with a transferable security or money-market instrument falling within paragraphs (2B) or (2C) if P knows, or has reasonable cause to suspect, that P is dealing with such a transferable security or money-market instrument.

2B

A transferable security or money-market instrument falls within this paragraph if it is issued after the Amendment Regulations 2022 come into force F7by—

a

a relevant person;

b

a person, other than an individual, acting on behalf or upon the direction of a person falling within any of sub-paragraphs (a) to (c) of the definition of relevant person in regulation 15D(1).

2C

A transferable security or money-market instrument falls within this paragraph if it is issued after the Amendment Regulations 2022 come into force by—

a

a person connected with Belarus, which is not—

i

a relevant person,

ii

a person, other than an individual, which on the date on which the Amendment Regulations 2022 come into force is domiciled in a country other than Belarus, or

iii

a person which on the date on which the Amendment Regulations 2022 come into force is a branch or subsidiary, wherever located, of a person mentioned in paragraph (ii);

b

a person, other than an individual, which is majority owned by a person falling within sub-paragraph (a) F6; or

F8c

a person, other than an individual, acting on behalf or at the direction of a person falling within sub-paragraph (a) or sub-paragraph (b).

F43

Paragraphs (1) and (2A) are subject to Part 6 (Exceptions and licences).

4

A person who contravenes the prohibition in F5paragraph (1) or (2A) commits an offence.

5

For the purposes of this regulation, a reference to “dealing with” a transferable security or money-market instrument includes a reference to purchasing or selling the security or instrument, providing investment services relating to the security or instrument, or assisting in the issuance of the security or instrument.

6

In this regulation—

  • “investment services” means—

    1. a

      the reception and transmission of orders in relation to one or more financial instruments,

    2. b

      the execution of orders on behalf of clients,

    3. c

      dealing on own account,

    4. d

      portfolio management,

    5. e

      the provision of investment advice,

    6. f

      the underwriting of financial instruments or placing of financial instruments on a firm commitment basis,

    7. g

      the placing of financial instruments without a firm commitment basis, or

    8. h

      any service in relation to the admission to trading on a regulated market or trading on a multilateral trading facility;

  • “money-market instrument” means an instrument of a kind normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers, excluding instruments of payment;

  • “transferable security” means a security, negotiable on the capital market, of any of the following kinds, but excluding instruments of payment—

    1. a

      shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares;

    2. b

      bonds or other forms of securitised debt, including depositary receipts in respect of such securities;

    3. c

      any other securities giving the right to purchase or sell any security of a kind mentioned in paragraph (a) or (b).