100.—(1) Paragraphs (2) to (4) apply to a licence which—
(a)was granted, or deemed to be granted, by the Treasury under the Ukraine Financial Sanctions Regulations,
(b)was in effect immediately before [F1IP completion day], and
(c)authorises an act which would (on and after [F1IP completion day], and in the absence of paragraphs (2) to (4)) be prohibited by 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 [F1IP completion day] as if it had been issued by the Treasury under regulation 64(1) (Treasury licences).
(3) Any reference in an existing financial sanctions licence to the Ukraine Financial Sanctions Regulations is to be treated on and after [F1IP completion day] as a reference to these Regulations.
(4) Any reference in an existing financial sanctions licence to a prohibition in—
(a)the Ukraine Financial Sanctions Regulations, or
(b)the EU Russia Regulations,
is to be treated on and after [F1IP completion day] 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 Ukraine Financial Sanctions Regulations was made before [F1IP completion day],
(b)the application is for authorisation of acts which would (on and after [F1IP completion day]) be prohibited by 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 and after [F1IP completion day] as an application for a licence, or for the variation of a licence (as the case may be), under regulation 64(1) (Treasury licences).
Textual Amendments
F1Words in reg. 100 substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(10); S.I. 2020/1514, reg. 4
Commencement Information
I1Reg. 100 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)