62A.—(1) Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) [F2, 16 (securities and money market instruments), 17 (loans and credit arrangements), 17A [F3(corresponding banking relationships and processing payments)]] [F4, 18 (investments in relation to non-government controlled Ukrainian territory)] [F5, 18A (provision of foreign reserve and asset management services) [F6, 18B (investments in relation to Russia) and 18C (trust services)]] or [F7Chapters 2 to 6 and Chapter 6B] of Part 5 (Trade) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—
(a)under the law of the relevant country, and
(b)for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.
(2) In this regulation—
“relevant country” means—
any of the Channel Islands,
the Isle of Man, or
any British overseas territory.]
Textual Amendments
F1Reg. 62A inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 4) Regulations 2020 (S.I. 2020/951), regs. 1(2), 10(2); S.I. 2020/1514, reg. 18
F2Words in reg. 62A(1) inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 11
F3Words in reg. 62A(1) substituted (15.12.2023) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 (S.I. 2023/1364), regs. 1(3), 23(1)(2)(c)
F4Words in reg. 62A(1) substituted (30.3.2022 at 5.00 p.m.) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 29
F5Words in reg. 62A(1) substituted (19.7.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 12) Regulations 2022 (S.I. 2022/801), regs. 1(2), 7
F6Words in reg. 62A(1) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 15
F7Words in reg. 62A(1) substituted (21.7.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (S.I. 2022/850), regs. 1(2), 21