PART 7U.K.Exceptions and licences

[F1Exception for authorised conduct in a relevant countryU.K.

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—

(a)

any of the Channel Islands,

(b)

the Isle of Man, or

(c)

any British overseas territory.]

Textual Amendments