PART 7Exceptions and licences

Treasury licences64.

(1)

The prohibitions in regulations 11 to 15 (asset-freeze etc.) F1, 16 (securities and money market instruments), 17 (loans and credit arrangements), 17A F2(corresponding banking relationships and processing payments) F3, F418 (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) F7, 18C (trust services) F8and 46Z9B to 46Z9D (maritime transportation of certain oil and oil products) do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.

F9(1A)

Without prejudice to the generality of the powers conferred by paragraph (1), a licence issued by the Treasury under paragraph (1) may, in particular, authorise acts which would otherwise be prohibited by any of F10regulations 11 to F1118C F12or regulations 46Z9B to 46Z9D for a particular period beginning with—

(a)

the coming into force of the prohibition, or

(b)

where the prohibition relates to a person designated for the purposes of regulations 11 to 15, F13regulation 17A or regulation 18C, the date on which the person was designated.

(2)

The Treasury may issue a licence which authorises acts by a particular person only—

(a)

in the case of acts which would otherwise be prohibited by regulations 11 to 15, where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1 of Schedule 5, F14...

F15(aza)

in the case of acts which would otherwise be prohibited by regulations 11 to 15, 16, 17, 17A, 18A and 18C, where the Treasury consider that it is appropriate to issue the licence for a purpose set out in F16Part 1ZA or Part 1ZB of Schedule 5;

F17(aa)

in the case of acts which would otherwise be prohibited by regulation 17, where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1A of Schedule 5,

(ab)

in the case of acts which would otherwise be prohibited by regulation 17A, where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1B of Schedule 5,

(ac)

in the case of acts which would otherwise be prohibited by regulation 17A(2) (processing F18... payments), where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1C of Schedule 5, F19...

(b)

in the case of acts which would otherwise be prohibited by regulation 18, where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 5 F20, F21...

F22(c)

in the case of acts which would otherwise be prohibited by regulation 18A (provision of foreign exchange reserve and asset management services), where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 1D of F23Schedule 5, F24...

F25(d)

in the case of acts which would otherwise be prohibited by regulation 18B (investments in relation to Russia), where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 3 of Schedule 5, F26...

F27(da)

in the case of acts which would otherwise be prohibited by regulation 18C (trust services), where the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 3A of Schedule 5, and

F28(e)

in the case of acts which would otherwise be prohibited by regulations 46Z9B to 46Z9D, where the Treasury consider that it is appropriate to issue the licence for the purpose set out in Part 4 of Schedule 5.

F29(3)

Part A1 of Schedule 5 has effect for the interpretation of terms in that Schedule.