SCHEDULES
SCHEDULE 5Treasury licences: purposes
F1PART 1BCorrespondent banking relationships F3and processing payments
Words in Sch. 5 Pt. 1B heading substituted (15.12.2023) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 4) Regulations 2023 (S.I. 2023/1364), regs. 1(3), 23(3)
Interpretation of Part 1B9K
In this Part, “designated person” has the meaning given in regulation 17A.
Basic needs9L
1
To enable the basic needs of a designated person, or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person, to be met.
2
In the case of a person other than an individual, in sub-paragraph (1) “basic needs” includes needs for—
a
payment of insurance premiums;
b
payment of reasonable fees for the provision of property management services;
c
payment of reasonable fees for the provision of insolvency services;
d
payment of remuneration, allowances or pensions of employees;
e
payment of tax;
f
rent or mortgage payments;
g
utility payments.
Legal services9M
To enable the payment of—
a
reasonable professional fees for the provision of legal services to the designated person or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person, or
b
reasonable expenses associated with the provision of legal services to the designated person (or a person owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.
Financial regulation9N
1
To enable anything to be done by, or on behalf of, a relevant financial authority for the purposes of the functions of that authority.
F22
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Extraordinary situation9O
To enable anything to be done to deal with an extraordinary situation.
Sch. 5 paras. 9A-9T and related Pt. headings inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 14(e)