15. For regulation 33 (exception for authorised conduct in a relevant country) substitute—
“Exceptions for authorised conduct outside the Territory
33.—(1) Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 8 to 13 (partial asset-freeze and asset-freeze etc.) or Chapter 2 of Part 4 (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 35 (Treasury licences) (as it has effect in the United Kingdom) or regulation 36 (trade licences) (as it has effect in the United Kingdom).
(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 8 to 13 or Chapter 2 of Part 4 (“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.
(3) In this regulation—
“relevant country” means—
any of the Channel Islands,
the Isle of Man, or
any British overseas territory other than the Territory.
(4) Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.”