59. In Schedule 3 (Treasury licences: purposes)—U.K.
(a)in the heading, for “Treasury licences” substitute “Financial sanctions licences”;
(b)in the definition of “frozen funds or economic resources” in paragraph 1, for “the designation of that person for the purpose of that regulation” substitute “that person being a designated person for the purposes of Part 3 (Finance) as defined in regulation 10 (meaning of “designated person” in Part 3)”;
(c)in paragraph 6(b)(ii) (pre-existing judicial decisions etc.), for “United Kingdom” substitute “Territory”;
[F1(ca)in paragraph 7(2) (diplomatic missions etc.), for “diplomatic mission or consular post of Belarus in the United Kingdom” substitute “consular post of Belarus in the Territory”;]
[F2(d)in paragraph 14 (diplomatic missions etc.), for “diplomatic mission or consular post of Belarus in the United Kingdom” substitute “consular mission of Belarus in the Territory;]
[F3(e)in paragraph 21(2) (financial regulation), for “United Kingdom, including the Financial Conduct Authority, the Prudential Regulation Authority and the Bank of England” substitute “Territory”;
(f)in paragraph 22(2) (financial stability), for “Bank of England, that is necessary or expedient in order to protect or enhance the stability of the financial system of the United Kingdom” substitute “central monetary authority of the Territory, that is necessary or expedient in order to protect or enhance the stability of the financial system of the Territory”;
(g)in paragraph 23 (safety and soundness of a firm), for “the relevant supervising authority or authorities, that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by the Bank of England, the Prudential Regulation Authority or the Financial Conduct Authority” substitute “the authority responsible for the regulation of financial services in the Territory that is necessary or expedient in order to promote the safety and soundness of a firm which is supervised by that authority”.]
Textual Amendments
F1Sch. 2 para. 59(ca) inserted (15.12.2022) by The Republic of Belarus (Sanctions) (Overseas Territories) (Amendment) Order 2022 (S.I. 2022/1339), arts. 1(1), 31(a)
F2Sch. 2 para. 59(d) substituted (15.12.2022) by The Republic of Belarus (Sanctions) (Overseas Territories) (Amendment) Order 2022 (S.I. 2022/1339), arts. 1(1), 31(b)
F3Sch. 2 paras. 59(e)-(g) inserted (15.12.2022) by The Republic of Belarus (Sanctions) (Overseas Territories) (Amendment) Order 2022 (S.I. 2022/1339), arts. 1(1), 31(c)
Commencement Information
I1Sch. 2 para. 59 in force at 31.12.2020, see art. 1(1)