http://www.legislation.gov.uk/uksi/2020/1278/regulation/7/2020-12-14The Yemen (Sanctions) (EU Exit) (No. 2) Regulations 2020texttext/xmlenEXITING THE EUROPEAN UNIONSANCTIONSStatute Law Database2024-07-25Expert Participation2020-12-14 These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) (“the Sanctions Act”) to establish a sanctions regime in relation to Yemen for the purposes of compliance with the United Kingdom's international obligations resulting from various United Nations Security Council Resolutions, including, in particular, Resolution 2140 (2014) and Resolution 2216 (2015) and for the purpose of promoting the peace, stability and security of Yemen. These Regulations replace the Yemen (Sanctions) (EU Exit) Regulations 2020 which omitted reference to section 4 of the Sanctions Act (immigration sanctions) in the preamble of that instrument. The policy is unchanged and S.I. 2020/733 is revoked by these Regulations. PART 2 Designation of personsMeaning of “owned or controlled directly or indirectly”71A person who is not an individual (“C”) is “owned or controlled directly or indirectly” by another person (“P”) if either of the following two conditions is met (or both are met).2The first condition is that P—aholds directly or indirectly more than 50% of the shares in C,bholds directly or indirectly more than 50% of the voting rights in C, orcholds the right directly or indirectly to appoint or remove a majority of the board of directors of C.3Schedule 1 contains provision applying for the purpose of interpreting paragraph (2).4The second condition is that it is reasonable, having regard to all the circumstances, to expect that P would (if P chose to) be able, in most cases or in significant respects, by whatever means and whether directly or indirectly, to achieve the result that affairs of C are conducted in accordance with P's wishes.Reg. 7 not in force at made date, see reg. 1(2)Reg. 7 in force at 14.12.2020 by S.I. 2020/1514, reg. 20(1)
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<dc:title>The Yemen (Sanctions) (EU Exit) (No. 2) Regulations 2020</dc:title>
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<dc:subject scheme="SIheading">EXITING THE EUROPEAN UNION</dc:subject>
<dc:subject scheme="SIheading">SANCTIONS</dc:subject>
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<dc:description>These Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c.13) (“the Sanctions Act”) to establish a sanctions regime in relation to Yemen for the purposes of compliance with the United Kingdom's international obligations resulting from various United Nations Security Council Resolutions, including, in particular, Resolution 2140 (2014) and Resolution 2216 (2015) and for the purpose of promoting the peace, stability and security of Yemen. These Regulations replace the Yemen (Sanctions) (EU Exit) Regulations 2020 which omitted reference to section 4 of the Sanctions Act (immigration sanctions) in the preamble of that instrument. The policy is unchanged and S.I. 2020/733 is revoked by these Regulations.</dc:description>
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<Strong>PART 2</Strong>
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<Title>Designation of persons</Title>
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<Title>Meaning of “owned or controlled directly or indirectly”</Title>
<P1 DocumentURI="http://www.legislation.gov.uk/uksi/2020/1278/regulation/7/2020-12-14" IdURI="http://www.legislation.gov.uk/id/uksi/2020/1278/regulation/7" id="regulation-7">
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7
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<Pnumber>1</Pnumber>
<P2para>
<Text>A person who is not an individual (“C”) is “owned or controlled directly or indirectly” by another person (“P”) if either of the following two conditions is met (or both are met).</Text>
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<Text>The first condition is that P—</Text>
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<P3para>
<Text>holds directly or indirectly more than 50% of the shares in C,</Text>
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<Pnumber>b</Pnumber>
<P3para>
<Text>holds directly or indirectly more than 50% of the voting rights in C, or</Text>
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<Pnumber>c</Pnumber>
<P3para>
<Text>holds the right directly or indirectly to appoint or remove a majority of the board of directors of C.</Text>
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<P2 DocumentURI="http://www.legislation.gov.uk/uksi/2020/1278/regulation/7/3/2020-12-14" IdURI="http://www.legislation.gov.uk/id/uksi/2020/1278/regulation/7/3" id="regulation-7-3">
<Pnumber>3</Pnumber>
<P2para>
<Text>Schedule 1 contains provision applying for the purpose of interpreting paragraph (2).</Text>
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<Pnumber>4</Pnumber>
<P2para>
<Text>The second condition is that it is reasonable, having regard to all the circumstances, to expect that P would (if P chose to) be able, in most cases or in significant respects, by whatever means and whether directly or indirectly, to achieve the result that affairs of C are conducted in accordance with P's wishes.</Text>
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<Text>
Reg. 7 not in force at made date, see
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<CitationSubRef SectionRef="regulation-7" URI="http://www.legislation.gov.uk/id/uksi/2020/1278/regulation/7" id="c6gcyrfs4-00052">Reg. 7</CitationSubRef>
in force at 14.12.2020 by
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,
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