Transitional provision: prior obligations etc.
This section has no associated Explanatory Memorandum
40.—(1) Where—
(a)a person was named in—
(i)Annex I to the EU Tunisia Regulation,
(ii)Annex I to the EU Egypt Regulation, or
(iii)Annex I to the EU Ukraine Regulation,
immediately before the relevant date, and
(b)the person is a designated person immediately before the relevant date,
any reference in a provision mentioned in paragraph (2) to the date on which a person became a designated person is a reference to the date on which the person was so named.
(2) The provisions referred to in paragraph (1) are—
(a)regulation 18(5) (finance: exceptions from prohibitions), and
(b)paragraphs 6(b)(i) and 10(a) of Schedule 2 (Treasury licences: purposes).
(3) In this regulation—
“designated person” has the same meaning as it has in Part 3 (Finance);
“the EU Egypt Regulation” has the meaning given in regulation 39(7);
“the EU Tunisia Regulation” has the meaning given in regulation 39(7);
“the EU Ukraine Regulation” has the meaning given in regulation 39(7);
“the relevant date” means—
(a)
where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day, and
(b)
otherwise, the date on which Part 3 comes into force.