The Unauthorised Drilling Activities in the Eastern Mediterranean (Sanctions) (EU Exit) Regulations 2020

Transitional provision: prior obligations etc. U.K.

40.—(1) Where—

(a) a person was named in Annex I of the EU Turkey 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 named in Annex I of the EU Turkey Regulation.

(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 Turkey 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.

Commencement Information

I1 Reg. 40 not in force at made date, see reg. 1(2)

I2 Reg. 40 in force at 31.12.2020 by S.I. 2020/1514, reg. 24(2)