PART 8Supplementary and final provision

Transitional provision: prior obligations etc.I1I240

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—

    1. 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

    2. b

      otherwise, the date on which Part 3 comes into force.