SCHEDULE 2Modifications to be made in the extension of the Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1
101
For regulation 132 (transitional provision: trade licences) substitute—
132
1
Paragraphs (2) and (3) apply to a licence which—
a
was granted by the Governor under article 11 of the 2012 Order,
b
was in effect immediately before the relevant date, and
c
authorises an act which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited by Part 6 (Trade),
and such a licence is referred to in this regulation as an “existing trade sanctions licence”.
2
An existing trade sanctions licence has effect on and after the relevant date as if it were a licence which had been issued by the Governor under regulation 90 (trade licences).
3
Any reference in an existing trade sanctions licence to a prohibition in the 2012 Order is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 6.
4
In this regulation—
“the 2012 Order” has the meaning it has in regulation 131 (transitional provision: financial sanctions licences);
“the relevant date” means the date on which Part 6 comes into force.