The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2020

22.  In regulation 33 (interpretation of Part 4)—

(a) in paragraph (1)—

(i) in the definition of “branch”, for “UK credit or financial institution” substitute “Territory credit or financial institution”;

(ii) for the definition of “UK credit or financial institution” substitute—

““Territory credit or financial institution”, in relation to the Territory, means—

(a)

a person that would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000(1) (permission to carry on regulated activity) if it had its registered office (or if it does not have one, its head office) in the United Kingdom, or

(b)

an undertaking which by way of business—

(i)

operates a currency exchange office,

(ii)

transmits money (or any representation of monetary value) by any means, or

(iii)

cashes cheques that are made payable to customers.”

(b) in paragraph (2)(b), for “UK credit or financial institution” substitute “Territory credit or financial institution”.

(1)

2000 c.8. Part 4A was inserted by the Financial Services Act 2012 (c.21), section 11(2) and most recently amended by S.I. 2018/1149; it is prospectively amended by S.I. 2019/632.