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

53

In regulation 81 (asset-freeze etc.: exceptions from prohibitions)—

a

omit paragraph (6);

b

in paragraph (9), for sub-paragraph (a) substitute—

a

is designated by the Secretary of State under regulation 5 (power to designate persons) (as it has effect in the United Kingdom) for the purposes of regulation 13 to 17 (asset-freeze etc.) (as they have effect in the United Kingdom), and

c

in paragraph (11), for the definition of “relevant institution” substitute—

  • “relevant institution”, in relation to the Territory, means a person domiciled in the Territory who would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 200015 if it had its registered office (or if it does not have one, its head office) in the United Kingdom.

d

omit paragraph (12).