102ATransitional provision: Chapter 3 trade licences

1

Paragraph (2) applies in relation to a relevant licence which—

a

was in effect immediately before the relevant time, and

b

authorised an act—

i

which would otherwise have been prohibited, immediately before the relevant time, under Chapter 3 of Part 5 (Trade), and

ii

which would, on and after the relevant time, and in the absence of paragraphs (2) and (3), instead be prohibited under Chapter 2 of Part 5,

and such a licence is referred to in this regulation as “a Chapter 3 trade licence”.

2

A Chapter 3 trade licence continues to have effect on and after the relevant time as if it had been issued to authorise an act which would otherwise be prohibited under Chapter 2 of Part 5.

3

Any reference in an existing relevant licence to a provision of Chapter 3 of Part 5 is to be treated on and after the relevant time, as a reference to the corresponding provision of Chapter 2 of Part 5.

4

For the purposes of this regulation—

• “relevant licence” means a licence—

  1. a

     issued by the Governor under regulation 65 (trade licences), or

  2. b

     which has effect as if it were a licence which had been issued by the Governor under regulation 65 in accordance with regulation 101(2) (transitional provision: trade licences);

• “relevant time” means the time at which the Russia (Sanctions) (EU Exit) (Amendment) (No. 3) Regulations 2022 come into force.