SCHEDULE 2Modifications to be made in the extension of the Russia (Sanctions) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1
F176A
After regulation 102 (transitional provision: pending applications for trade licences) insert—
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—
- a
issued by the Governor under regulation 65 (trade licences), or
- 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.