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36. For regulation 59A (exception for authorised conduct in a relevant country) substitute—U.K.
59A.—(1) Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) or Chapters 2 to 5 of Part 5 (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 61 (Treasury licences) (as it has effect in the United Kingdom) or regulation 62 (trade licences) (as it has effect in the United Kingdom).
(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 or Chapters 2 to 5 of Part 5 (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—
(a)under the law of the relevant country, and
(b)for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.
(3) In this regulation—
“relevant country” means—
any of the Channel Islands,
the Isle of Man, or
any British overseas territory other than the Territory.”
Commencement Information
I1Sch. 2 para. 36 in force at 31.12.2020, see art. 1(1)