SCHEDULE 2Modifications to be made in the extension of the Iran (Sanctions) (Human Rights) (EU Exit) Regulations 2019 to each British overseas territory listed in Schedule 1

16.

In regulation 33 (finance: exceptions from prohibitions)—

(a)

omit paragraph (6);

(b)

in paragraph (7), 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 20008 if it had its registered office (or if it does not have one, its head office) in the United Kingdom.”;

(c)

omit paragraph (8).