The Andrey Lugovoy and Dmitri Kovtun Freezing Order 2020

Interpretation

2.—(1) In this Order—

“the 2000 Act” means the Financial Services and Markets Act 2000(1);

“body corporate” includes a Scottish partnership and “a body incorporated under the law of any part of the United Kingdom” is to be interpreted accordingly;

“frozen funds” has the meaning in article 4(1);

“funds” means financial assets and economic benefits of any kind, including (but not limited to)—

(a)

gold, cash, cheques, claims on money, drafts, money orders and other payment instruments;

(b)

deposits with relevant institutions or other persons, balances on accounts, debts and debt obligations;

(c)

publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivative products;

(d)

interest, dividends or other income on or value accruing from or generated by assets;

(e)

credit, rights of set-off, guarantees, performance bonds or other financial commitments;

(f)

letters of credit, bills of lading, bills of sale; and

(g)

documents providing evidence of an interest in funds or financial resources.

(2) In this Order “relevant institution” means—

(a) a person who has permission under Part 4A of the 2000 Act(2) (permission to carry on regulated activities); and

(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 Act (EEA passport rights)(3) which has permission under paragraph 15 of that Schedule(4) (as a result of qualifying for authorisation under paragraph 12 of that Schedule)(5) to accept deposits.

(3) The definition of “relevant institution” in paragraph (2) must be read with—

(a) section 22(6) of the 2000 Act (regulated activities),

(b) any relevant order under that section(7), and

(c) Schedule 2(8) to the 2000 Act (regulated activities).

(1)

2000 c.8.

(2)

Part 4A was inserted by the Financial Services Act 2012(c.21), section 11(2) and amended by S.I. 2013/504, S.I. 2013/1773, S.I. 2013/1797, S.I. 2013/3115, S.I. 2015/486, S.I. 2015/575, S.I. 2015/910, S.I. 2015/1882, S.I. 2016/225, S.I. 2016/680, S.I. 2016/1239, S.I. 2017/701, S.I. 2017/1064, S.I. 2017/1212, S.I. 2018/135, S.I. 2018/546 and S.I. 2018/698.

(3)

As amended by S.I. 2006/3221 and S.I. 2013/3115; it is prospectively amended by S.I. 2018/1149.

(4)

As amended by S.I. 2003/2066, S.I. 2007/3253, S.I. 2012/1906, S.I. 2013/1881 and S.I. 2015/575.

(5)

As amended by S.I. 2007/126, S.I. 2007/3253, S.I. 2012/1906 and 2017/701.

(6)

Section 22 was amended by the Financial Services Act 2012 (c.21), section 7(1); section 27(4) of the Financial Guidance and Claims Act 2018 (c.10); and S.I. 2018/135.

(7)

S.I. 2001/544 as amended, most recently by S.I. 2019/1067 and prospectively amended by S.I. 2018/1403.

(8)

Schedule 2 was amended by the Regulation of Financial Services (Land Transactions) Act 2005 (c.24), section 1, the Dormant Bank and Building Society Accounts Act 2008 (c.31), section 15, Schedule 2, paragraph 1, the Financial Services Act 2012 (c.21), section 7(2) to (5) and section 8, the Financial Guidance and Claims Act 2018 (c.10), section 27(1) and (13) and S.I. 2013/1881; it is prospectively amended by S.I. 2018/135.