PART 5Exceptions and licences

Finance: exception for authorised conduct in a relevant countryI121

1

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is—

a

issued 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.

2

In this regulation, “relevant country” means—

a

any of the Channel Islands;

b

the Isle of Man;

c

any British overseas territory.