PART 9Supplementary and final provision
Transitional provision: prior obligations58.
(1)
Where, immediately before the relevant date, a person was named on the 1988 Sanctions List, any reference in a provision mentioned in paragraph (2) to the date on which a person became a designated person is to be read as a reference to the date on which the person was so named.
(2)
The provisions referred to in paragraph (1) are—
(a)
regulation 25(5) (finance: exceptions from prohibitions), and
(b)
paragraph 6(a) of Schedule 2 (Treasury licences: purposes).
(3)
In this regulation—
“designated person” has the same meaning as it has in Part 3 (Finance);
“the relevant date” means—
(a)
where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;
(b)
otherwise, the date on which Part 3 comes into force.