PART 9Supplementary and final provision
Transitional provision: prior obligationsI158
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.
- a