Finance: exception for authorised conduct in a relevant country15A

1

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in Chapter 2 of Part 2 (Trade) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

a

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—

1. a

   any of the Channel Islands,

2. b

   the Isle of Man, or

3. c

   any British overseas territory.

3

Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.