“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—

(a)

any of the Channel Islands,

(b)

the Isle of Man, or

(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.”