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.