11.—(1) Paragraph (2) applies in relation to each trade licence which—
(a)was in effect immediately before the relevant time, and
(b)authorised an act—
(i)which would otherwise have been prohibited, immediately before the relevant time, under Chapter 3 of Part 5 of the 2019 Regulations, and
(ii)which would, on and after the coming into force of these Regulations, and in the absence of paragraphs (2) and (3), instead be prohibited under Chapter 2 of Part 5 (restricted goods etc.) of the 2019 Regulations,
and such a licence is referred to in this regulation as “a Chapter 3 trade licence”.
(2) A Chapter 3 trade licence continues to have effect on and after the relevant time as if it had been issued to authorise an act which would otherwise be prohibited under Chapter 2 of Part 5 of the 2019 Regulations.
(3) Any reference in an existing trade sanctions licence to a provision of Chapter 3 of Part 5 of the 2019 Regulations is to be treated, on and after the relevant time, as a reference to the corresponding provision of Chapter 2 of Part 5 of the 2019 Regulations.
(4) For the purposes of this regulation—
“2019 Regulations” means the Russia (Sanctions) (EU Exit) Regulations 2019;
“trade licence” means a licence—
granted by the Secretary of State under regulation 65 of the 2019 Regulations,
deemed to have been issued under regulation 65 of the 2019 Regulations, in accordance with regulation 101(2) of the 2019 Regulations, or
which has effect as if it were a licence which had been issued by the Secretary of State under regulation 65 of the 2019 Regulations, in accordance with regulation 101(4) of the 2019 Regulations;
“relevant time” means the time at which these Regulations come into force.