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29. For regulation 58 (exception for authorised conduct in a relevant country) (including the heading) substitute—
58.—(1) Where a person’s conduct outside the Isle of Man would, in the absence of this paragraph, contravene a prohibition in any of regulations 15 to 19 (asset-freeze etc.) or Chapter 2, 3, or 4 of Part 6 (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 60 (Treasury licences) (as it has effect in the United Kingdom) or regulation 62 (trade licences) (as it has effect in the United Kingdom).
(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 15 to 19 regulations 15 to 19 (asset-freeze etc.) or Chapters 2, 3 or 4 of Part 6 (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.
(3) In this regulation—
“relevant country” means—
any of the Channel Islands, or
any British overseas territory.”
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