http://www.legislation.gov.uk/uksi/2024/1157/regulation/21/madeThe Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024King's Printer of Acts of Parliament2024-11-14SANCTIONSThese Regulations are made under the Sanctions and Anti-Money Laundering Act 2018 (c. 13). They make miscellaneous amendments to most of the existing sanctions regulations.Amendment of the Central African Republic (Sanctions) (EU Exit) Regulations 202021.(1)

The Central African Republic (Sanctions) (EU Exit) Regulations 2020

S.I. 2020/616, amended by the Sentencing Act 2020, Schedule 24, paragraph 446(1); and by S.I. 2020/950, 2022/500, 2022/819, 2023/121, 2023/149, 2024/644.

are amended as follows.

(2)

In regulation 14 (making funds available for benefit of designated persons), after paragraph (3) insert—(3A)

The reference in paragraph (1) to making funds available to any person for the benefit of a designated person includes making funds available for the benefit of a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (and references to designated person in paragraph (4) are to be read accordingly).

.

(3)

In regulation 16 (making economic resources available for benefit of designated persons), after paragraph (3) insert—(3A)

The reference in paragraph (1) to making economic resources available to any person for the benefit of a designated person includes making economic resources available for the benefit of a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (and references to designated person in paragraph (4) are to be read accordingly).

.

(4)

In regulation 31 (finance: exceptions from prohibitions), after paragraph (8) insert—(9)

For the purposes of paragraphs (1)(b), (5) and (6) and the definition of “frozen account” in paragraph (7), references to a designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

(10)

When determining for the purposes of paragraph (5) when a person (“C”) who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (“D”) became a designated person, C is to be treated as having become a designated person at the same time as D.

.

(5)

After regulation 31 insert—Finance: exception from prohibitions for required payments31ZZA.(1)

This regulation applies to required payments within the meaning of paragraph (2).

(2)

A required payment is a payment which—

(a)

a non-UN designated person is required to make under or by virtue of any enactment to—

(i)

the registrar of companies,

(ii)

the Commissioners,

(iii)

the Welsh Revenue Authority,

(iv)

Revenue Scotland,

(v)

the Financial Conduct Authority,

(vi)

the Secretary of State,

(vii)

the Welsh Ministers,

(viii)

the Department of Finance in Northern Ireland, or

(ix)

a local authority, and

(b)

is not an excluded payment.

(3)

The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment.

(4)

Where a required payment is made by a person other than a non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person.

(5)

The reference in paragraph (3) to a person making a required payment—

(a)

does not include a UN designated person, and

(b)

only includes a non-UN designated person where they are making a required payment on their own behalf.

(6)

The following payments are to be treated as payments which a non-UN designated person is required to make under or by virtue of an enactment for the purposes of this regulation, where made by a non-UN designated person on their own behalf or by a person, other than a designated person, on behalf of a non-UN designated person—

(a)

a payment to the Financial Conduct Authority of a levy imposed by the scheme manager of the Financial Services Compensation Scheme by virtue of section 213 of the Financial Services and Markets Act 2000 (the compensation scheme);

(b)

a payment to the Financial Conduct Authority which is collected by that Authority on behalf of the Financial Reporting Council Limited.

(7)

For the purposes of this regulation—

(a)

references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person,

(b)

the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person, and

(c)

the reference in paragraph (6) to a designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

(8)

In this regulation—

BID levy” means a levy that is imposed on those persons who are, in respect of particular business improvement district proposals, entitled to vote in accordance with section 39(3) of the Planning etc. (Scotland) Act 2006;

business improvement district” has the meaning given in section 33 of the Planning etc. (Scotland) Act 2006;

designated person” has the same meaning as it has in Part 3 (Finance);

enactment” has the meaning given in section 54(6) of the Act;

excluded payment” means, in relation to—

(a)

the registrar of companies, a payment of fees for—

(i)

the incorporation of a firm;

(ii)

the restoration of a firm to a register which is administered by the registrar;

(b)

the Financial Conduct Authority, a payment of fees for—

(i)

an application for permission from, authorisation by, registration with or recognition from the Financial Conduct Authority which relates to the carrying on of any activity falling within any function of the Financial Conduct Authority;

(ii)

an application for a variation of such permission, authorisation, registration or recognition;

(iii)

an application for listing or for eligibility for listing;

(iv)

an application for review or approval of a document relating to listing;

(v)

an application for approval as a sponsor or primary information provider;

(vi)

an application for review or approval of—

(aa)

a document under the prospectus rules or the prospectus regulation;

(bb)

listing particulars under section 79 of the Financial Services and Markets Act 2000 or supplementary listing particulars under section 81 of that Act;

(c)

the Secretary of State or the Welsh Ministers, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 3 of the Local Government Finance Act 1988;

(d)

the Department of Finance in Northern Ireland, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 2 of the Rates (Northern Ireland) Order 1977;

(e)

a local authority, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of—

(i)

Part 1 of the Local Government (Scotland) Act 1975;

(ii)

Part 3 of the Local Government Finance Act 1988;

(iii)

Parts 1 and 2 of the Local Government Finance Act 1992;

(iv)

Part 4 of the Local Government Act 2003;

(v)

Part 9 of the Planning etc. (Scotland) Act 2006;

(vi)

the Business Rate Supplements Act 2009;

(vii)

the Business Improvement Districts Act (Northern Ireland) 2013;

firm” has the meaning given in section 1173(1) of the Companies Act 2006;

listing” means being included in the official list maintained by the Financial Conduct Authority in accordance with Part 6 of the Financial Services and Markets Act 2000;

local authority” means—

(a)

in relation to England—

(i)

a district council;

(ii)

a county council for any area for which there is no district council;

(iii)

a London borough council;

(iv)

the Common Council of the City of London in its capacity as a local authority;

(v)

the Council of the Isles of Scilly;

(b)

in relation to Wales, a county council or a county borough council;

(c)

in relation to Scotland, a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 or a person appointed by such a council for the purposes of the administration, collection and recovery of a BID levy;

(d)

in relation to Northern Ireland, a district council;

non-UN designated person” means a person—

(a)

who is designated under regulation 5 for the purposes of regulations 12 to 16 (asset-freeze etc.), and

(b)

whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3);

primary information provider” has the meaning given in section 89P(2) of the Financial Services and Markets Act 2000;

prospectus regulation” means Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC;

prospectus rules” has the meaning given in section 73A(4) of the Financial Services and Markets Act 2000;

registrar of companies” has the meaning given in section 1060 of the Companies Act 2006 (the registrar);

reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment;

scheme manager” has the meaning given in section 212 of the Financial Services and Markets Act 2000;

sponsor” has the meaning given in section 88(2) of the Financial Services and Markets Act 2000;

UN designated person” means—

(a)

a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council resolutions), or

(b)

a person who is designated under regulation 5 (power to designate persons) for the purposes of regulations 12 to 16 and whose designation is (in the opinion of the Secretary of State) required by a provision mentioned in regulation 4(3).

.

(6)

In regulation 33 (Treasury licences), after paragraph (4) insert—(5)

The reference in paragraph (2) to a non-UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.

(6)

The reference in paragraph (3) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person.

.

(7)

In regulation 35(6) (licences: general provisions)—

(a)

after “A person who” insert “, on the application of a person (“P”),”;

(b)

for “issues, varies, revokes or suspends” substitute “issues”;

(c)

after “particular person” insert “, or varies, revokes or suspends that licence,”;

(d)

for “that person” substitute “P”.

(8)

In regulation 39 (finance: reporting obligations)—

(a)

in paragraph (1)(a)(ii), for “committed an offence” substitute “breached a prohibition or failed to comply with an obligation”;

(b)

after paragraph (4) insert—(4A)

Where a person (“P”) knows, or has reasonable cause to suspect, that P holds funds or economic resources owned, held or controlled by a designated person, P must by no later than 30th November in each calendar year provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by P as of 30th September in that calendar year.

(4B)

Where a report has been provided further to paragraph (4A) but as of 30th September in the following calendar year P no longer holds funds or economic resources owned, held or controlled by the designated person, P must by no later than 30th November in that calendar year report this to the Treasury.

(4C)

For the purposes of paragraphs (4A) and (4B), funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.

;

(c)

after paragraph (6) insert—(6A)

A person commits an offence if that person, without reasonable excuse, fails to comply with a requirement in paragraph (4A) or (4B).

.

(9)

After regulation 39 insert—Finance: reporting obligations for required payments39A.(1)

A non-UN designated person must inform the Treasury without delay if they make a required payment.

(2)

A person who makes a required payment on behalf of a non-UN designated person must inform the Treasury without delay that they have made the required payment.

(3)

A person must inform the Treasury without delay if they receive a reimbursement payment.

(4)

For the purposes of this regulation, references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.

(5)

In this regulation—

non-UN designated person” has the meaning given in regulation 31ZZA(8) (finance: exception from prohibitions for required payments);

reimbursement payment” has the meaning given in regulation 31ZZA(8);

required payment” has the meaning given in regulation 31ZZA(2).

.

(10)

In regulation 40 (“relevant firm”)—

(a)

after paragraph (1)(i) insert—(j)

a high value dealer;

(k)

an art market participant;

(l)

an insolvency practitioner;

(m)

a firm or sole practitioner (“P”) that carries out, or whose employees carry out, letting agency work.

;

(b)

after paragraph (3C), insert—(3D)

In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked.

(3E)

In paragraph (1), an “art market participant” means, subject to paragraph (3F), a firm or sole practitioner that is registered or required to register with the Commissioners as an art market participant under regulation 56(5) and (6) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

(3F)

A firm or sole practitioner is not an art market participant for the purposes of paragraph (3E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner.

(3G)

For the purposes of this regulation, “work of art” means anything which, in accordance with section 21(6) to (6B) of the Value Added Tax Act 1994 (value of imported goods), is a work of art for the purposes of section 21(5)(a) of that Act.

(3H)

In paragraph (1), an “insolvency practitioner” means a firm or individual who acts as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989.

(3I)

In paragraph (1), “letting agency work” means work—

(a)

consisting of things done in response to instructions received from—

(i)

a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or

(ii)

a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and

(b)

done—

(i)

in relation to a prospective landlord, from the point that the prospective landlord instructs P, or

(ii)

otherwise in the course of concluding an agreement for the letting of land for a term of a month or more.

(3J)

For the purposes of paragraph (3I)—

land” includes part of a building and part of any other structure;

letting agency work” does not include the things listed in paragraph (3K) when done by, or by employees of, a firm or sole practitioner if neither the firm or sole practitioner, nor any of their employees, does anything else within paragraph (3I).

(3K)

Those things are—

(a)

publishing advertisements or disseminating information;

(b)

providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord;

(c)

providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other;

(d)

the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege or, in Scotland, protected from disclosure in legal proceedings on grounds of confidentiality of communications.

;

(c)

after paragraph (5)(d) insert—(da)

in the case of a relevant firm within paragraph (1)(k)—

(i)

in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or

(ii)

in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more;

.

(11)

In regulation 47A (finance: disclosure to the Treasury), in paragraph (1), for “sanctions” substitute “any sanctions regulations contained in these Regulations”.

(12)

In regulation 72 (transitional provision: prior obligations), in paragraph (3)(b), for “6(b)(i)” substitute “6B(b)(i)”.

(13)

In Schedule 2 (Treasury licences: purposes)—

(a)

in Part 1, in paragraph 1 (interpretation)—

(i)

the existing text becomes sub-paragraph (1);

(ii)

in sub-paragraph (1), at the appropriate place insert—

frozen account” has the meaning given in regulation 31(7);

;

(iii)

after sub-paragraph (1) insert—(2)

For the purposes of this Schedule, references to a designated person are to be read as including a person (“C”) who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (“P”).

(3)

When determining for the purposes of paragraph 6A, 6B or 7 when C became a designated person, C is to be treated as having become a designated person at the same time as P.

;

(b)

in Part 2 (purposes), omit paragraph 6 (pre-existing judicial decisions etc.);

(c)

in Part 2A (purposes relating only to UN designated persons), after paragraph 6A (prior obligations) insert—Pre-existing judicial decisions etc.6B.

To enable, by the use of a designated person's frozen funds or economic resources, the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien, provided that—

(a)

the funds or economic resources so used are the subject of the decision or lien,

(b)

the decision or lien—

(i)

was made or established before the date on which the person became a designated person, and

(ii)

is enforceable in the United Kingdom, and

(c)

the use of the frozen funds or economic resources does not directly or indirectly benefit any other designated person.

;

(d)

in Part 3 (purposes relating only to non-UN designated persons), after paragraph 10 (extraordinary situation) insert—Insolvency11.(1)

To enable anything to be done in connection with—

(a)

any insolvency and restructuring proceedings relating to an insolvent person,

(b)

any other relevant proceedings relating to a person other than an individual, or

(c)

proceedings under the insolvency law of a country other than the United Kingdom that correspond to the proceedings in paragraph (a) or (b),

provided that any payments made directly or indirectly to a designated person are credited to a frozen account.

(2)

In this paragraph—

enactment” has the meaning given in section 54(6) of the Act;

insolvency and restructuring proceedings” includes—

(a)

the regimes and proceedings set out in Parts A1 to 6 of the Insolvency Act 1986, Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989 and so much of Part 1 of that Order as applies for the purposes of those Parts, but excluding—

(i)

proceedings under Chapter 3 of Part 4 (members’ voluntary winding up) of the Insolvency Act 1986, and

(ii)

proceedings under Chapter 3 of Part 5 (members’ voluntary winding up) of the Insolvency (Northern Ireland) Order 1989;

(b)

arrangements and reconstructions under Part 26 of the Companies Act 2006;

(c)

arrangements and reconstructions for companies in financial difficulty under Part 26A of the Companies Act 2006;

(d)

the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016;

insolvent person” means a person (“P”), other than an individual, where—

(a)

P is unable to pay its debts as they fall due, or

(b)

the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;

other relevant proceedings” means—

(a)

the regimes and proceedings set out in—

(i)

sections 367 and 377A to 377J of, or Schedule 19C to, the Financial Services and Markets Act 2000;

(ii)

the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005;

(iii)

Parts 1 to 3 of the Banking Act 2009 (including Parts 2 and 3 as applied to building societies by section 90C of the Building Societies Act 1986);

(iv)

the Investment Bank Special Administration Regulations 2011;

(v)

Part 6 of the Financial Services (Banking Reform) Act 2013;

(vi)

the Payment and Electronic Money Institution Insolvency Regulations 2021;

(vii)

Schedule 11 to the Financial Services and Markets Act 2023;

(b)

proceedings under any other special administration regime;

special administration regime” means provision made by an enactment for an insolvency procedure that—

(a)

is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 to the Insolvency Act 1986 or Schedule B1 to the Insolvency (Northern Ireland) Order 1989, and

(b)

provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.

Judicial decisions etc.12.

To enable the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien which is enforceable in the United Kingdom (the “judicial decision”), provided that—

(a)

where funds or economic resources are made available to a designated person, they are credited to a frozen account or otherwise frozen by virtue of regulation 12; and

(b)

where funds or economic resources are made available by a person (including a designated person) to a designated person to enable the implementation or satisfaction of the judicial decision, no other designated person benefits, directly or indirectly.

.

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<heading>Amendment of the Central African Republic (Sanctions) (EU Exit) Regulations 2020</heading>
<num>21.</num>
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The Central African Republic (Sanctions) (EU Exit) Regulations 2020
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<p>
<ref eId="c00311" href="http://www.legislation.gov.uk/id/uksi/2020/616">S.I. 2020/616</ref>
, amended by the Sentencing Act 2020, Schedule 24, paragraph 446(1); and by
<ref eId="c00312" href="http://www.legislation.gov.uk/id/uksi/2020/950">S.I. 2020/950</ref>
,
<ref eId="c00313" href="http://www.legislation.gov.uk/id/uksi/2022/500">2022/500</ref>
,
<ref eId="c00314" href="http://www.legislation.gov.uk/id/uksi/2022/819">2022/819</ref>
,
<ref eId="c00315" href="http://www.legislation.gov.uk/id/uksi/2023/121">2023/121</ref>
,
<ref eId="c00316" href="http://www.legislation.gov.uk/id/uksi/2023/149">2023/149</ref>
,
<ref eId="c00317" href="http://www.legislation.gov.uk/id/uksi/2024/644">2024/644</ref>
.
</p>
</authorialNote>
are amended as follows.
</p>
</content>
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<num>(2)</num>
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In regulation 14 (making funds available for benefit of designated persons), after paragraph (3) insert—
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<num>(3A)</num>
<content>
<p>The reference in paragraph (1) to making funds available to any person for the benefit of a designated person includes making funds available for the benefit of a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (and references to designated person in paragraph (4) are to be read accordingly).</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-3">
<num>(3)</num>
<content>
<p>
<mod>
In regulation 16 (making economic resources available for benefit of designated persons), after paragraph (3) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(3A)</num>
<content>
<p>The reference in paragraph (1) to making economic resources available to any person for the benefit of a designated person includes making economic resources available for the benefit of a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (and references to designated person in paragraph (4) are to be read accordingly).</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-4">
<num>(4)</num>
<content>
<p>
<mod>
In regulation 31 (finance: exceptions from prohibitions), after paragraph (8) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(9)</num>
<content>
<p>For the purposes of paragraphs (1)(b), (5) and (6) and the definition of “frozen account” in paragraph (7), references to a designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</paragraph>
<paragraph>
<num>(10)</num>
<content>
<p>
When determining for the purposes of paragraph (5) when a person (“
<term refersTo="#term-c">C</term>
”) who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (“
<term refersTo="#term-d">D</term>
”) became a designated person, C is to be treated as having become a designated person at the same time as D.
</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-5">
<num>(5)</num>
<content>
<p>
<mod>
After regulation 31 insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<hcontainer name="regulation">
<heading>Finance: exception from prohibitions for required payments</heading>
<num>31ZZA.</num>
<paragraph>
<num>(1)</num>
<content>
<p>This regulation applies to required payments within the meaning of paragraph (2).</p>
</content>
</paragraph>
<paragraph>
<num>(2)</num>
<intro>
<p>A required payment is a payment which—</p>
</intro>
<level class="para1">
<num>(a)</num>
<intro>
<p>a non-UN designated person is required to make under or by virtue of any enactment to—</p>
</intro>
<level class="para2">
<num>(i)</num>
<content>
<p>the registrar of companies,</p>
</content>
</level>
<level class="para2">
<num>(ii)</num>
<content>
<p>the Commissioners,</p>
</content>
</level>
<level class="para2">
<num>(iii)</num>
<content>
<p>the Welsh Revenue Authority,</p>
</content>
</level>
<level class="para2">
<num>(iv)</num>
<content>
<p>Revenue Scotland,</p>
</content>
</level>
<level class="para2">
<num>(v)</num>
<content>
<p>the Financial Conduct Authority,</p>
</content>
</level>
<level class="para2">
<num>(vi)</num>
<content>
<p>the Secretary of State,</p>
</content>
</level>
<level class="para2">
<num>(vii)</num>
<content>
<p>the Welsh Ministers,</p>
</content>
</level>
<level class="para2">
<num>(viii)</num>
<content>
<p>the Department of Finance in Northern Ireland, or</p>
</content>
</level>
<level class="para2">
<num>(ix)</num>
<content>
<p>a local authority, and</p>
</content>
</level>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>is not an excluded payment.</p>
</content>
</level>
</paragraph>
<paragraph>
<num>(3)</num>
<content>
<p>The prohibitions in regulations 12 (asset-freeze in relation to designated persons) and 14 (making funds available for benefit of designated persons) are not contravened by a person making a required payment.</p>
</content>
</paragraph>
<paragraph>
<num>(4)</num>
<content>
<p>Where a required payment is made by a person other than a non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person.</p>
</content>
</paragraph>
<paragraph>
<num>(5)</num>
<intro>
<p>The reference in paragraph (3) to a person making a required payment—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>does not include a UN designated person, and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>only includes a non-UN designated person where they are making a required payment on their own behalf.</p>
</content>
</level>
</paragraph>
<paragraph>
<num>(6)</num>
<intro>
<p>The following payments are to be treated as payments which a non-UN designated person is required to make under or by virtue of an enactment for the purposes of this regulation, where made by a non-UN designated person on their own behalf or by a person, other than a designated person, on behalf of a non-UN designated person—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>a payment to the Financial Conduct Authority of a levy imposed by the scheme manager of the Financial Services Compensation Scheme by virtue of section 213 of the Financial Services and Markets Act 2000 (the compensation scheme);</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>a payment to the Financial Conduct Authority which is collected by that Authority on behalf of the Financial Reporting Council Limited.</p>
</content>
</level>
</paragraph>
<paragraph>
<num>(7)</num>
<intro>
<p>For the purposes of this regulation—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person,</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person, and</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>the reference in paragraph (6) to a designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</level>
</paragraph>
<paragraph>
<num>(8)</num>
<intro>
<p>In this regulation—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-bid-levy">BID levy</term>
” means a levy that is imposed on those persons who are, in respect of particular business improvement district proposals, entitled to vote in accordance with section 39(3) of the Planning etc. (Scotland) Act 2006;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-business-improvement-district">business improvement district</term>
” has the meaning given in section 33 of the Planning etc. (Scotland) Act 2006;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-designated-person">designated person</term>
” has the same meaning as it has in Part 3 (Finance);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-enactment">enactment</term>
” has the meaning given in section 54(6) of the Act;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-excluded-payment">excluded payment</term>
” means, in relation to—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the registrar of companies, a payment of fees for—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>the incorporation of a firm;</p>
</item>
<item>
<num>(ii)</num>
<p>the restoration of a firm to a register which is administered by the registrar;</p>
</item>
</blockList>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>the Financial Conduct Authority, a payment of fees for—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>an application for permission from, authorisation by, registration with or recognition from the Financial Conduct Authority which relates to the carrying on of any activity falling within any function of the Financial Conduct Authority;</p>
</item>
<item>
<num>(ii)</num>
<p>an application for a variation of such permission, authorisation, registration or recognition;</p>
</item>
<item>
<num>(iii)</num>
<p>an application for listing or for eligibility for listing;</p>
</item>
<item>
<num>(iv)</num>
<p>an application for review or approval of a document relating to listing;</p>
</item>
<item>
<num>(v)</num>
<p>an application for approval as a sponsor or primary information provider;</p>
</item>
<item>
<num>(vi)</num>
<p>an application for review or approval of—</p>
<blockList class="ordered alpha parens" ukl:Name="OrderedList" ukl:Type="alpha" ukl:Decoration="parens">
<item>
<num>(aa)</num>
<p>a document under the prospectus rules or the prospectus regulation;</p>
</item>
<item>
<num>(bb)</num>
<p>listing particulars under section 79 of the Financial Services and Markets Act 2000 or supplementary listing particulars under section 81 of that Act;</p>
</item>
</blockList>
</item>
</blockList>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>the Secretary of State or the Welsh Ministers, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 3 of the Local Government Finance Act 1988;</p>
</content>
</level>
<level class="para1">
<num>(d)</num>
<content>
<p>the Department of Finance in Northern Ireland, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 2 of the Rates (Northern Ireland) Order 1977;</p>
</content>
</level>
<level class="para1">
<num>(e)</num>
<content>
<p>a local authority, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>Part 1 of the Local Government (Scotland) Act 1975;</p>
</item>
<item>
<num>(ii)</num>
<p>Part 3 of the Local Government Finance Act 1988;</p>
</item>
<item>
<num>(iii)</num>
<p>Parts 1 and 2 of the Local Government Finance Act 1992;</p>
</item>
<item>
<num>(iv)</num>
<p>Part 4 of the Local Government Act 2003;</p>
</item>
<item>
<num>(v)</num>
<p>Part 9 of the Planning etc. (Scotland) Act 2006;</p>
</item>
<item>
<num>(vi)</num>
<p>the Business Rate Supplements Act 2009;</p>
</item>
<item>
<num>(vii)</num>
<p>the Business Improvement Districts Act (Northern Ireland) 2013;</p>
</item>
</blockList>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-firm">firm</term>
” has the meaning given in section 1173(1) of the Companies Act 2006;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-listing">listing</term>
” means being included in the official list maintained by the Financial Conduct Authority in accordance with Part 6 of the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-local-authority">local authority</term>
” means—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>in relation to England—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>a district council;</p>
</item>
<item>
<num>(ii)</num>
<p>a county council for any area for which there is no district council;</p>
</item>
<item>
<num>(iii)</num>
<p>a London borough council;</p>
</item>
<item>
<num>(iv)</num>
<p>the Common Council of the City of London in its capacity as a local authority;</p>
</item>
<item>
<num>(v)</num>
<p>the Council of the Isles of Scilly;</p>
</item>
</blockList>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>in relation to Wales, a county council or a county borough council;</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>in relation to Scotland, a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 or a person appointed by such a council for the purposes of the administration, collection and recovery of a BID levy;</p>
</content>
</level>
<level class="para1">
<num>(d)</num>
<content>
<p>in relation to Northern Ireland, a district council;</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-non-un-designated-person">non-UN designated person</term>
” means a person—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>who is designated under regulation 5 for the purposes of regulations 12 to 16 (asset-freeze etc.), and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3);</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-primary-information-provider">primary information provider</term>
” has the meaning given in section 89P(2) of the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-prospectus-regulation">prospectus regulation</term>
” means
<ref eId="c00035" href="http://www.legislation.gov.uk/european/regulation/2017/1129">Regulation (EU) 2017/1129</ref>
of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing
<ref eId="c00036" href="http://www.legislation.gov.uk/european/directive/2003/0071">Directive 2003/71/EC</ref>
;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-prospectus-rules">prospectus rules</term>
” has the meaning given in section 73A(4) of the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-registrar-of-companies">registrar of companies</term>
” has the meaning given in section 1060 of the Companies Act 2006 (the registrar);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-reimbursement-payment">reimbursement payment</term>
” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-scheme-manager">scheme manager</term>
” has the meaning given in section 212 of the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-sponsor">sponsor</term>
” has the meaning given in section 88(2) of the Financial Services and Markets Act 2000;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-un-designated-person">UN designated person</term>
” means—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council resolutions), or</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>a person who is designated under regulation 5 (power to designate persons) for the purposes of regulations 12 to 16 and whose designation is (in the opinion of the Secretary of State) required by a provision mentioned in regulation 4(3).</p>
</content>
</level>
</hcontainer>
</paragraph>
</hcontainer>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-6">
<num>(6)</num>
<content>
<p>
<mod>
In regulation 33 (Treasury licences), after paragraph (4) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(5)</num>
<content>
<p>The reference in paragraph (2) to a non-UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.</p>
</content>
</paragraph>
<paragraph>
<num>(6)</num>
<content>
<p>The reference in paragraph (3) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person.</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-7">
<num>(7)</num>
<intro>
<p>In regulation 35(6) (licences: general provisions)—</p>
</intro>
<level class="para1" eId="regulation-21-7-a">
<num>(a)</num>
<content>
<p>
<mod>
after “A person who” insert
<quotedText>
“, on the application of a person (“
<term refersTo="#term-p" eId="term-p">P</term>
”),”
</quotedText>
;
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-7-b">
<num>(b)</num>
<content>
<p>
<mod>
for “issues, varies, revokes or suspends” substitute
<quotedText>“issues”</quotedText>
;
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-7-c">
<num>(c)</num>
<content>
<p>
<mod>
after “particular person” insert
<quotedText>“, or varies, revokes or suspends that licence,”</quotedText>
;
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-7-d">
<num>(d)</num>
<content>
<p>
<mod>
for “that person” substitute
<quotedText>“P”</quotedText>
.
</mod>
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-21-8">
<num>(8)</num>
<intro>
<p>In regulation 39 (finance: reporting obligations)—</p>
</intro>
<level class="para1" eId="regulation-21-8-a">
<num>(a)</num>
<content>
<p>
<mod>
in paragraph (1)(a)(ii), for “committed an offence” substitute
<quotedText>“breached a prohibition or failed to comply with an obligation”</quotedText>
;
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-8-b">
<num>(b)</num>
<content>
<p>
<mod>
after paragraph (4) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(4A)</num>
<content>
<p>
Where a person (“
<term refersTo="#term-p">P</term>
”) knows, or has reasonable cause to suspect, that P holds funds or economic resources owned, held or controlled by a designated person, P must by no later than 30th November in each calendar year provide a report to the Treasury as to the nature and amount or quantity of those funds or economic resources held by P as of 30th September in that calendar year.
</p>
</content>
</paragraph>
<paragraph>
<num>(4B)</num>
<content>
<p>Where a report has been provided further to paragraph (4A) but as of 30th September in the following calendar year P no longer holds funds or economic resources owned, held or controlled by the designated person, P must by no later than 30th November in that calendar year report this to the Treasury.</p>
</content>
</paragraph>
<paragraph>
<num>(4C)</num>
<content>
<p>For the purposes of paragraphs (4A) and (4B), funds or economic resources are to be treated as owned, held or controlled by a designated person if they are owned, held or controlled by a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person.</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-8-c">
<num>(c)</num>
<content>
<p>
<mod>
after paragraph (6) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(6A)</num>
<content>
<p>A person commits an offence if that person, without reasonable excuse, fails to comply with a requirement in paragraph (4A) or (4B).</p>
</content>
</paragraph>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-21-9">
<num>(9)</num>
<content>
<p>
<mod>
After regulation 39 insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<hcontainer name="regulation">
<heading>Finance: reporting obligations for required payments</heading>
<num>39A.</num>
<paragraph>
<num>(1)</num>
<content>
<p>A non-UN designated person must inform the Treasury without delay if they make a required payment.</p>
</content>
</paragraph>
<paragraph>
<num>(2)</num>
<content>
<p>A person who makes a required payment on behalf of a non-UN designated person must inform the Treasury without delay that they have made the required payment.</p>
</content>
</paragraph>
<paragraph>
<num>(3)</num>
<content>
<p>A person must inform the Treasury without delay if they receive a reimbursement payment.</p>
</content>
</paragraph>
<paragraph>
<num>(4)</num>
<content>
<p>For the purposes of this regulation, references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.</p>
</content>
</paragraph>
<paragraph>
<num>(5)</num>
<intro>
<p>In this regulation—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-non-un-designated-person">non-UN designated person</term>
” has the meaning given in regulation 31ZZA(8) (finance: exception from prohibitions for required payments);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-reimbursement-payment">reimbursement payment</term>
” has the meaning given in regulation 31ZZA(8);
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-required-payment">required payment</term>
” has the meaning given in regulation 31ZZA(2).
</p>
</content>
</hcontainer>
</paragraph>
</hcontainer>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-10">
<num>(10)</num>
<intro>
<p>In regulation 40 (“relevant firm”)—</p>
</intro>
<level class="para1" eId="regulation-21-10-a">
<num>(a)</num>
<content>
<p>
<mod>
after paragraph (1)(i) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<level class="para1">
<num>(j)</num>
<content>
<p>a high value dealer;</p>
</content>
</level>
<level class="para1">
<num>(k)</num>
<content>
<p>an art market participant;</p>
</content>
</level>
<level class="para1">
<num>(l)</num>
<content>
<p>an insolvency practitioner;</p>
</content>
</level>
<level class="para1">
<num>(m)</num>
<content>
<p>
a firm or sole practitioner (“
<term refersTo="#term-p">P</term>
”) that carries out, or whose employees carry out, letting agency work.
</p>
</content>
</level>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-10-b">
<num>(b)</num>
<content>
<p>
<mod>
after paragraph (3C), insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<paragraph>
<num>(3D)</num>
<content>
<p>
In paragraph (1), a “
<term refersTo="#term-high-value-dealer">high value dealer</term>
” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked.
</p>
</content>
</paragraph>
<paragraph>
<num>(3E)</num>
<content>
<p>
In paragraph (1), an “
<term refersTo="#term-art-market-participant">art market participant</term>
” means, subject to paragraph (3F), a firm or sole practitioner that is registered or required to register with the Commissioners as an art market participant under regulation 56(5) and (6) of the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.
</p>
</content>
</paragraph>
<paragraph>
<num>(3F)</num>
<content>
<p>A firm or sole practitioner is not an art market participant for the purposes of paragraph (3E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner.</p>
</content>
</paragraph>
<paragraph>
<num>(3G)</num>
<content>
<p>
For the purposes of this regulation, “
<term refersTo="#term-work-of-art">work of art</term>
” means anything which, in accordance with section 21(6) to (6B) of the Value Added Tax Act 1994 (value of imported goods), is a work of art for the purposes of section 21(5)(a) of that Act.
</p>
</content>
</paragraph>
<paragraph>
<num>(3H)</num>
<content>
<p>
In paragraph (1), an “
<term refersTo="#term-insolvency-practitioner">insolvency practitioner</term>
” means a firm or individual who acts as an insolvency practitioner within the meaning of section 388 of the Insolvency Act 1986 or Article 3 of the Insolvency (Northern Ireland) Order 1989.
</p>
</content>
</paragraph>
<paragraph>
<num>(3I)</num>
<intro>
<p>
In paragraph (1), “
<term refersTo="#term-letting-agency-work">letting agency work</term>
” means work—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<intro>
<p>consisting of things done in response to instructions received from—</p>
</intro>
<level class="para2">
<num>(i)</num>
<content>
<p>a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or</p>
</content>
</level>
<level class="para2">
<num>(ii)</num>
<content>
<p>a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and</p>
</content>
</level>
</level>
<level class="para1">
<num>(b)</num>
<intro>
<p>done—</p>
</intro>
<level class="para2">
<num>(i)</num>
<content>
<p>in relation to a prospective landlord, from the point that the prospective landlord instructs P, or</p>
</content>
</level>
<level class="para2">
<num>(ii)</num>
<content>
<p>otherwise in the course of concluding an agreement for the letting of land for a term of a month or more.</p>
</content>
</level>
</level>
</paragraph>
<paragraph>
<num>(3J)</num>
<intro>
<p>For the purposes of paragraph (3I)—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-land">land</term>
” includes part of a building and part of any other structure;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-letting-agency-work">letting agency work</term>
” does not include the things listed in paragraph (3K) when done by, or by employees of, a firm or sole practitioner if neither the firm or sole practitioner, nor any of their employees, does anything else within paragraph (3I).
</p>
</content>
</hcontainer>
</paragraph>
<paragraph>
<num>(3K)</num>
<intro>
<p>Those things are—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>publishing advertisements or disseminating information;</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord;</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other;</p>
</content>
</level>
<level class="para1">
<num>(d)</num>
<content>
<p>the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege or, in Scotland, protected from disclosure in legal proceedings on grounds of confidentiality of communications.</p>
</content>
</level>
</paragraph>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-10-c">
<num>(c)</num>
<content>
<p>
<mod>
after paragraph (5)(d) insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<level class="para1">
<num>(da)</num>
<intro>
<p>in the case of a relevant firm within paragraph (1)(k)—</p>
</intro>
<level class="para2">
<num>(i)</num>
<content>
<p>in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or</p>
</content>
</level>
<level class="para2">
<num>(ii)</num>
<content>
<p>in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more;</p>
</content>
</level>
</level>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</level>
</paragraph>
<paragraph eId="regulation-21-11">
<num>(11)</num>
<content>
<p>
<mod>
In regulation 47A (finance: disclosure to the Treasury), in paragraph (1), for “sanctions” substitute
<quotedText>“any sanctions regulations contained in these Regulations”</quotedText>
.
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-12">
<num>(12)</num>
<content>
<p>
<mod>
In regulation 72 (transitional provision: prior obligations), in paragraph (3)(b), for “6(b)(i)” substitute
<quotedText>“6B(b)(i)”</quotedText>
.
</mod>
</p>
</content>
</paragraph>
<paragraph eId="regulation-21-13">
<num>(13)</num>
<intro>
<p>In Schedule 2 (Treasury licences: purposes)—</p>
</intro>
<level class="para1" eId="regulation-21-13-a">
<num>(a)</num>
<intro>
<p>in Part 1, in paragraph 1 (interpretation)—</p>
</intro>
<level class="para2" eId="regulation-21-13-a-i">
<num>(i)</num>
<content>
<p>the existing text becomes sub-paragraph (1);</p>
</content>
</level>
<level class="para2" eId="regulation-21-13-a-ii">
<num>(ii)</num>
<content>
<p>
<mod>
in sub-paragraph (1), at the appropriate place insert—
<quotedStructure startQuote="" endQuote="" uk:context="body" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="main" ukl:Format="double">
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-frozen-account">frozen account</term>
” has the meaning given in regulation 31(7);
</p>
</content>
</hcontainer>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
<level class="para2" eId="regulation-21-13-a-iii">
<num>(iii)</num>
<content>
<p>
<mod>
after sub-paragraph (1) insert—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="schedule" ukl:Format="double">
<subparagraph>
<num>(2)</num>
<content>
<p>
For the purposes of this Schedule, references to a designated person are to be read as including a person (“
<term refersTo="#term-c">C</term>
”) who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the designated person (“
<term refersTo="#term-p">P</term>
”).
</p>
</content>
</subparagraph>
<subparagraph>
<num>(3)</num>
<content>
<p>When determining for the purposes of paragraph 6A, 6B or 7 when C became a designated person, C is to be treated as having become a designated person at the same time as P.</p>
</content>
</subparagraph>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
</level>
<level class="para1" eId="regulation-21-13-b">
<num>(b)</num>
<content>
<p>in Part 2 (purposes), omit paragraph 6 (pre-existing judicial decisions etc.);</p>
</content>
</level>
<level class="para1" eId="regulation-21-13-c">
<num>(c)</num>
<content>
<p>
<mod>
in Part 2A (purposes relating only to UN designated persons), after paragraph 6A (prior obligations) insert—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="schedule" ukl:Format="double">
<hcontainer name="crossheading" class="schGroup7">
<heading>Pre-existing judicial decisions etc.</heading>
<paragraph class="schProv1">
<num>6B.</num>
<intro>
<p>To enable, by the use of a designated person's frozen funds or economic resources, the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien, provided that—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the funds or economic resources so used are the subject of the decision or lien,</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<intro>
<p>the decision or lien—</p>
</intro>
<level class="para2">
<num>(i)</num>
<content>
<p>was made or established before the date on which the person became a designated person, and</p>
</content>
</level>
<level class="para2">
<num>(ii)</num>
<content>
<p>is enforceable in the United Kingdom, and</p>
</content>
</level>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>the use of the frozen funds or economic resources does not directly or indirectly benefit any other designated person.</p>
</content>
</level>
</paragraph>
</hcontainer>
</quotedStructure>
<inline name="appendText">;</inline>
</mod>
</p>
</content>
</level>
<level class="para1" eId="regulation-21-13-d">
<num>(d)</num>
<content>
<p>
<mod>
in Part 3 (purposes relating only to non-UN designated persons), after paragraph 10 (extraordinary situation) insert—
<quotedStructure startQuote="" endQuote="" uk:context="schedule" uk:docName="uksi" ukl:TargetClass="secondary" ukl:TargetSubClass="regulation" ukl:Context="schedule" ukl:Format="double">
<hcontainer name="crossheading" class="schGroup7">
<heading>Insolvency</heading>
<paragraph class="schProv1">
<num>11.</num>
<subparagraph>
<num>(1)</num>
<intro>
<p>To enable anything to be done in connection with—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>any insolvency and restructuring proceedings relating to an insolvent person,</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>any other relevant proceedings relating to a person other than an individual, or</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>proceedings under the insolvency law of a country other than the United Kingdom that correspond to the proceedings in paragraph (a) or (b),</p>
</content>
</level>
<wrapUp>
<p>provided that any payments made directly or indirectly to a designated person are credited to a frozen account.</p>
</wrapUp>
</subparagraph>
<subparagraph>
<num>(2)</num>
<intro>
<p>In this paragraph—</p>
</intro>
<hcontainer name="definition">
<content>
<p>
<term refersTo="#term-enactment">enactment</term>
” has the meaning given in section 54(6) of the Act;
</p>
</content>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-insolvency-and-restructuring-proceedings">insolvency and restructuring proceedings</term>
” includes—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the regimes and proceedings set out in Parts A1 to 6 of the Insolvency Act 1986, Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989 and so much of Part 1 of that Order as applies for the purposes of those Parts, but excluding—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>proceedings under Chapter 3 of Part 4 (members’ voluntary winding up) of the Insolvency Act 1986, and</p>
</item>
<item>
<num>(ii)</num>
<p>proceedings under Chapter 3 of Part 5 (members’ voluntary winding up) of the Insolvency (Northern Ireland) Order 1989;</p>
</item>
</blockList>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>arrangements and reconstructions under Part 26 of the Companies Act 2006;</p>
</content>
</level>
<level class="para1">
<num>(c)</num>
<content>
<p>arrangements and reconstructions for companies in financial difficulty under Part 26A of the Companies Act 2006;</p>
</content>
</level>
<level class="para1">
<num>(d)</num>
<content>
<p>the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016;</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-insolvent-person">insolvent person</term>
” means a person (“
<term refersTo="#term-p">P</term>
”), other than an individual, where—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>P is unable to pay its debts as they fall due, or</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-other-relevant-proceedings">other relevant proceedings</term>
” means—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>the regimes and proceedings set out in—</p>
<blockList class="ordered roman parens" ukl:Name="OrderedList" ukl:Type="roman" ukl:Decoration="parens">
<item>
<num>(i)</num>
<p>sections 367 and 377A to 377J of, or Schedule 19C to, the Financial Services and Markets Act 2000;</p>
</item>
<item>
<num>(ii)</num>
<p>the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005;</p>
</item>
<item>
<num>(iii)</num>
<p>Parts 1 to 3 of the Banking Act 2009 (including Parts 2 and 3 as applied to building societies by section 90C of the Building Societies Act 1986);</p>
</item>
<item>
<num>(iv)</num>
<p>the Investment Bank Special Administration Regulations 2011;</p>
</item>
<item>
<num>(v)</num>
<p>Part 6 of the Financial Services (Banking Reform) Act 2013;</p>
</item>
<item>
<num>(vi)</num>
<p>the Payment and Electronic Money Institution Insolvency Regulations 2021;</p>
</item>
<item>
<num>(vii)</num>
<p>Schedule 11 to the Financial Services and Markets Act 2023;</p>
</item>
</blockList>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>proceedings under any other special administration regime;</p>
</content>
</level>
</hcontainer>
<hcontainer name="definition">
<intro>
<p>
<term refersTo="#term-special-administration-regime">special administration regime</term>
” means provision made by an enactment for an insolvency procedure that—
</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 to the Insolvency Act 1986 or Schedule B1 to the Insolvency (Northern Ireland) Order 1989, and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>provides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.</p>
</content>
</level>
</hcontainer>
</subparagraph>
</paragraph>
</hcontainer>
<hcontainer name="crossheading" class="schGroup7">
<heading>Judicial decisions etc.</heading>
<paragraph class="schProv1">
<num>12.</num>
<intro>
<p>To enable the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien which is enforceable in the United Kingdom (the “judicial decision”), provided that—</p>
</intro>
<level class="para1">
<num>(a)</num>
<content>
<p>where funds or economic resources are made available to a designated person, they are credited to a frozen account or otherwise frozen by virtue of regulation 12; and</p>
</content>
</level>
<level class="para1">
<num>(b)</num>
<content>
<p>where funds or economic resources are made available by a person (including a designated person) to a designated person to enable the implementation or satisfaction of the judicial decision, no other designated person benefits, directly or indirectly.</p>
</content>
</level>
</paragraph>
</hcontainer>
</quotedStructure>
<inline name="appendText">.</inline>
</mod>
</p>
</content>
</level>
</paragraph>
</hcontainer>
</body>
</act>
</akomaNtoso>