PART 2Amendment of Sanctions Regulations
Amendment of the Nicaragua (Sanctions) (EU Exit) Regulations 202012
1
The Nicaragua (Sanctions) (EU Exit) Regulations 202027 are amended as follows.
2
In regulation 2 (interpretation), in the appropriate place insert—
“director disqualification licence” means a licence under regulation 20A;
3
In regulation 5(1) (power to designate persons), after sub-paragraph (a), insert—
aa
regulation 16A (director disqualification sanctions).
4
After regulation 16 (circumventing etc. prohibitions), insert—
PART 3ADirector disqualification sanctions
Director disqualification sanctions16A
A person who is designated under regulation 5 (power to designate persons) for the purposes of this regulation is a person subject to director disqualification sanctions for the purposes of—
a
section 11A of the Company Directors Disqualification Act 1986, and
b
Article 15A of the Company Directors Disqualification (Northern Ireland) Order 2002.
5
In regulation 20 (Treasury licences), omit paragraphs (3) to (6).
6
After regulation 20 insert—
Director disqualification licences20A
The Secretary of State may issue a licence in relation to any person who is designated under regulation 5 for the purposes of regulation 16A (director disqualification sanctions) providing that the prohibitions in—
a
section 11A(1) of the Company Directors Disqualification Act 1986, and
b
Article 15A(1) of the Company Directors Disqualification (Northern Ireland) Order 2002,
do not apply to anything done under the authority of that licence.
Licences: general provisions20B
1
This regulation applies in relation to Treasury licences and director disqualification licences.
2
A licence must specify the acts authorised by it.
3
A licence may be general or may authorise acts by a particular person or persons of a particular description.
4
A licence may—
a
contain conditions;
b
be of indefinite duration or a defined duration.
5
A person who issues a licence may vary, revoke or suspend it at any time.
6
A person who issues, varies, revokes or suspends a licence which authorises acts by a particular person must give written notice to that person of the issue, variation, revocation or suspension of the licence.
7
A person who issues, varies, revokes or suspends a general licence or a licence which authorises acts by persons of a particular description must take such steps as that person considers appropriate to publicise the issue, variation, revocation or suspension of the licence.
7
After regulation 21 (finance: licensing offences), insert—
Director disqualification: licensing offences21A
1
A person (“P”) commits an offence if P knowingly or recklessly—
a
provides information that is false in a material respect, or
b
provides or produces a document that is not what it purports to be,
for the purpose of obtaining a director disqualification licence (whether for P or anyone else).
2
A person who purports to act under the authority of a director disqualification licence but who fails to comply with any condition of the licence commits an offence.
3
A licence in respect of which an offence under paragraph (1) has been committed is to be treated as void from the time at which it was issued.
8
In regulation 28(1)(b)(i) (disclosure of information), for “or Part 3 (Finance),” substitute “, Part 3 (Finance) or Part 3A (Director disqualification sanctions),”
.
9
In the opening words of regulation 30(2) (penalties for offences), after “9(6) (confidentiality)” insert “or 21A (director disqualification: licensing offences)”
.
10
In regulation 36(1) (notices), for “regulation 20 (Treasury licences)” substitute “regulation 20B(6) (Licences: general provisions)”
.