Regulation 58 Transitional provision: prior obligationsI1

Where, immediately before the relevant date, a person was named on the 1988 Sanctions List, any reference in a provision mentioned in paragraph (2) to the date on which a person became a designated person is to be read as a reference to the date on which the person was so named.

The provisions referred to in paragraph (1) are—

In this regulation—

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

• “the relevant date” means—

  1. (a)

     where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

  2. (b)

     otherwise, the date on which Part 3 comes into force.