OpenLegislation

Regulation 61 Transitional provision: Treasury licencesI1I2

United Kingdom

(1)

Paragraphs (2) to (4) apply to a licence which—

(a)

was granted, or deemed to be granted, by the Treasury under—

(i)

section 17 of the Terrorist Asset-Freezing Act etc. 2010 M1, or

(ii)

under regulation 9 M2 of the 2011 Regulations in respect of persons named in Annex 1 to the EU autonomous ISIL (Da'esh) and Al-Qaida) Regulation;

(b)

was in effect immediately before the relevant date, and

(c)

authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (finance),

and such a licence is referred to in this regulation as “an existing financial sanctions licence”.

(2)

An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after the relevant date as if it had been issued by the Treasury under regulation 31(1) (treasury licences).

(3)

Any reference in an existing financial sanctions licence to the Terrorist Asset-Freezing etc. Act 2010 or the 2011 Regulations is to be treated on or after the relevant date as a reference to these Regulations.

(4)

Any reference in an existing financial sanctions licence to a prohibition in—

(a)

the Terrorist Asset-Freezing etc. Act 2010,

(b)

the 2011 Regulations,

(c)

the EU autonomous ISIL (Da'esh) and Al-Qaida) Regulation, or

(d)

EU Regulation 2580/2001,

is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.

(5)

Paragraph (6) applies where—

(a)

an application for a licence, or for the variation of a licence—

(i)

under the Terrorist Asset-Freezing etc. Act 2010, or

(ii)

under the 2011 Regulations in respect of persons named in Annex 1 to the EU autonomous ISIL (Da'esh) and Al-Qaida) Regulation,

was made before the relevant date;

(b)

the application is for the authorisation of conduct which would (on or after the relevant date) be prohibited under Part 3, and

(c)

a decision to grant or refuse the application has not been made before that date.

(6)

The application is to be treated on or after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 31 (treasury licences).

(7)

In this regulation—

  • “EU Regulation 2580/2001” means Council Regulation (EC) No 2580/2001 of 27 December 2001 on specific restrictive measures directed against certain persons and entities with a view to combating terrorism, as it has effect in EU law;

  • “the 2011 Regulations” means the ISIL (Da'esh) and Al-Qaida (Asset-Freezing) Regulations 2011 M3;

  • “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.

Annotations

Marginal citations

M1

Section 46 of the Terrorist Asset-Freezing etc. Act 2010 provides that any licence granted under the Terrorism (United Nations Measures) Order 2009 (S.I. 2009/1747), and was in force immediately before the coming into force of section 46 has effect as a licence granted under the section 17 of the Terrorist Asset-Freezing etc. Act 2010.

M2

Regulation 20 of S.I. 2011/2742 provides that licences granted under regulation 7 of S.I. 2010/1197 have effect as if they were granted under regulation 9 of S.I. 2011/2742.

M3

S.I. 2011/2742.

Commencement

I1

Reg. 61 not in force at made date, see reg. 1(2)

I2

Reg. 61 in force at 31.12.2020 by S.I. 2019/627, reg. 11(2); 2020 c. 1, Sch. 5 para. 1(1)