Paragraph 16 I1

For regulation 19 (Treasury licences), substitute—

“Financial sanctions licences: Treasury designations

19.

(1)

The prohibitions in regulations 11 to 15 (asset-freeze etc.) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph in relation to a person designated by the Treasury under regulation 5 (power to designate persons) (as it has effect in the United Kingdom).

(2)

Where the Governor issues a financial sanctions licence under paragraph (1), the Governor may vary, revoke or suspend it at any time.

(3)

The Governor must consult the Treasury before issuing, varying, revoking or suspending a financial sanctions licence under this regulation.

Financial sanctions licences: Governor designations

19A.

(1)

The prohibitions in regulations 11 to 15 (asset-freeze etc.) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph in relation to a person designated by the Governor under regulation 5 (power to designate persons).

(2)

Where the Governor issues a financial sanctions licence under paragraph (1), the Governor may vary, revoke or suspend it at any time.

(3)

The Governor must consult the Secretary of State before issuing, varying, revoking or suspending a financial sanctions licence under this regulation.

Financial sanctions licences: general provisions

19B.

(1)

A financial sanctions licence—

(a)

must specify the acts authorised by it;

(b)

may be general or may authorise acts by a particular person or persons of a particular description;

(c)

may—

(i)

contain conditions;

(ii)

be of indefinite duration or a defined duration.

(2)

Where the Governor issues, varies, revokes or suspends a financial sanctions licence which authorises acts by a particular person, the Governor must give written notice to that person of the issue, variation, revocation or suspension of the licence.

(3)

Where the Governor issues, varies, revokes or suspends a financial sanctions licence which is general or which authorises acts by persons of a particular description, the Governor must take such steps as the Governor considers appropriate to publicise the issue, variation, revocation or suspension of the licence.”