Paragraph 38 I1

For regulation 35 (transitional provision: Treasury licences) substitute—

“Transitional provision: financial sanctions licences

35.

(1)

Paragraphs (2) to (4) apply to a licence (whether general or granted to a category of persons or to a particular person) which—

(a)

was granted by the Governor under section 17 of the modified TAFA authorising conduct in relation to a person (“P”) which would be prohibited under the modified TAFA,

(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 has effect on and after the relevant date as if it had been issued by the Governor under regulation 19(1) (financial sanctions licences: Treasury designations) or regulation 19A(1) (financial sanctions licences: Governor designations) (as the case may be).

(3)

Any reference in an existing financial sanctions licence to the modified TAFA is to be treated on and after the relevant date as a reference to these Regulations.

(4)

Any reference in an existing financial sanctions licence to a prohibition in the Terrorist Asset-Freezing etc. Act 2010^f1 or the modified TAFA is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3 (Finance).

(5)

Paragraph (6) applies where—

(a)

an application for a licence, or for the variation of a licence, under the modified TAFA 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 as an application for a licence, or for the variation of a licence (as the case may be), under regulation 19 or 19A (as the case may be).

(7)

In this regulation—

• “the 2011 Order” means the Terrorist Asset-Freezing etc. Act 2010 (Overseas Territories) Order 2011^f2;

• “the modified TAFA” means the Terrorist Asset-Freezing etc. Act 2010, as modified and extended to the Territory by the 2011 Order;

• “the relevant date” means the date on which P becomes a designated person within the meaning of regulation 10 (meaning of “designated person” in Part 3).”