Paragraph 39 I1

For regulation 36 (transitional provisions: prior obligations), substitute—

“Transitional provision: prior obligations for Treasury designations

36.

(1)

Where a person (“P”) was designated by the Treasury for the purposes of Part 1 of the Terrorist Asset-Freezing etc. Act 2010 immediately before the date on which P becomes a Territory designated person, the reference in regulation 17(5) (finance: exceptions from prohibitions) to the date on which a person became a designated person is a reference to the date on which P was designated by the Treasury for the purposes of Part 1 of the Terrorist Asset-Freezing etc. Act 2010.

(2)

In this regulation, “Territory designated person” means a designated person within the meaning given by regulation 10(a) (meaning of “designated person” in Part 3).

Transitional provision: prior obligations for Governor designations

36A.

(1)

Where a person (“P”) was designated by the Governor for the purposes of Part 1 of the modified TAFA immediately before the date on which P is designated by the Governor under regulation 5 (designation of persons) for the purposes of regulations 11 to 15 (asset-freeze etc.), the reference in regulation 17(5) (finance: exceptions from prohibitions) to the date on which a person became a designated person is a reference to the date on which P was designated by the Governor for the purposes of Part 1 of the modified TAFA.

(2)

In this regulation, “the 2011 Order” and “the modified TAFA” have the meaning they are given in regulation 35 (transitional provision: financial sanctions licences).”