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Regulation 18A Finance: exception for authorised conduct in a relevant countryF1

(1)

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

(a)

under the law of the relevant country, and

(b)

for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.

(2)

In this regulation—

“relevant country” means—

  1. (a)

    any of the Channel Islands,

  2. (b)

    the Isle of Man, or

  3. (c)

    any British overseas territory.

Annotations

Textual amendments

F1

Reg. 18A inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 4) Regulations 2020 (S.I. 2020/951), regs. 1(2), 13(2); S.I. 2020/1514, reg. 18