OpenLegislation

Regulation 20 Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institutionI1I2

United Kingdom

(1)

A person (“P”) must not—

(a)

open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);

(b)

enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or

(c)

authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.

(2)

Paragraph (1) is subject to Part 9 (Exceptions and licences).

(3)

A person who contravenes a prohibition in paragraph (1) commits an offence.

Annotations

Commencement

I1

Reg. 20 not in force at made date, see reg. 1(2)

I2

Reg. 20 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)