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Regulation 30 Sale or purchase of bondsI1I2

United Kingdom

(1)

A person (“P”) must not directly or indirectly—

(a)

sell to a person falling within paragraph (4), or

(b)

purchase from such a person,

public bonds or public-guaranteed bonds issued after 19 February 2013 if P knows, or has reasonable cause to suspect, that the sale or purchase of such bonds is directly or indirectly to or from such a person.

(2)

A person (“P”) must not provide brokering services to a person falling within paragraph (4) in respect of public bonds or public-guaranteed bonds issued after 19 February 2013, if P knows, or has reasonable cause to suspect, that the person falls within paragraph (4).

(3)

A person (“P”) must not provide—

(a)

brokering services,

(b)

advertising services, or

(c)

any other services,

if P knows, or has reasonable cause to suspect, that the provision of the services assists a person falling within paragraph (4) to issue public bonds or public-guaranteed bonds.

(4)

The following persons fall within this paragraph—

(a)

the Government of the DPRK;

(b)

the Central Bank of the DPRK;

(c)

a person falling within regulation 18(2) (DPRK credit or financial institutions etc.);

(d)

a person acting on behalf of or at the direction of a person falling within sub-paragraph (a) or (b);

(e)

a person, other than an individual, which is owned or controlled directly or indirectly (within the meaning of regulation 7) by a person falling within any of sub-paragraphs (a) to (c).

(5)

Paragraphs (1) to (3) are subject to Part 9 (Exceptions and licences).

(6)

A person who contravenes a prohibition in paragraph (1), (2) or (3) commits an offence.

Annotations

Commencement

I1

Reg. 30 not in force at made date, see reg. 1(2)

I2

Reg. 30 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)