Article 10A Sale or purchase of North Korean bondsF1

(1)

A person (“P”) commits an offence if P sells or purchases (directly or indirectly) North Korean public or public-guaranteed bonds issued after the date on which this Order comes into force to or from a personF2... falling within paragraph (4) if P knows or has reasonable cause to suspect that the sale or purchase is to or from such a person....

(2)

A person (“P”) commits an offence if P provides brokering services with respect to North Korean public or public-guaranteed bonds issued after the date on which this Order comes into force to a person... falling within paragraph (4) if P knows or has reasonable cause to suspect that the services are being provided to such a person....

(3)

A person (“P”) commits an offence if P assists a person... falling within paragraph (4) to issue North Korean public or public-guaranteed bonds, by providing—

(a)

brokering services,

(b)

advertising, or

(c)

any other service with respect to such bonds,

if P knows or has reasonable cause to suspect that P is assisting such a person....

(4)

The following personsF3... fall within this paragraph—

(a)

North Korea or its Government, and its public bodies, corporations and agencies;

(b)

a credit or financial institution domiciled in North Korea, including the Central Bank of North Korea;

(c)

a branch or subsidiary, wherever located, of a credit or financial institution domiciled in North Korea;

(d)

a credit or financial institution that is not domiciled in North Korea, but is controlled by a person F4... domiciled in North Korea;

(e)

a personF5... acting on behalf of or at the direction of a ... person... falling within sub-paragraph (a), (b), (c) or (d);

(f)

a legal person, entity or body owned or controlled by a person, entity or body falling within sub-paragraph (a), (b), (c), (d) or (e).

Annotations

Textual amendments

F1: Pt. 2A inserted (7.8.2013) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2013 (S.I. 2013/1718), arts. 1(2), 8
F2: Words in art. 10A(1)-(3) omitted (10.6.2016) by virtue of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630), arts. 1(1), 6(a)
F3: Words in art. 10A(4) omitted (10.6.2016) by virtue of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630), arts. 1(1), 6(b)(i)
F4: Words in art. 10A(4)(d) omitted (10.6.2016) by virtue of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630), arts. 1(1), 6(b)(ii)
F5: Words in art. 10A(4)(e) omitted (10.6.2016) by virtue of The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) Order 2016 (S.I. 2016/630), arts. 1(1), 6(b)(iii)