Article 10M Joint ventures and ownership interestsF1
A person (“P”) commits an offence if P—
takes or extends an ownership interest in, including by acquisition in full or the acquisition of shares and other securities,
F4a person referred to in article 10L(1)(a), (b) or (c), knowing or having reasonable cause to suspect that the joint venture or ownership interest is with or in such a person.
This article is subject to articles 11 and 12.
A person (“P”) commits an offence if P does not close any existing joint venture or cooperative entity referred to in paragraph (1) over which P has sufficient control within 120 days of the adoption of United Nations Security Council Resolution 2375 (2017) of 11th September 2017.
Paragraphs (1) and (3) do not apply if—
the Committee has approved the joint venture or cooperative entity; or
an application has been lodged with the Committee to approve the joint venture or cooperative entity and—
the decision of the Committee is pending, or
the Committee has given notice that it has not approved the joint venture or cooperative entity and 120 days have not elapsed since the date of that notice.
Annotations
Textual amendments
- F1
Arts. 10L-10P inserted (10.8.2016) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) ( No. 2) Order 2016 (S.I. 2016/769), arts. 1(1), 9
- F2
Art. 10M(1)(a) substituted (13.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2017 (S.I. 2017/1108), arts. 1(1), 6(1)(a)
- F3
Words in art. 10M(1)(a) inserted (21.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 4) Order 2017 (S.I. 2017/1277), arts. 1(1), 9(a)
- F4
Words in art. 10M(1)(b) substituted (13.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2017 (S.I. 2017/1108), arts. 1(1), 6(1)(b)
- F5
Art. 10M(2) substituted (13.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 3) Order 2017 (S.I. 2017/1108), arts. 1(1), 6(1)(c)
- F6
Art. 10M(3)(4) inserted (21.12.2017) by The Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) (Amendment) (No. 4) Order 2017 (S.I. 2017/1277), arts. 1(1), 9(b)