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Regulation 72 Transitional provisions: prior obligationsI1I2

United Kingdom

(1)

Where—

(a)

a person was named in Annex Ⅰ or Annex Ia of the EU DRC Regulation immediately before the relevant date, and

(b)

the person is a designated person immediately before the relevant date,

any reference in a provision mentioned in F1paragraph (3) to the date on which a person became a designated person is a reference to the date on which the person was named in that Annex.

(2)

Where, immediately before the relevant date, a person was named by the Security Council or the Committee for the purposes of paragraph 11 of resolution 1807, any reference in a provision mentioned in paragraph (3) to the date on which a person became a designated person is to be read as a reference to the date on which the person was so named.

(3)

The provisions referred to in paragraph (1) are—

(a)

regulation 31(5) (finance: exceptions from prohibitions), and

(b)

paragraphs F27A(b)(i) and 9(a) of Schedule 2 (Treasury licences: purposes).

(4)

In this regulation—

  • “designated person” has the same meaning as it has in Part 3 (Finance);

  • “the relevant date” means—

    1. (a)

      where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

    2. (b)

      otherwise, the date on which Part 3 comes into force.

Annotations

Textual amendments

F1

Words in reg. 72(1) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 3(8); S.I. 2020/1514, reg. 5

F2

Word in reg. 72(3)(b) substituted (5.12.2024) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2024 (S.I. 2024/1157), regs. 1(2), 4(12)

Commencement

I1

Reg. 72 not in force at made date, see reg. 1(2)

I2

Reg. 72 in force at 31.12.2020 by S.I. 2019/627, reg. 5(2); 2020 c. 1, Sch. 5 para. 1(1)