OpenLegislation

Regulation 7 Licences

Original text. Later amendments are not shown.

(1)

The Treasury may grant a licence to disapply a prohibition in regulation 3(1) or 4(1) in relation to acts specified in the licence.

(2)

A licence may be—

(a)

general or granted to a category of persons or to a particular person;

(b)

subject to conditions;

(c)

of indefinite duration or subject to an expiry date.

(3)

The Treasury may vary or revoke a licence at any time.

(4)

The Treasury, where they grant, vary or revoke a licence, must—

(a)

in the case of a licence granted to a particular person, give written notice of the licence, variation or revocation to that person; and

(b)

in the case of a general licence or a licence granted to a category of persons, take such steps as the Treasury consider appropriate to publicise the licence, variation or revocation.

(5)

A person commits an offence who, for the purpose of obtaining a licence, knowingly or recklessly—

(a)

provides information that is false in a material respect; or

(b)

provides or produces a document that is not what it purports to be.

(6)

A person who purports to act under the authority of a licence but who fails to comply with any conditions included in the licence commits an offence.