# Council Regulation (EC) No 2271/96 of 22 November 1996 protecting against the effects of the extra-territorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom, Division 5: ‘ National Defense Authorization Act for Fiscal Year 2012 ’

Extent: E+W+S+N.I.

Required compliance:
Not to knowingly conduct or facilitate any significant financial transaction with the Central Bank of Iran or another designated Iranian financial institution (applies to foreign financial institutions).
Exceptions for food and medicine-related transactions and for petroleum-related transactions under specific circumstances.
Possible damages to United Kingdom interests:
Civil and criminal penalties; prohibitions and limitations to the opening and maintenance of correspondent accounts in the USA.

---
Source: https://www.legislation.gov.uk/eur/1996/2271/annex/division/2/division/1/division/5 (the official version)
Page: https://openlegislation.uk/eu-regulation-1996-2271/annex/division-2/division-1/division-5
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.