Paragraph 12 I1

For regulation 19 (finance: exception for authorised conduct in a relevant country) substitute—

“Finance: exceptions for authorised conduct outside the Territory

19.

(1)

Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 21 (Treasury licences) (as it has effect in the United Kingdom).

(2)

Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (“the relevant prohibition”), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

(a)

under the law of the relevant country, and

(b)

for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.

(3)

In this regulation, “relevant country” means—

(a)

any of the Channel Islands;

(b)

the Isle of Man;

(c)

any British overseas territory other than the Territory.”