Paragraph 15 I1

For regulation 26 (Treasury licences), substitute—

“Financial sanctions licences

26

(1)

The prohibitions in regulations 14 to 18 (asset-freeze etc.) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(2)

The Governor may issue a financial sanctions licence only with the consent of the Secretary of State.

(3)

The Governor may issue a financial sanctions licence which authorises acts by a particular person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Schedule 2.”.