Regulation 22 Periodic reports

(1)

Subject to paragraph (5), the Secretary of State must provide to a restricted person a written report (“a periodic report”) in respect of each reporting period.

(2)

A periodic report must—

(a)

set out—

(i)

in summary form the matters listed in paragraph (3) for the reporting period; and

(ii)

the balances held in any temporary management or decommissioning account at the end of the reporting period;

(b)

include such information as may be held by the Secretary of State which the Secretary of State reasonably believes the restricted person may require for the purposes of dealing with any tax which may arise in respect of any temporary management activity carried out in the reporting period; and

(c)

be provided as soon as practicable after the end of the reporting period to which it relates.

(3)

The matters referred to in paragraph (2)(a)(i) are—

(a)

the total of all payments described in regulation 20(2) paid into a temporary management account;

(b)

the total of all payments made under regulation 20(1) or 21(3);

(c)

any new contracts entered into or terminated;

(d)

directions given under chapter 6 of this Part; and

(e)

any temporary management activities which were carried out in the reporting period.

(4)

Paragraph (5) applies where in respect of a temporary scheme—

(a)

the management period does not exceed six months; or

(b)

a termination notice is given during the first six months of the management period.

(5)

Where this paragraph applies—

(a)

a periodic report is not required; but

(b)

a report must be given in accordance with regulation 33.

(6)

In this regulation, “reporting period” means—

(a)

the first six months; and

(b)

each subsequent period of six months,

of the management period but excluding the final reporting period.

(7)

Nothing in this regulation requires the provision of any information on equipment or technology where to do so would be in breach of Article 9(a), 10a, 10b(1)(a) or 10c(1)(a) of the Sanctions Regulation.