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Regulation 37A Exception for authorised conduct in a relevant countryF1

(1)

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 12 to 17 (asset-freeze etc.) F2, regulations 17A to 17D (investment, financial services and financial markets) or Chapters 1 to 3 of Part 5 (Trade) (“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.

(2)

In this regulation—

“relevant country” means—

  1. (a)

    any of the Channel Islands,

  2. (b)

    the Isle of Man, or

  3. (c)

    any British overseas territory.

(3)

Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.

Annotations

Textual amendments

F1

Reg. 37A inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No.3) Regulations 2020 (S.I. 2020/950), regs. 1(2), 5(2); S.I. 2020/1514, reg. 17

F2

Words in reg. 37A(1) inserted (29.9.2026) by The Iran (Sanctions) (Amendment) Regulations 2026 (S.I. 2026/983), regs. 1(2), 9(b)