OpenLegislation

Regulation 75 Transitional provision: Treasury licencesI1I2

United Kingdom

(1)

Paragraphs (2) to (4) apply to a licence which—

(a)

was granted, or deemed to be granted, by the Treasury under regulation 9 of the 2016 Regulations M1,

(b)

was in effect immediately before the relevant date, and

(c)

authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (Finance),

and such a licence is referred to in this regulation as “an existing financial sanctions licence”.

(2)

An existing financial sanctions licence F1which authorises an act which would otherwise be prohibited has effect on and after the relevant date as if it had been issued by the Treasury under regulation 40(1) (Treasury licences).

(3)

Any reference in an existing financial sanctions licence to the 2016 Regulations is to be treated on and after the relevant date as a reference to these Regulations.

(4)

Any reference in an existing financial sanctions licence to a prohibition in—

(a)

the 2016 Regulations, or

(b)

the EU Iran Regulation,

is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 3.

(5)

Paragraph (6) applies where—

(a)

an application for a licence, or for the variation of a licence, under the 2016 Regulations was made before the relevant date,

(b)

the application is for the authorisation of conduct which would (on and after the relevant date) be prohibited under Part 3, and

(c)

a decision to grant or refuse the application has not been made before that date.

(6)

The application is to be treated on and after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 40(1) (Treasury licences).

(7)

In paragraphs (3) and (4), a reference to the 2016 Regulations is to be treated as including a reference to—

(a)

the Iran (European Community Financial Sanctions) Regulations 2007 M2,

(b)

the Iran (European Union Financial Sanctions) Regulations 2010 M3, or

(c)

the Iran (European Union Financial Sanctions) Regulations 2012 M4.

(8)

In this regulation—

  • “the 2016 Regulations” means the Iran (European Union Financial Sanctions) Regulations 2016;

  • “the relevant date” means—

    1. (a)

      where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

    2. (b)

      otherwise, the date on which Part 3 comes into force.

Annotations

Textual amendments

F1

Words in reg. 75(2) inserted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) Regulations 2020 (S.I. 2020/591), regs. 1(2), 5(6); S.I. 2020/1514, reg. 5

Marginal citations

M1

Regulation 21 of the 2016 Regulations saved licences granted under certain instruments revoked by the 2016 Regulations.

M2

S.I. 2007/1374. These Regulations were revoked by S.I. 2010/2937

M3

S.I. 2010/2937. These Regulations were revoked by S.I. 2012/925.

M4

S.I. 2012/925. These Regulations were revoked by S.I. 2016/36.

Commencement

I1

Reg. 75 not in force at made date, see reg. 1(2)

I2

Reg. 75 in force at 31.12.2020 by S.I. 2019/627, reg. 8(2); 2020 c. 1, Sch. 5 para. 1(1)