Paragraph 21 I1

For regulation 37A (exception for authorised conduct in a relevant country) substitute—

“Exceptions for authorised conduct outside the Territory

37A.

(1)

Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 12 to 17 (asset-freeze etc.) or Chapters 1 to 3 of Part 5 (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 40 (Treasury licences) (as it has effect in the United Kingdom) or regulation 41 (trade 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 12 to 17 or Chapters 1 to 3 of Part 5 (“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—

  1. (a)

     any of the Channel Islands,

  2. (b)

     the Isle of Man, or

  3. (c)

     any British overseas territory other than the Territory.

(4)

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.”