OpenLegislation

Regulation 59 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 M1 of the 2011 Regulations in respect of a person named on the ISIL (Da'esh) and Al-Qaida Sanctions List, and

(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 29(1) (Treasury licences).

(3)

Any reference in an existing financial sanctions licence to the 2011 Regulations or the 2010 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 2011 Regulations,

(b)

the 2010 Regulations, or

(c)

the EU ISIL (Da'esh) and Al-Qaida 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 2011 Regulations was made before the relevant date,

(b)

the application is for the authorisation of conduct which would (on or 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 or after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 29 (Treasury licences).

(7)

In this regulation—

  • “the EU ISIL (Da'esh) and Al-Qaida Regulation” means Council Regulation (EC) No 881/2002 of 27 May 2002 M2 (restrictive measures against ISIL (Da'esh) and Al-Qaida) as it has effect in EU law;

  • “the 2010 Regulations” means the Al-Qaida and Taliban (Asset-Freezing) Regulations 2010 M3;

  • “the 2011 Regulations” means the ISIL (Da'esh) and Al-Qaida (Asset-Freezing) Regulations 2011;

  • “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. 59(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), 6(4); S.I. 2020/1514, reg. 5

Marginal citations

M1

Regulation 20 of S.I. 2011/2742 provides that licences granted under regulation 7 of S.I. 2010/1197 have effect as if they were granted under regulation 9 of S.I. 2011/2742.

M2

OJ L 139 29.5.2002, p.1.

M3

S.I. 2010/1197. S.I. 2010/1197 was revoked by S.I. 2011/2742.

Commencement

I1

Reg. 59 not in force at made date, see reg. 1(2)

I2

Reg. 59 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 9(2); 2020 c. 1, Sch. 5 para. 1(1)