Regulation 46 Exception for authorised conduct in a relevant countryI1

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a relevant prohibition, the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued—

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;

• “relevant prohibition” means a prohibition in any of—

  1. (d)

     regulations 12 to 16 (asset-freeze etc.),

  2. (e)

     regulations 18 to 20 (partial asset-freeze etc.),

  3. (f)

     Chapters 1 and 2 of Part 5 (Trade), or

  4. (g)

     regulations 35 (transporting etc. Libyan oil in relation to UN designated ships), 37 (bunkering or ship supply services), or 38 (financial transactions in relation to Libyan oil).

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.