{
  "url": "https://openlegislation.uk/libya-sanctions-eu-exit-regulations-2020/regulation-86",
  "json_url": "https://openlegislation.uk/libya-sanctions-eu-exit-regulations-2020/regulation-86.json",
  "legislation": "uksi/2020/1665",
  "legislation_title": "The Libya (Sanctions) (EU Exit) Regulations 2020",
  "legislation_url": "https://openlegislation.uk/libya-sanctions-eu-exit-regulations-2020",
  "path": "regulation/86",
  "kind": "regulation",
  "number": "86",
  "heading": "Transitional provision: Treasury licences",
  "text": "(1) Paragraphs (2) to (4) apply to a licence which—\n(a) was granted, or deemed to be granted, by the Treasury under—\n(i) article 9 of the 2011 Order, or\n(ii) regulation 9 of the 2016 Regulations, and\n(b) was in effect immediately before IP completion day, and\n(c) authorises conduct which would (on and after IP completion day, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (Finance),\nand such a licence is referred to in this regulation as “an existing financial sanctions licence”.\n(2) An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after IP completion day as if it had been issued by the Treasury under regulation 48(1) (Treasury licences).\n(3) Any reference in an existing financial sanctions licence to—\n(a) the 2011 Order,\n(b) the 2016 Regulations ,or\n(c) the EU Libya Regulation,\nis to be treated on and after IP completion day as a reference to these Regulations.\n(4) Any reference in an existing financial sanctions licence to a prohibition in—\n(a) the 2011 Order,\n(b) the 2016 Regulations,\n(c) the EU Libya Regulation, or\n(d) Council Regulation (EU) No 204/2011 ,\nis to be treated on and after IP completion day as a reference to the corresponding prohibition in Part 3 (Finance).\n(5) Paragraph (6) applies where—\n(a) an application for a licence, or for the variation of a licence, under the 2011 Order or 2016 Regulations was made before IP completion day,\n(b) the application is for the authorisation of conduct which would (on and after IP completion day) be prohibited under Part 3, and\n(c) a decision to grant or refuse the application has not been made before that date.\n(6) The application is to be treated on and after IP completion day as an application for a licence, or for the variation of a licence (as the case may be), under regulation 48(1).\n(7) In this regulation—\n“the 2011 Order” means the Libya (Financial Sanctions) Order 2011;\n“the 2016 Regulations” means the Libya (European Union Financial Sanctions) Regulations 2016.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "M",
      "label": "M1",
      "text": "OJ L 058, 3.3.2011, p.1"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Reg. 86 in force at 31.12.2020 on IP completion day, see reg. 1(3)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/2020/1665/regulation/86",
    "retrieved_at": "2026-10-28T22:18:56.007368+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}