Paragraph 24 I1

For regulation 46 (exception for authorised conduct in a relevant country) substitute—

“Exceptions for authorised conduct outside the Territory

46.

(1)

Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a relevant prohibition, the relevant prohibition is not contravened if the conduct is authorised by a licence issued under regulation 48 (Treasury licences) (as it has effect in the United Kingdom) or regulation 49 (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 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;

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

  1. (a)

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

  2. (b)

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

  3. (c)

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

  4. (d)

     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).

(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.”