Paragraph 20 I1

For regulation 42 (exception for authorised conduct in a relevant country) substitute—

“Exceptions for authorised conduct outside the Territory

42.

(1)

Where a person’s conduct outside the Territory would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) or Chapters 2 to 5 of Part 5 (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 44 (Treasury licences) (as it has effect in the United Kingdom) or regulation 45 (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 11 to 15 or Chapters 2 to 5 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.”