Regulation 15B Loans and credit arrangementsF1

A person (“P”) must not directly or indirectly grant a relevant loan if P knows, or has reasonable cause to suspect, that P is granting a relevant loan.

A person must not directly or indirectly enter into any arrangement to grant a relevant loan if the person knows, or has reasonable cause to suspect, that the arrangement relates to a relevant loan.

Paragraphs (1) and (2) are subject to Part 6 (Exceptions and licences).

A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.

In this regulation—

• “category A loan” means a loan or credit which—

  1. (a)

     has a maturity exceeding 90 days,

  2. (b)

     is made or granted to a relevant person, and

  3. (c)

     is first made or granted—

     1. (aa)

        after the date on which the Amendment Regulations 2021 come into force, and

     2. (bb)

        before the Amendment Regulations 2022 come into force;

• “category B loan” means a loan or credit which—

  1. (a)

     is made or granted to a relevant person,

  2. (b)

     is first made or granted after the Amendment Regulations 2022 come into force;

• “category C loan” means a loan or credit which—

  1. (a)

     has a maturity exceeding 30 days,

  2. (b)

     is made or granted—

     1. (i)

        to a person, other than an individual, which is connected with Belarus and which is not—

        1. (aa)

           a person which on the date on which the Amendment Regulations 2022 come into force is domiciled in a country other than Belarus,

        2. (bb)

           a person which is majority owned by a person falling within paragraph (aa), or

     2. (ii)

        to a person, other than an individual, which is majority owned by a person within sub-paragraph (i),

  3. (c)

     is first made or granted after the Amendment Regulations 2022 come into force, and

  4. (d)

     is not a category B loan;

• “relevant loan” means a category A loan, a category B loan or a category C loan.