Paragraph 17 I1F1

For regulation 30A (exceptions for authorised conduct outside the Territory) substitute—

“Exceptions for authorised conduct outside the Territory

30A.

(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.), 15B (loans and credit arrangements) F2, 15C (insurance and reinsurance services), 15CA (provision of financial services relating to foreign reserve and asset management) or Chapters 2, F3... 2B or 2C (Trade), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 32 (Treasury licences) (as it has effect in the United Kingdom) or regulation 33 (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 Chapter 2 or 3 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.”