Paragraph 19 I1F1

For regulation 32 (Treasury licences) substitute—

“Financial sanctions licences

32.

(1)

The prohibitions in regulations 11 to 15 (asset-freeze etc.) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(F21A)

The prohibitions in regulation 15A (dealing with transferable securities and money market instruments) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(2)

The prohibitions in regulation 15B (loans and credit arrangements) do not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(3)

The prohibition in regulation 15C (insurance and reinsurance services) does not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(F33A)

The prohibition in regulation 15CA (provision of financial services relating to foreign exchange reserve and asset management) does not apply to anything done under the authority of a licence issued by the Governor under this paragraph.

(3B)

Without prejudice to the generality of the powers conferred by paragraphs (1) to (3A), a licence issued by the Governor under those paragraphs may, in particular, authorise acts which would otherwise be prohibited by any of regulations 11 to 15CA (financial restrictions) for a particular period beginning with—

(a)

the coming into force of the prohibition, or

(b)

where the prohibition relates to a person designated for the purposes of regulations 11 to 15 (asset-freeze etc.), the date on which the person was designated.

(4)

The Governor may issue a financial sanctions licence only with the consent of the Secretary of State.

(5)

The Governor may issue a financial sanctions licence under paragraph (1) which authorises acts by a particular person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 1 of Schedule 3.

(6)

The Governor may issue a financial sanctions licence under paragraph (2) which authorises acts by a particular person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 3.

(7)

The Governor may issue a financial sanctions licence under paragraph (3) which authorises acts by a particular person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 3 of Schedule 3.

(F48)

The Governor may issue a licence under regulation 32(3A) which authorises acts by a particular person only where the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 4 of Schedule 3.”