Paragraph 74 I1

in the heading, for “Treasury licences” substitute “ financial sanctions licences ”;

for “IP completion day”, wherever it occurs, substitute “ the relevant date ”;

in paragraph (1)(a), for “, or deemed to be granted, by the Treasury under the Ukraine Financial Sanctions Regulations” substitute “ by the Governor under a relevant Order ”;

in paragraph (2), for “Treasury under regulation 64(1) (Treasury licences)” substitute “ Governor under regulation 64(1) (financial sanctions licences) ”;

in paragraph (3), for “the Ukraine Financial Sanctions Regulations” substitute “ a relevant Order ”;

in paragraph (4), before sub-paragraph (a), insert—

“(za)

a relevant Order,”;

in paragraph (5)(a), for “the Ukraine Financial Sanctions Regulations” substitute “ a relevant Order ”;

in paragraph (6), for “(Treasury licences)” substitute “ (financial sanctions licences) ”;

after paragraph (6) insert—

“(6A)

In this regulation—

• “relevant date” means the day on which Part 3 comes into force;

• “relevant Order” means—

  1. (a)

     The Ukraine (Sanctions) (Overseas Territories) (No. 3) Order 2014 M1;

  2. (b)

     The Russia, Crimea and Sevastopol (Sanctions) (Overseas Territories) Order 2014 M2.”