Regulation 2 Amendment of the Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019I1I2

The Democratic People's Republic of Korea (Sanctions) (EU Exit) Regulations 2019 M1 are amended as follows.

In regulation 26—

After regulation 86 insert—

“Exception for authorised conduct in a relevant country

86A

(1)

Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a relevant prohibition or relevant requirement, the relevant prohibition or relevant requirement is not contravened if the conduct is authorised by a licence, direction or other authorisation which is issued—

(a)

under the law of the relevant country, and

(b)

for the purpose of—

(i)

disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition, or

(ii)

providing that a requirement in that jurisdiction which corresponds to the relevant requirement has effect subject to any exceptions specified in the licence, direction or other authorisation.

(2)

In this regulation—

• “the financial services provisions” means regulations 18, 20 to 22, and 24 to 30, excluding regulation 26(7);

• “relevant country” means—

  1. (a)

     any of the Channel Islands,

  2. (b)

     the Isle of Man, or

  3. (c)

     any British overseas territory;

• “relevant prohibition” means a prohibition in—

  1. (a)

     any of regulations 13 to 17 (asset-freeze etc.),

  2. (b)

     the financial services provisions,

  3. (c)

     Chapters 1, 2 and 3 of Part 6 (Trade),

  4. (d)

     regulation 65(1) (movement of aircraft),

  5. (e)

     regulation 69 (ownership etc. of DPRK ships),

  6. (f)

     regulation 70 (dealing with UN-designated ships subject to asset-freeze),

  7. (g)

     regulation 74 (DPRK ships: transfers of goods), or

  8. (h)

     regulation 76 (registration etc. of ships in the DPRK);

• “relevant requirement” means a requirement in—

  1. (a)

     regulation 19 (severance of existing financial relationships),

  2. (b)

     regulation 23 (closure of representative offices), or

  3. (c)

     regulation 26(7) (closure of joint venture or co-operative entities).

(3)

Nothing in this regulation affects the application of a prohibition or requirement in a case where it would be incompatible with a UN obligation for the prohibition or requirement not to apply.”