# The Syria (Sanctions) (EU Exit) Regulations 2019, Regulation 100: Transitional provision: Treasury licences

Extent: E+W+S+N.I.

(1) Paragraphs (2) to (4) apply to a licence or authorisation which—
(a) was granted, or deemed to be granted, by the Treasury under regulation 10 of the 2012 Regulations,
(b) was in effect immediately before IP completion day, and
(c) authorises conduct which would (on and after IP completion day, and in the absence of paragraphs (2) to (4)) be prohibited under Part 3 (Finance),
and such a licence or authorisation is referred to in this regulation as “an existing financial sanctions licence”.
(2) An existing financial sanctions licence which authorises an act which would otherwise be prohibited has effect on and after IP completion day as if it had been issued by the Treasury under regulation 61(1) (Treasury licences).
(3) Any reference in an existing financial sanctions licence to the 2012 Regulations is to be treated on and after IP completion day as a reference to these Regulations.
(4) Any reference in an existing financial sanctions licence to a prohibition in—
(a) the 2012 Regulations, or
(b) the EU Syria Regulation,
is to be treated on and after IP completion day as a reference to the corresponding prohibition in Part 3.
(5) Paragraph (6) applies where—
(a) an application for a licence or authorisation, or for the variation of a licence or authorisation, under the 2012 Regulations was made before IP completion day,
(b) the application is for the authorisation of conduct which would (on and after IP completion day) be prohibited under Part 3, and
(c) a decision to grant or refuse the application has not been made before that date.
(6) The application is to be treated on and after IP completion day as an application for a licence, or for the variation of a licence (as the case may be), under regulation 61(1) (Treasury licences).
(7) In this regulation, “the 2012 Regulations” means the Syria (European Union Financial Sanctions) Regulations 2012.
(8) In paragraphs (3) and (4), a reference to the 2012 Regulations includes a reference to the Syria (Asset-Freezing) Regulations 2011 .

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Source: https://www.legislation.gov.uk/uksi/2019/792/regulation/100 (the official version)
Page: https://openlegislation.uk/syria-sanctions-eu-exit-regulations-2019/regulation-100
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.