# The Syria (Sanctions) (EU Exit) Regulations 2019, Regulation 23: Interpretation of Part 3

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

(1) In this Part—
“branch” means—
(a)...
(b)in relation to a credit or financial institution domiciled in Syria, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;
“credit or financial institution domiciled in Syria” means a person, other than an individual, who—
(a)in the case of an undertaking domiciled in Syria, by way of business—
(i)operates a currency exchange office,
(ii)transmits money (or any representation of monetary value) by any means, or
(iii)cashes cheques that are made payable to customers, and
(b)in the case of any other person domiciled in Syria, would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have one, its head office) in the United Kingdom;
“subsidiary” has the meaning given by section 1159 of the Companies Act 2006 ;
...
(2) In paragraph (1), the definitions of—
(a) “credit or financial institution domiciled in Syria”, ...
(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
is to be read with section 22 of the Financial Services and Markets Act 2000 , any relevant order under that section and Schedule 2 to that Act .

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Source: https://www.legislation.gov.uk/uksi/2019/792/regulation/23 (the official version)
Page: https://openlegislation.uk/syria-sanctions-eu-exit-regulations-2019/regulation-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.