Paragraph 57 I1

For regulation 70 (transitional provision: trade licences) substitute—

“70.

(1)

Paragraphs (2) and (3) apply to a licence which—

(a)

was granted by the Governor under article 10 of the 2012 Order,

(b)

was in effect immediately before the relevant date, and

(c)

authorises an act which would (on and after the relevant date, and in the absence of paragraphs (2) to (4)) be prohibited by Part 5 (Trade),

and such a licence is referred to in this regulation as an “existing trade sanctions licence”.

(2)

An existing trade sanctions licence has effect on and after the relevant date as if it were a licence which had been issued by the Governor under regulation 34 (trade licences).

(3)

Any reference in an existing trade sanctions licence to a prohibition in the 2012 Order is to be treated on and after the relevant date as a reference to the corresponding prohibition in Part 5.

(4)

In this regulation—

• “the 2012 Order” has the meaning it has in regulation 69 (transitional provision: financial sanctions licences);

• “the relevant date” means the date on which Part 5 comes into force.”