The Democratic People’s Republic of Korea (Sanctions) (EU Exit) Regulations 2019

Transitional provision: Treasury licences

131.—(1) Paragraphs (2) to (5) apply to a licence or authorisation which—

(a)was granted, or deemed to be granted, by the Treasury under regulation 19 or 23 of the 2017 Regulations,

(b)was in effect immediately before the relevant date, and

(c)authorises conduct which would (on and after the relevant date, and in the absence of paragraphs (2) to (5)) be prohibited by Part 4 (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 the relevant date as if it had been a licence issued by the Treasury under regulation 88(1) (Treasury licences).

(3) An existing financial sanctions licence which excepts a person from a requirement which would otherwise apply has effect on and after the relevant date as if it had been a direction issued by the Treasury under regulation 89 (Treasury directions).

(4) Any reference in an existing financial sanctions licence to the 2017 Regulations or the EU DPRK Regulation is to be treated on and after the relevant date as a reference to these Regulations.

(5) Any reference in an existing financial sanctions licence to a prohibition or requirement in—

(a)the 2017 Regulations,

(b)the EU DPRK Regulation, or

(c)Council Regulation (EC) No 329/2007 of 27 March 2007(1),

is to be treated on and after the relevant date as a reference to the corresponding prohibition or requirement in Part 4.

(6) Paragraph (7) or (8) applies where—

(a)an application for a licence or authorisation, or for the variation of a licence or authorisation, under the 2017 Regulations was made before the relevant date,

(b)the application is for authorisation of conduct which would (on and after the relevant date) be prohibited by Part 4, and

(c)a decision to grant or refuse the application has not been made before the relevant date.

(7) If the application is for, or for the variation of, a licence or authorisation to authorise an act which would otherwise be prohibited, the application is to be treated on and after the relevant date as an application for a licence, or for the variation of a licence (as the case may be), under regulation 88(1).

(8) If the application is for, or for the variation of, a licence to except a person from a requirement which would otherwise apply, the application is to be treated on and after the relevant date as an application for a direction, or for the variation of a direction (as the case may be), under regulation 89.

(9) In this regulation—

“the 2017 Regulations” means the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2017;

“the relevant date” means—

(10) In paragraphs (4) and (5), a reference to the 2017 Regulations includes a reference to the Democratic People’s Republic of Korea (European Union Financial Sanctions) Regulations 2013(2).