PART 4Finance
CHAPTER 2Investment, financial services and financial markets
Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institutionI1I220
1
A person (“P”) must not—
a
open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);
b
enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or
c
authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.
2
Paragraph (1) is subject to Part 9 (Exceptions and licences).
3
A person who contravenes a prohibition in paragraph (1) commits an offence.