Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institutionU.K.
20.—(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.
Commencement Information
I1Reg. 20 not in force at made date, see reg. 1(2)
I2Reg. 20 in force at 31.12.2020 by S.I. 2019/627, reg. 7(2); 2020 c. 1, Sch. 5 para. 1(1)