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4.—(1) The provisions of this article apply in relation to the following funds (“frozen funds”)—
(a)funds owned, held or controlled by Landsbanki; and
(b)funds relating to Landsbanki and owned, held or controlled by—
(i)any of the Authorities; or
(ii)the Government of Iceland.
(2) A person must not make frozen funds available to or for the benefit of a specified person.
(3) A person must not make frozen funds available at the direction or instruction of a specified person.
(4) A person must not deal with frozen funds.
(5) For the purposes of this article, making funds available to or for the benefit of a specified person includes—
(a)allowing it to withdraw from an account;
(b)honouring a cheque payable to it;
(c)crediting its account with interest;
(d)releasing documents of title (such as share certificates) held on its behalf;
(e)making available the proceeds of realisation of its property; and
(f)making a payment to or for its benefit.
(6) In this article, “deal with” means—
(a)use, alter, move, allow access to or transfer;
(b)deal with in any other way that would result in any change in volume, amount, location, ownership, possession, character or destination; or
(c)make any other change that would enable use, including portfolio management.
Explanatory Memorandum sets out a brief statement of the purpose of a Statutory Instrument and provides information about its policy objective and policy implications. They aim to make the Statutory Instrument accessible to readers who are not legally qualified and accompany any Statutory Instrument or Draft Statutory Instrument laid before Parliament from June 2004 onwards.
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