A1

Subject to subsections (A2) and (A3), this section applies only to a transaction entered into by a Northern Ireland participant before 1 July 2017.

A2

This section does not apply to a transaction entered into before 1 July 2017 which is required to be recorded in a report—

a

under section 71M in respect of a period beginning on or after 1 July 2017 because the transaction is required by that section to be aggregated with a transaction entered into or a donation received on or after that date, or

b

under paragraph 9 of Schedule 7A delivered on or after 1 July 2017 because the transaction is required by that paragraph to be aggregated with a transaction entered into or a donation received on or after that date.

A3

This section does not apply to a transaction entered into on or after 1 January 2014 and before 1 July 2017—

a

if a change to that transaction is required to be recorded in a report under section 71M in respect of a period beginning on or after 1 July 2017 because the change falls within section 71N(1) or (3)12, or

b

if a change to that transaction which takes effect on or after 1 July 2017 is required to be recorded in a report under paragraph 11 of Schedule 7A because the change falls within sub-paragraph (3) or (5) of that paragraph.

A4

In subsection (A3), a reference to a change within section 71N(1) or paragraph 11(3) of Schedule 7A does not include a reference to a repayment of the whole of a debt (or all of the remaining debt) under a loan.

6

A person does not contravene subsection (1) if that person discloses information relating to a transaction to which this section applies where—

a

the transaction was entered into on or after 1 January 2014 but before 1 July 2017,

b

the Northern Ireland report recording the transaction does not state that the transaction was entered into before 1 July 2017, and

c

when the disclosure is made, the person believes that the transaction was entered into on or after 1 July 2017 and is reasonably entitled to hold that belief.

7

A person does not contravene subsection (1) if that person discloses information relating to a transaction to which this section applies where—

a

the transaction was entered into on or after 1 January 2014 but before 1 July 2017,

b

a change to the transaction which took effect before 1 July 2017 is required to be recorded in a report under section 71M or paragraph 11 of Schedule 7A,

c

the Northern Ireland report recording the change does not state that it took effect before 1 July 2017, and

d

when the disclosure is made, the person believes that the change took effect on or after 1 July 2017 and is reasonably entitled to hold that belief.

8

A person does not contravene subsection (1) merely because—

a

the person discloses information relating to a transaction within subsection (A3), and

b

that disclosure suggests that a transaction was entered into before 1 July 2017 with which the transaction has been aggregated in accordance with section 71M (quarterly reports of regulated transactions: aggregation) or paragraph 9 of Schedule 7A (transactions reports: aggregation).

9

A person does not contravene subsection (1) merely because—

a

the person discloses information relating to a donation or a transaction in accordance with this section or section 71E, and

b

the disclosure suggests that a transaction was entered into before 1 July 2017 as a result of which section 71M(6) or 62(6) applies in relation to the transaction or donation mentioned in paragraph (a).