The Burma/Myanmar (Financial Restrictions) Regulations 2009

PART 1 Preliminary and general

Citation, commencement and application

1.—(1) These Regulations may be cited as the Burma/Myanmar (Financial Restrictions) Regulations 2009 and come into force on 18th June 2009.

(2) An offence may be committed under these Regulations by any person in the United Kingdom or by any person elsewhere who is—

(a) a British citizen;

(b) a British overseas territories citizen who acquired his or her citizenship from a connection with Gibraltar;

(c) a British subject under Part 4 of the British Nationality Act 1981(1) with the right of abode in the United Kingdom; or

(d) a body incorporated or constituted under the law of any part of the United Kingdom.

Interpretation

2.—(1) In these Regulations—

“the 2000 Act” means the Financial Services and Markets Act 2000(2);

“body corporate” includes a Scottish partnership;

“designated enterprise” has the meaning given by regulation 11;

“designated person” has the meaning given by regulation 3;

“document” includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include references to producing a copy of the information in legible form;

“the EC Regulation” means Council Regulation (EC) No. 194/2008 of 25th February 2008 renewing and strengthening the restrictive measures in respect of Burma/Myanmar and repealing Regulation (EC) No. 817/2006 as amended from time to time;

“economic resources” means assets of every kind, whether tangible or intangible, movable or immovable, which are not funds but may be used to obtain funds, goods or services;

“funds” means financial assets and benefits of every kind, including but not limited to—

(a)

cash, cheques, claims on money, drafts, money orders and other payment instruments;

(b)

deposits with financial institutions or other entities, balances on accounts, debts and debt obligations;

(c)

publicly and privately traded securities and debt instruments, including stocks and shares, certificates representing securities, bonds, notes, warrants, debentures and derivatives contracts;

(d)

interest, dividends or other income on or value accruing from or generated by assets;

(e)

credit, rights of set-off, guarantees, performance bonds or other financial commitments;

(f)

letters of credit, bills of lading, bills of sale;

(g)

documents providing evidence of an interest in funds or financial resources;

“officer”, in relation to a body corporate, means—

(a)

in relation to a Scottish partnership, a partner; and

(b)

in relation to any other body corporate, a director, manager, secretary or other similar officer of the body corporate or any person who has purported to act in any such capacity;

“relevant institution” means—

(a)

a person who has permission under Part 4 of the 2000 Act (permission to carry on regulated activities); and

(b)

an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 Act (EEA passport rights)(3) which has permission under paragraph 15 of that Schedule(4) as a result of qualifying for authorisation under paragraph 12 of that Schedule to accept deposits.

(2) The definition of “relevant institution” in paragraph (1) must be read with—

(a) section 22 of the 2000 Act (the classes of activity and categories of investment);

(b) any relevant order under that section(5); and

(c) Schedule 2 to that Act (regulated activities).

(1)

1981 c.61. Part 4 has been amended by section 1(1)(b) of the British Overseas Territories Act 2002 (c.8) and sections 15 and 161 of and Schedules 2 (paragraphs 1(i) and 2) and 9 to the Nationality, Immigration and Asylum Act 2002 (c.41).

(2)

2000 c.8.

(3)

As amended by S.I. 2006/3221.

(4)

As amended by S.I. 2003/2066 and S.I. 2007/3253.

(5)

See the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, S.I. 2001/544 as amended, most recently by the Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) (No. 2) Order 2007, S.I. 2007/3510.