The Venezuela (Sanctions) (EU Exit) Regulations 2019

Transitional Provisions: prior obligations U.K.

74.—(1) Where—

(a) a person was named in Annex Ⅳ or Ⅴ of the EU Venezuela Regulation immediately before the relevant date, and

(b) the person is a designated person immediately before the relevant date,

any reference in a provision mentioned in paragraph (2) to the date on which a person became a designated person is a reference to the date on which the person was named in one of those Annexes.

(2) The provisions referred to in paragraph (1) are—

(a) regulation 33(5) (finance: exceptions from prohibitions), and

(b) paragraphs 6(b)(i) and 9(a) of Schedule 4 (Treasury licences: purposes).

(3) In this regulation—

“designated person” has the same meaning as it has in Part 3 (Finance);

“the relevant date” means—

(a)

where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

(b)

otherwise, the date on which Part 3 comes into force.

Commencement Information

I1 Reg. 74 in force at 31.12.2020 on IP completion day by S.I. 2019/627, reg. 3(2); 2020 c. 1, Sch. 5 para. 1(1)