The Republic of Belarus (Sanctions) (EU Exit) Regulations 2019

[F1 Interpretation of terms relating to other financial restrictions U.K.

15D.— (1) In this Chapter—

“Belarusian authority” means—

(a)

public bodies and agencies subordinate to the President of Belarus, including the Administration of the President of Belarus and the Committee of State Control;

(b)

the Council of Ministers of Belarus and each of its members;

(c)

any Ministry of the Government of Belarus;

(d)

any public body, agency or state concern subordinate to the Council of Ministers of Belarus;

(e)

any State Committee of Belarus;

(f)

the National Bank of Belarus; and

(g)

any local government body of Belarus, including the Councils of Deputies and Executive Committees;

[F2 “branch” means, in relation to a credit or financial institution, a place of business which forms a legally dependent part of that institution and which carries out all or some of the transactions inherent in the business of that institution;]

“credit or financial institution” means—

(a)

a person, other than an individual, which would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000 if it had its registered office (or if it does not have one, its head office) in the United Kingdom; or

(b)

an undertaking which by way of business—

(i)

operates a currency exchange office,

(ii)

transmits money (or any representation of monetary value) by any means, or

(iii)

cashes cheques that are made payable to customers;

[F2 “foreign exchange reserve and asset management” means activities relating to the reserves or assets of the persons mentioned in paragraph (2) of regulation 15CA, such reserves or assets to include the following—

(a)

money market instruments (including cheques, bills and certificates of deposit),

(b)

foreign exchange,

(c)

derivative products (including futures and options),

(d)

exchange rate and interest rate instruments (including products such as swaps and forward rate agreements),

(e)

transferable securities,

(f)

other negotiable instruments and financial assets (including bullion),

(g)

special drawing rights;]

“non-UK country” means a country that is not the United Kingdom;

“relevant person” means—

(a)

Belarus;

(b)

a Belarusian authority;

(c)

a person, other than an individual, which is not a person within sub-paragraphs (d), (e) or (f) and which is wholly owned by Belarus or a Belarusian authority;

(d)

a credit or financial institution which is majority owned by Belarus or a Belarusian authority;

(e)

a person, other than an individual, which is—

(i)

incorporated or constituted under the law of a non-UK country, and

(ii)

majority owned by a person within sub-paragraph (d);

(f)

a person acting on behalf of or at the direction of a person within sub-paragraph (d) or sub-paragraph (e).

[F2 “subsidiary” has the meaning given by section 1159 of the Companies Act 2006;]

(2) The definition of “Belarusian authority” in paragraph (1) does not apply to any individual in their private capacity, and in that definition none of paragraphs (a) to (g) is to be taken to limit the meaning of any other of those paragraphs.

(3) For the purposes of this Chapter, a person (“C”) is “majority owned” by another person (“P”) if P—

(a) holds directly or indirectly more than 50% of the shares in C, or

(b) holds directly or indirectly more than 50% of the voting rights in C.

(4) For the purposes of this Chapter, a person (“C”) is “wholly owned” by another person (“P”) if P—

(a) holds directly or indirectly 100% of the shares in C, or

(b) holds directly or indirectly 100% of the voting rights in C.

(5) Schedule 1 applies for the purpose of interpreting paragraphs (3) and (4).]

[F3 (6) In this Chapter, the definition of “credit or financial institution” is to be read with section 22 of the Financial Services and Markets Act 2000, any relevant order under that section and Schedule 2 to that Act.]

Textual Amendments

F1 Pt. 3 Ch. 2 inserted (14.10.2021 at noon) by The Republic of Belarus (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2021 (S.I. 2021/1146), regs. 1(2), 8

F2 Words in reg. 15D(1) inserted (5.7.2022) by The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 (S.I. 2022/748), regs. 1(2), 14(a)

F3 Reg. 15D(6) inserted (5.7.2022) by The Republic of Belarus (Sanctions) (EU Exit) (Amendment) Regulations 2022 (S.I. 2022/748), regs. 1(2), 14(b)