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The Russia (Sanctions) (EU Exit) Regulations 2019
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- UK Statutory Instruments
- 2019 No. 855
- PART 3
- CHAPTER 2
- Regulation 17
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Changes over time for: Section 17
Version Superseded: 01/03/2022
Alternative versions:
- 31/12/2020- Amendment
- 31/12/2020
Point in time - 01/03/2022- Amendment
- 29/10/2022- Amendment
- 16/12/2022- Amendment
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Point in time view as at 31/12/2020. This version of this provision has been superseded.
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Loans and credit arrangementsU.K.
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17.—(1) A person (“P”) must not directly or indirectly grant a relevant loan if P knows, or has reasonable cause to suspect, that P is granting a relevant loan.
(2) A person must not directly or indirectly enter into any arrangement to grant a relevant loan if the person knows, or has reasonable cause to suspect, that the arrangement relates to a relevant loan.
(3) Paragraphs (1) and (2) are subject to regulations 59 and 63 (exceptions).
(4) A person who contravenes a prohibition in paragraph (1) or (2) commits an offence.
(5) In this regulation—
“non-UK country” means a country that is not the United Kingdom;
“relevant loan” means a loan or credit—
(a)
with a maturity exceeding 30 days,
(b)
made or granted to a relevant person, and
(c)
which is first made or granted at any time after [F1IP completion day];
“relevant person” means—
(a)
a person falling within Schedule 2;
(b)
a person, other than an individual, which is—
(i)
incorporated or constituted under the law of a non-UK country, and
(ii)
owned (within the meaning of regulation 16(7)) by a person within sub-paragraph (a); or
(c)
a person, other than an individual, acting on behalf or at the direction of a person within sub-paragraph (a) or sub-paragraph (b).
Textual Amendments
F1Words in reg. 17(5) substituted (31.12.2020 immediately after IP completion day) by The Sanctions (EU Exit) (Miscellaneous Amendments) (No. 2) Regulations 2020 (S.I. 2020/590), regs. 1(2), 10(2); S.I. 2020/1514, reg. 4
Commencement Information
I1Reg. 17 in force at 31.12.2020 on IP completion day (in accordance with 2020 c. 1, Sch. 5 para. 1(1)), see reg. 1(2)
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