PART 7 U.K.Exceptions and licences

Exceptions relating to loans and credit arrangements U.K.

59.—(1) The prohibitions in regulation 17 (loans and credit arrangements) are not contravened by the grant of—

F1 (a). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) a relevant loan that has a specific and documented objective of making emergency funds available to meet applicable solvency or liquidity criteria for a relevant subsidiary;

[F2 (c) a relevant loan consisting of a drawdown or disbursement made under an arrangement entered into before—

(i) in the case of a category 1 loan, 15th September 2014;

(ii) in the case of a category 2 loan, a category 3 loan or a category 4 loan, 1st March 2022;

[F3 (iii) in the case of a category 5 loan, [F4 29th October 2022];]

[F5 (iv) in the case of a category 6 loan, 16th December 2022;]

where the conditions in paragraph (2) are met.]

(2) The conditions referred to in paragraph (1)(c) are that—

(a) all the terms and conditions of such drawdowns or disbursements—

[F6 (i) were agreed before—

(aa) in the case of a category 1 loan, 15th September 2014;

(bb) in the case of a category 2 loan, a category 3 loan or a category 4 loan, 1st March 2022;]

[F7 (cc) in the case of a category 5 loan, [F8 29th October 2022];]

[F9 (dd) in the case of a category 6 loan, 16th December 2022;]

(ii) have not been modified on or after that date; and

(b) a contractual maturity date has been fixed for the repayment in full of all funds made available and for the cancellation of all the rights and obligations under the arrangement.

(3) In this regulation—

F10 ...

[F11 “category 1 loan” has the meaning given to it in regulation 17;

“category 2 loan” has the meaning given to it in regulation 17;

“category 3 loan” has the meaning given to it in regulation 17;

“category 4 loan” has the meaning given to it in regulation 17;]

[F12 “category 5 loan” has the meaning given to it in regulation 17;]

[F13 “category 6 loan” has the meaning given to it in regulation 17;]

F14 ...

F15 ...

“relevant loan” has the meaning given to it in regulation 17;

“relevant subsidiary” means a person, other than an individual, which is—

(a)

incorporated or constituted under the law of any part of the United Kingdom, and

(b)

[F16 owned (within the meaning of regulation 16(7)) by a person, other than an individual, that is connected with Russia.]

Textual Amendments

F1 Reg. 59(1)(a) omitted (1.3.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(a)(i)

F2 Reg. 59(1)(c) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(a)(ii)

F3 Reg. 59(1)(c)(iii) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 7(2)

F4 Words in reg. 59(1)(c)(iii) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(a)

F5 Reg. 59(1)(c)(iv) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(b)

F6 Reg. 59(2)(a)(i) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(b)

F7 Reg. 59(2)(a)(i)(cc) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 7(3)

F8 Words in reg. 59(2)(a)(i)(cc) substituted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(c)

F9 Reg. 59(2)(a)(i)(dd) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(d)

F10 Words in reg. 59(3) omitted (16.12.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(e)(i)

F11 Words in reg. 59(3) inserted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(c)(i)

F12 Words in reg. 59(3) inserted (29.10.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 15) Regulations 2022 (S.I. 2022/1110), regs. 1(2)(b), 7(4)(b)

F13 Words in reg. 59(3) inserted (16.12.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 17) Regulations 2022 (S.I. 2022/1331), regs. 1(2)(b), 11(e)(ii)

F14 Words in reg. 59(3) omitted (1.3.2022) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(c)(ii)

F15 Words in reg. 59(3) omitted (30.3.2022 at 5.00 p.m.) by virtue of The Russia (Sanctions) (EU Exit) (Amendment) (No. 7) Regulations 2022 (S.I. 2022/395), regs. 1(2), 22

F16 Words in reg. 59(3) substituted (1.3.2022) by The Russia (Sanctions) (EU Exit) (Amendment) (No. 2) Regulations 2022 (S.I. 2022/194), regs. 1(2), 9(c)(iii)

Commencement Information

I1 Reg. 59 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)