The Ukraine (European Union Financial Sanctions) (No.3) (Amendment No.2) Regulations 2014

Fecha Entrada en Vigor:Coming into force on the 08/12/2014
Nº documento:2014 No. 3230
 
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Statutory Instruments

Criminal Law

Made

at 11.30 a.m. on 8 th December 2014

Laid before Parliament

at 3.30 p.m. on 8 th December 2014

Coming into force

at 4.30 p.m. on 8 th December 2014

The Treasury are designated(1) for the purposes of section 2(2) of the European Communities Act 1972(2) in relation to restrictive measures against persons or bodies listed by an international organisation.

The Treasury, in exercise of the powers conferred by section 2(2) of the European Communities Act 1972 , make the following Regulations.

Citation and commencement

  1.   These Regulations may be cited as the Ukraine (European Union Financial Sanctions) (No.3) (Amendment No.2) Regulations 2014 and shall come into force at 4.30 p.m. on 8 th December 2014.

    Amendments to the Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014

  2.   The Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014(3) are amended as follows.

    (1) In regulation 3 A (dealing with transferable securities and money-market instruments after 15 th September 2014) , at the end of paragraph (2)(c) insert “except a legal person, entity or body active in the space or nuclear energy sectors,”.

    (2) In regulation 3 B (loan or credit arrangements after 15 th September 2014)—

    (a) in paragraph (1) , for “make or be part of any arrangement to make a loan or credit with a maturity exceeding 30 days, directly or indirectly,” substitute “directly or indirectly make or be part of any arrangement to make new loans or credit with a maturity exceeding 30 days”;

    (b) for paragraph (2) substitute—

    “(2) The prohibition in paragraph (1) does not apply where—

    (a) such a loan or credit arrangement has a specific and documented objective to provide financing for non-prohibited imports or exports of goods and non-financial services, between the European Union and any third State, including the expenditure for goods and services from another third State that is necessary for executing the export or import contracts, or

    (b) such a loan arrangement has a specific and documented objective to provide emergency funding to meet solvency and liquidity criteria for legal persons established in the European Union, more than 50% of the proprietary rights in which are owned by any entity referred to in Annex III to the Council Regulation.”.

  3.   After regulation 3 B insert—

    “Drawdown or disbursements made under contracts concluded before 15 th September 2014

    3 C.  (1)  The prohibition in regulation...

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