The Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014
| Year | 2014 |
2014No. 2054
CRIMINAL LAW
The Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014
at 10.30 a on 1st Augustm 2014
at 2.00 p on 1st Augustm 2014
at 3.00 p on 1st Augustm 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.
These Regulations make provision for a purpose mentioned in section 2(2) of that Act and it appears to the Treasury that it is expedient for any reference to an Annex to Council Regulation (EU) No. 833/2014 of 31 July 2014( 3) concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine to be construed as a reference to that Annex as amended from time to time.
The Treasury, in exercise of the powers conferred by section 2(2) of, and paragraph 1A of Schedule 2 to, the European Communities Act 1972, make the following Regulations.
PART 1
General
Citation, commencement and application
1. (1) These Regulations may be cited as the Ukraine (European Union Financial Sanctions) (No.3) Regulations 2014 and shall come into force at 3.00 p.m. on 1st August 2014.
(2) An offence under these Regulations may be committed by conduct wholly or partly outside the United Kingdom by-
(a) a UK national, or(b) a body incorporated or constituted under the law of any part of the United Kingdom.(3) In paragraph (2)-
"conduct" includes acts and omissions;
"UK national" means-
(a) a British citizen,(b) a British overseas territories citizen who acquired their citizenship from a connection with Gibraltar, or(c) a British subject under Part 4 of the British Nationality Act 1981 (British subjects)( 4) with the right of abode in the United Kingdom.Interpretation
2. (1) In these Regulations-
"the 2000 Act" means the Financial Services and Markets Act 2000( 5);
"the Council Regulation" means Council Regulation (EU) No. 833/2014 of 31 July 2014 concerning restrictive measures in view of Russia's actions destabilising the situation in Ukraine, and a reference to an Annex to that Regulation is to be construed as a reference to that Annex as amended from time to time;
"document" includes information recorded in any form and, in relation to information recorded otherwise than in legible form, references to its production include producing a copy of the information in legible form;
"relevant institution" means-
(a) a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities)( 6),(b) an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to the 2000 Act (EEA passport rights)( 7) which has permission under paragraph 15 of that Schedule( 8) (as a result of qualifying for authorisation under paragraph 12 of that Schedule( 9)) to accept deposits, or(c) an undertaking which by way of business operates a currency exchange office, transmits money (or any representations of monetary value) by any means or cashes cheques which are made payable to customers.(2) The definition of "relevant institution" in paragraph (1) must be read with-
(a) section 22( 10) of the 2000 Act (regulated activities);(b) any relevant order under that section( 11); and(c) Schedule 2( 12) to that Act (regulated activities).(3) Any expression used both in these Regulations and in the Council Regulation has the meaning that it bears in the Council Regulation.
PART 2
Restrictions on Financial Services
Dealing with transferable securities and money-market instruments
3. (1) A person ("P") must not directly or indirectly purchase, sell, provide brokering or assistance in the issuance of, or otherwise deal with transferable securities or money-market instruments with a maturity exceeding 90 days, issued after 1 August 2014 by a person, entity or body falling within paragraph (2).
(2) The following persons, entities or bodies fall within this paragraph-
(a) a major credit institution or other major institution listed in Annex III to the Council Regulation,(b) a legal person, entity or body established outside the European Union, more than 50% of the proprietary rights of which are owned by a legal person, entity or body falling within sub-paragraph (a),(c) a legal person, entity or body acting on behalf of, or at the direction of, a legal person, entity or body falling within sub-paragraphs (a) or (b).PART 3
Offences
Contravention and circumvention of prohibitions
4. (1) A person ("P") who contravenes any of the prohibitions in regulation 3 commits an offence unless P did not know, or had no reasonable cause to suspect that P's actions would contravene regulation 3.
(2) A person commits an offence who intentionally participates in activities knowing that the object or effect of them is (whether directly or indirectly)-
(a) to circumvent any of the prohibitions in regulation 3; or(b) to enable or facilitate the contravention of any such prohibition.Officers of a body corporate etc.
5. (1) Where an offence under these Regulations committed by a body corporate-
(a) is committed with the consent or connivance of any director, manager, secretary or other similar officer of the body corporate, or any person who was purporting to act in any such capacity; or(b) is attributable to any neglect on the part of any such person;that person as well as the body corporate is guilty of the offence and is liable to be proceeded against and punished accordingly.
(2) In paragraph (1) "director", in relation to a body corporate whose affairs are managed by its members, means a member of the body corporate.
(3) Paragraph (1) also applies in relation to a body that is not a body corporate, with the substitution for the reference to a director of the body with a reference-
(a) in the case of a partnership, to a partner;(b) in the case of an unincorporated body other than a partnership-(i) where the body's affairs are managed by its members, to a member of the body,(ii) in any other case, to a member of the governing...To continue reading
Request your trial