The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019

• “BID levy” means a levy that is imposed on those persons who are, in respect of particular business improvement district proposals, entitled to vote in accordance with section 39(3) of the Planning etc. (Scotland) Act 2006;

• “business improvement district” has the meaning given in section 33 of the Planning etc. (Scotland) Act 2006;

• “designated person” has the same meaning as it has in Part 3 (Finance);

• “enactment” has the meaning given in section 54(6) of the Act;

• “excluded payment” means, in relation to—the registrar of companies, a payment of fees for—the incorporation of a firm;the restoration of a firm to a register which is administered by the registrar;the Financial Conduct Authority, a payment of fees for—an application for permission from, authorisation by, registration with or recognition from the Financial Conduct Authority which relates to the carrying on of any activity falling within any function of the Financial Conduct Authority;an application for a variation of such permission, authorisation, registration or recognition;an application for listing or for eligibility for listing;an application for review or approval of a document relating to listing;an application for approval as a sponsor or primary information provider;an application for review or approval of— a document under rules made by the Financial Conduct Authority by virtue of Part 3 of the Public Offers and Admissions to Trading Regulations 2024; listing particulars under section 79 of the Financial Services and Markets Act 2000 or supplementary listing particulars under section 81 of that Act;the Secretary of State or the Welsh Ministers, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 3 of the Local Government Finance Act 1988;the Department of Finance in Northern Ireland, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of Part 2 of the Rates (Northern Ireland) Order 1977;a local authority, a payment that a non-UN designated person is required to make under or by virtue of an enactment other than a payment under or by virtue of—Part 1 of the Local Government (Scotland) Act 1975;Part 3 of the Local Government Finance Act 1988;Parts 1 and 2 of the Local Government Finance Act 1992;Part 4 of the Local Government Act 2003;Part 9 of the Planning etc. (Scotland) Act 2006;the Business Rate Supplements Act 2009;the Business Improvement Districts Act (Northern Ireland) 2013;

• “firm” has the meaning given in section 1173(1) of the Companies Act 2006;

• “listing” means being included in the official list maintained by the Financial Conduct Authority in accordance with Part 6 of the Financial Services and Markets Act 2000;

• “local authority” means—in relation to England—a district council;a county council for any area for which there is no district council;a London borough council;the Common Council of the City of London in its capacity as a local authority;the Council of the Isles of Scilly;in relation to Wales, a county council or a county borough council;in relation to Scotland, a council constituted under section 2 of the Local Government etc. (Scotland) Act 1994 or a person appointed by such a council for the purposes of the administration, collection and recovery of a BID levy;in relation to Northern Ireland, a district council;

• “primary information provider” has the meaning given in section 89P(2) of the Financial Services and Markets Act 2000;

• ...

• ...

• “registrar of companies” has the meaning given in section 1060 of the Companies Act 2006 (the registrar);

• “reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment;

• “scheme manager” has the meaning given in section 212 of the Financial Services and Markets Act 2000;

• “sponsor” has the meaning given in section 88(2) of the Financial Services and Markets Act 2000;

• “UN designated person” means a person who is a designated person for the purposes of regulations 12 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions).

Finance: humanitarian exception

Exception for authorised conduct in a relevant country

Exception for acts done for purposes of national security or prevention of serious crime

Exception relating to services provided to certain ships and aircraft

Treasury licences

Director disqualification licences

Trade licences

Licences: general provisions

Finance: licensing offences

Director disqualification: licensing offences

Trade: licensing offences

Section 8B(1) to (3) of Immigration Act 1971: directions

Finance: reporting obligations for required payments

46A

• (1) A non-UN designated person must inform the Treasury without delay if they make a required payment.

• (2) A person who makes a required payment on behalf of a non-UN designated person must inform the Treasury without delay that they have made the required payment.

• (3) A person must inform the Treasury without delay if they receive a reimbursement payment.

• (4) For the purposes of this regulation, references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person.

• (5) In this regulation—

• “reimbursement payment” has the meaning given in regulation 37ZZA(8) (finance: exception from prohibitions for required payments);

• “required payment” has the meaning given in regulation 37ZZA(2).

“Relevant firm”

Finance: powers to request information

Finance: production of documents

Finance: information offences

Trade: application of information powers in CEMA

General trade licences: records

General trade licences: inspection of records

Disclosure of information

Finance: disclosure to the Treasury

Part 7: supplementary

Part 1A — Purposes relating only to UN designated persons

Pre-existing judicial decisions etc.

7A

• (1) To enable, by the use of a designated person's frozen funds or economic resources, the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien, provided that—

• (a) the funds or economic resources so used are the subject of the decision or lien,

• (b) the decision or lien—

• (i) was made or established at a time when the person was not a designated person, and

• (ii) is enforceable in the United Kingdom, ...

• (c) the use of the frozen funds or economic resources does not directly or indirectly benefit any other designated person , and

• (d) where sub-paragraph (2) applies, the activities to which the decision or the lien relate are consistent with—

• (ii) the Joint Comprehensive Plan of Action, and

• (iii) the provisions of resolutions 1696, 1737, 1747, 1803, 1835, 1929, and 2231.

• (2) This sub-paragraph applies where the decisions or liens concerned were made or established at a time when the person concerned ceased to be a designated person pursuant to paragraph 7 of resolution 2231.

Insolvency

10A

• (1) To enable anything to be done in connection with—

• (a) any insolvency and restructuring proceedings relating to an insolvent person,

• (b) any other relevant proceedings relating to a person other than an individual, or

• (c) proceedings under the insolvency law of a country other than the United Kingdom that correspond to the proceedings in paragraph (a) or (b),

provided that any payments made directly or indirectly to a designated person are credited to a frozen account.

• (2) In this paragraph—

• “enactment” has the meaning given in section 54(6) of the Act;

• “insolvency and restructuring proceedings” includes—the regimes and proceedings set out in Parts A1 to 6 of the Insolvency Act 1986, Parts 1A to 7 of the Insolvency (Northern Ireland) Order 1989 and so much of Part 1 of that Order as applies for the purposes of those Parts, but excluding—proceedings under Chapter 3 of Part 4 (members’ voluntary winding up) of the Insolvency Act 1986, andproceedings under Chapter 3 of Part 5 (members’ voluntary winding up) of the Insolvency (Northern Ireland) Order 1989;arrangements and reconstructions under Part 26 of the Companies Act 2006;arrangements and reconstructions for companies in financial difficulty under Part 26A of the Companies Act 2006;the proceedings and arrangements set out in the Bankruptcy (Scotland) Act 2016;

• “insolvent person” means a person (“P”), other than an individual, where—P is unable to pay its debts as they fall due, orthe value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities;

• “other relevant proceedings” means—the regimes and proceedings set out in—sections 367 and 377A to 377J of, or Schedule 19C to, the Financial Services and Markets Act 2000;the Insurers (Reorganisation and Winding Up) (Lloyd’s) Regulations 2005;Parts 1 to 3 of the Banking Act 2009 (including Parts 2 and 3 as applied to building societies by section 90C of the Building Societies Act 1986);the Investment Bank Special Administration Regulations 2011;Part 6 of the Financial Services (Banking Reform) Act 2013;the Payment and Electronic Money Institution Insolvency Regulations 2021;Schedule 11 to the Financial Services and Markets Act 2023;proceedings under any other special administration regime;

• “special administration regime” means provision made by an enactment for an insolvency procedure that—is similar or corresponds to the ordinary administration procedure provided for by Schedule B1 to the Insolvency Act 1986 or Schedule B1 to the Insolvency (Northern Ireland) Order 1989, andprovides for the administrator to have one or more special objectives instead of or in addition to the objectives of ordinary administration.

Judicial decisions etc.

10B

To enable the implementation or satisfaction (in whole or in part) of a judicial, administrative or arbitral decision or lien which is enforceable in the United Kingdom (the “judicial decision”), provided that—

• (a) where funds or economic resources are made available to a designated person, they are credited to a frozen account or otherwise frozen by virtue of regulation 12;

• (b) where funds or economic resources are made available by a person (including a designated person) to a designated person to enable the implementation or satisfaction of the judicial decision, no other designated person benefits, directly or indirectly.

Conditions for the designation of persons by name

5A

• (1) The Secretary of State may choose whether to designate a person under regulation 5 (power to designate persons) under—

• (a) the standard procedure, or

• (b) the urgent procedure.

• (2) Paragraph (3) applies where the Secretary of State chooses to designate a person under regulation 5 under the standard procedure.

• (3) The Secretary of State may not designate a person except where condition A is met.

• (4) Condition A is that the Secretary of State has reasonable grounds to suspect that that person is an involved person.

• (5) Paragraphs (6) to (8) apply where the Secretary of State chooses to designate a person under regulation 5 under the urgent procedure.

• (6) The Secretary of State may designate a person where condition A is not met, but conditions B and C are met.

• (7) The person ceases to be a designated person at the end of the period of 56 days beginning with the day following the day on which the person became a designated person unless, within that period, the Secretary of State certifies that—

• (a) condition A is met, or

• (b) conditions B and C continue to be met.

• (8) Where the Secretary of State makes a certification under paragraph (7)(b), the designation ceases to have effect at the end of the period of 56 days beginning with the day immediately following the period mentioned in paragraph (7), unless within that period the Secretary of State certifies that condition A is met.

• (9) Condition B is that relevant provision (whenever made) applies to, or in relation to, the person under the law of—

• (a) the United States of America;

• (b) the European Union;

• (c) Australia;

• (d) Canada.

• (10) Condition C is that the Secretary of State considers that it is in the public interest to make designations under the urgent procedure.

• (11) For the purposes of condition B, “relevant provision” is provision that the Secretary of State considers—

• (a) corresponds, or is similar, to the type of sanction or sanctions in these Regulations, or

• (b) is made for purposes corresponding, or similar, to any purpose of any type of sanction or sanctions in these Regulations.

• (12) In this regulation, “involved person” has the meaning given in regulation 6 (designation criteria: meaning of “involved person”).

Designation criteria: meaning of “involved person”

Meaning of “owned or controlled directly or indirectly”

Notification and publicity where designation power used

Confidential information in certain cases where designation power used

Designation of persons named by or under UN Security Council Resolutions

Insolvency

Judicial decisions etc.

Finance: exceptions relating to payment of Treasury debt

37ZZB

• (1) The prohibitions in regulations 12 to 14 (asset-freeze and making funds available to or for benefit of designated persons) and regulation 17 (financial messaging services) are not contravened by any act done by a person to transfer funds to—

• (a) a UN designated person (“D”) in order to satisfy an obligation owed by the Treasury to D in respect of Treasury debt where the conditions in paragraph (2) are met; or

• (b) a person (“B”) in respect of Treasury debt where the effect of the transfer is to make funds available to or for the benefit of D and the conditions in paragraph (3) are met.

• (2) The person (“P”) making the transfer of funds to D knows or has reasonable cause to suspect that the obligation referred to in paragraph (1) arose on a date when D was not a designated person and P takes reasonable steps to satisfy itself that the funds to be transferred to D are credited to a specified account.

• (3) The person (“P”) making the transfer of funds to B knows or has reasonable cause to suspect that the effect of such a transfer will be to enable the satisfaction of an obligation of any person to D in respect of Treasury debt and P takes reasonable steps to satisfy itself that such obligation arose on a date when D was not a designated person and the funds to be transferred to D are ultimately credited to a specified account.

• (4) The prohibitions in regulations 12 to 14 and regulation 17 are not contravened by any act done by a person (where that person is not P in paragraph (2) or (3)) to enable a transfer of funds to any person in respect of Treasury debt—

• (a) in order to satisfy an obligation owed by the Treasury to D, or

• (b) where the effect of the transfer will be to enable the satisfaction of an obligation of any person to D in respect of Treasury debt.

• (5) For the purposes of this regulation, references to a UN designated person, in so far as they relate to a designated person (within the meaning of regulation 11), are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person.

• (6) In this regulation—

• “corresponding non-UK country” means a non-UK country whose laws contain relevant—prohibitions and exceptions corresponding to regulations 12 to 14, regulation 17 and regulation 37 (finance: exceptions from prohibitions); andgrounds for licences to be issued that correspond to the purposes in Schedule 2 (Treasury licences: purposes);

• “frozen account” has the meaning given in regulation 37(7);

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

• “non-UK relevant institution” means—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, oran undertaking which by way of business—operates a currency exchange office,transmits money (or any representation of monetary value) by any means, orcashes cheques that are made payable to customers;

• “recognised CSD” has the meaning given in section 285(1)(e) of the Financial Services and Markets Act 2000;

• “relevant money market instrument” means an instrument of a kind normally dealt in on the money market, such as treasury bills, certificates of deposit and commercial papers, excluding instruments of payment;

• “relevant transferable security” means a security, negotiable on the capital market, of any of the following kinds, but excluding instruments of payment—shares in companies and other securities equivalent to shares in companies, partnerships or other entities, and depositary receipts in respect of shares;bonds or other forms of securitised debt, including depositary receipts in respect of such securities;any other securities giving the right to purchase or sell any security of a kind mentioned in paragraph (a) or (b);

• “specified account” means—a frozen account of a person;an account held by or for the benefit of a person with a recognised CSD;an account held by or for the benefit of a person with a non-UK relevant institution in a corresponding non-UK country; oran account held by or for the benefit of a person with a third country CSD in a corresponding non-UK country,where the person referred to in (a) to (d) above is also D in paragraph (2) or (3);

• “third country CSD” has the meaning given in section 285(1)(g) of the Financial Services and Markets Act 2000;

• “Treasury debt” means any relevant transferable security, relevant money market instrument, loan or credit entered into or issued by, or on behalf of the Treasury in respect of funds borrowed by or on behalf of the Treasury;

• “UN designated person” has the meaning given in regulation 37ZZA(8).

Finance: humanitarian exception

Exception for authorised conduct in a relevant country

Exception for acts done for purposes of national security or prevention of serious crime

Exception relating to services provided to certain ships and aircraft

Treasury licences

Director disqualification licences

Trade licences

Licences: general provisions

Finance: licensing offences

Director disqualification: licensing offences

Trade: licensing offences

Section 8B(1) to (3) of Immigration Act 1971: directions

7ZA

To enable anything that is necessary—

• (a) for activities directly related to the items specified in the lists referred to in sub-paragraphs 3(b)(i) and (ii) of resolution 1737, as those lists are revised or re-issued from time to time by the Security Council or the Committee;

• (b) for the supply, sale, or transfer of items, materials, equipment, goods and technology, and the provision of any related technical assistance, training, financial assistance, investment, brokering or other services, by participant States of the Joint Comprehensive Plan of Action, or Member States acting in coordination with them, that falls within paragraph 22 of resolution 2231 and is directly related to—

• (i) the modification of two cascades at the Fordow facility for stable isotope production;

• (ii) the export of Iran’s enriched uranium in excess of 300 kilograms in return for natural uranium; and

• (iii) the modernization of the Arak reactor based on the agreed conceptual design and, subsequently, on the agreed final design of such reactor;

• (c) for transfers and activities falling within sub-paragraphs (a), (b) or (c) of paragraph 23 of resolution 2231.