The Iran (European Union Financial Sanctions) Regulations 2012

Made: at 11.00 a.m. on 26th March 2012

Laid before Parliament: at 2.00 p.m. on 26th March 2012

Coming into force: at 3.00 p.m. on 26th March 2012

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 1 — General

Citation, commencement and application

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interpretation

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 2 — Funds and Economic Resources

Freezing of funds and economic resources

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Making funds available to a designated person

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Making funds available for the benefit of a designated person

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Making economic resources available to a designated person

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Making economic resources available for the benefit of a designated person

7

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credits to a frozen account

8

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Licences

9

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3 — Restrictions on Transfers of Funds and on Financial Services

Transfers of funds

10

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Authorisations and notifications

11

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Financial messaging services

12

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Branches and subsidiaries of Iranian credit and financial institutions

13

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit and financial institutions: accounts and correspondent banking relationships

14

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Agreements

15

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Acquisition or extension of ownership interest

16

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Sale or purchase of bonds

17

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Insurance and reinsurance

18

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 4 — Offences

Contravention and circumvention of prohibitions

19

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Officers of a body corporate etc.

20

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Penalties

21

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Proceedings

22

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consent to prosecution

23

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 5 — Miscellaneous

Information provisions

24

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notices

25

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

The Crown

26

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Amendment

27

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Revocation and repeal

28

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Saving

29

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE — Information Provisions

Reporting obligations of relevant institutions

1

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Powers to request information

2

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Production of documents

3

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Failure to comply with request for information

4

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

General power to disclose information

5

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application of provisions

6

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signed

Jeremy Wright — Angela Watkinson — Two of the Lords Commissioners of Her Majesty's Treasury — 2012-03-26

Explanatory note

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Footnotes

[^f00001]: S.I. 2010/1834.

[^f00002]: 1972 c.68. Section 2(2) was amended by section 27(1)(a) of the Legislative and Regulatory Reform Act 2006 (c.51) and the European Union (Amendment) Act 2008 (c.7), Schedule, Part 1. Paragraph 1A of Schedule 2 was inserted by section 28 of the Legislative and Regulatory Reform Act 2006 and amended by S.I. 2007/1388 and the European Union (Amendment) Act 2008, Schedule, Part 1.

[^f00003]: OJ L 88, 24.3.2012, p.1.

[^f00004]: 1981 c.61. Part 4 was amended by the British Overseas Territories Act 2002 (c.8), section 1(1)(b) and the Nationality, Immigration and Asylum Act 2002 (c.41), sections 15 and 161, Schedule 2, paragraph 1(i) and Schedule 9.

[^f00005]: 2000 c.8.

[^f00006]: As amended by S.I. 2006/3221.

[^f00007]: As amended by the Enterprise Act 2002 (c.40), section 278(1), Schedule 25, paragraph 40(1) and (19)(a), the Consumer Credit Act 2006 (c.14), section 33(9) and by S.I. 2003/2066 and S.I. 2007/3253.

[^f00008]: As amended by S.I. 2007/126 and S.I. 2007/3253.

[^f00009]: S.I. 2001/544 as amended, most recently by S.I. 2011/2687.

[^f00010]: In the United Kingdom, the competent authority is the Treasury.

[^f00011]: 1995 c.46.

[^f00012]: 1947 c.44.

[^f00013]: 2008 c.28. Section 63(1) was amended by S.I. 2010/1197, S.I. 2010/2937, S.I. 2011/605, S.I. 2011/1893 and S.I. 2011/2742.

[^f00014]: S.I. 2010/2937, amended by S.I. 2012/190.

[^f00015]: S.I. 2012/190.

[^f00016]: S.I. 2007/1374, amended by S.I. 2010/2613.

[^f00017]: 1998 c.29.

[^f00018]: 2000 c.23.

Editorial notes

[^key-a8eba8edbd94b944b1f1bedcc7b47824]: Regulations revoked (18.1.2016 at 4.00 p.m.) by The Iran (European Union Financial Sanctions) Regulations 2016 (S.I. 2016/36), regs. 1(1), 20(1)(a) (with regs. 18, 21)

Exemptions

8A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Licences

Transfers of funds to or from Iranian credit or financial institutions

9A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Transfers of funds

10A

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Authorisations and notifications

Financial messaging services

Branches and subsidiaries of Iranian credit and financial institutions

Credit and financial institutions: accounts and correspondent banking relationships

Agreements

Acquisition or extension of ownership interest

Sale or purchase of bonds

Insurance and reinsurance

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .