The Republic of Guinea-Bissau (Sanctions) (EU Exit) Regulations 2019

Treasury licences

Director disqualification licences

Licences: general provisions

Finance: licensing offences

Director disqualification: licensing offences

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

Finance: reporting obligations for required payments

24A

• (1) A 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 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 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 designated person.

• (5) In this regulation—

• “designated person” has the meaning given in regulation 18B(8) (finance: exception from prohibitions for required payments);

• “reimbursement payment” has the meaning given in regulation 18B(8);

• “required payment” has the meaning given in regulation 18B(2).

“Relevant firm”

Finance: powers to request information

Finance: production of documents

Finance: information offences

Disclosure of information

Finance: disclosure to the Treasury

Part 6: supplementary

Judicial decisions etc.

Insolvency

10

• (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.

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