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The Sanctions (Miscellaneous Amendments) (Overseas Territories) Order 2025

Type Statutory-Instrument

Publication 2025-12-10

State In force

Department King's Printer of Acts of Parliament

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(13A) For regulation 18B (finance: exception from prohibitions for required payments) substitute— (18B) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 19 insert—

(19A) In regulation 24A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “18B(8)”, in both places it occurs, substitute “18B(7)”.

5

In paragraph 20, in the substituted regulation 25 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 24 insert—

(24A) For regulation 29A (finance: disclosure to the Treasury) substitute— (29A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 38—

(a) in sub-paragraph (c), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (d) substitute—

(d) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(e) for paragraph 10 (insolvency) substitute— (10) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 25(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 9 — Amendments to Schedule 2 to the Counter-Terrorism (International Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(iv) insert—

(iva) regulation 40A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 17 insert—

(17A) For regulation 29ZA (finance: exception from prohibitions for required payments) substitute— (29ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds or financial services available for the benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 23 insert—

(23A) In regulation 34A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “29ZA(8)”, in both places it occurs, substitute “29ZA(7)”.

5

In paragraph 24, in the substituted regulation 35 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 30 insert—

(30A) For regulation 40A (finance: disclosure to the Treasury) substitute— (40A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

Schedule 10 — Amendments to Schedule 2 to the Counter-Terrorism (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, in paragraph (c)—

(a) omit the “or” after sub-paragraph (iii);

(b) after sub-paragraph (iii) insert—

(iiia) regulation 26A (finance: disclosure to the Governor), or

2

In paragraph 8—

(a) after sub-paragraph (c) insert—

(ca) in paragraph (3), for “Treasury”, in each place it occurs, substitute “Governor”; (cb) in paragraph (3A), for “Treasury”, in each place it occurs, substitute “Governor”;

(b) for sub-paragraph (d) substitute—

(d) in paragraph (4)— (i) in the opening words, for “the Treasury know, or have” substitute “the Governor knows, or has”; (ii) in sub-paragraph (a) for “Treasury” substitute “Governor”;

3

After paragraph 13 insert—

(13A) For regulation 17ZA (finance: exception from prohibitions for required payments) substitute— (17ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds or financial services available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 18 insert—

(18A) In regulation 21A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “17ZA(8)”, in both places it occurs, substitute “17ZA(7)”.

5

In paragraph 19, in the substituted regulation 22 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” after sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 23 insert—

(23A) For regulation 26A (finance: disclosure to the Treasury) substitute— (26A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

Schedule 11 — Amendments to Schedule 2 to the Republic of Belarus (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(iv) insert—

(iva) regulation 46A (finance: disclosure to the Governor),

2

After paragraph 16 insert—

(16A) For regulation 30ZA (asset-freeze etc.: exception from prohibitions for required payments) substitute— (30ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

3

After paragraph 24 insert—

(24A) In regulation 38ZA (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “30ZA(8)”, in both places it occurs, substitute “30ZA(7)”.

4

After paragraph 24A insert—

(24B) In paragraphs (1), (2), (3), (4) and (5) of regulation 38A, for “Treasury” substitute “Governor”.

5

In paragraph 25, in the substituted regulation 39 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 33 insert—

(33A) For regulation 46A (finance: disclosure to the Treasury) substitute— (46A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

After paragraph 45 insert—

(45A) (1) Omit regulation 56A (OFCOM: power to impose monetary penalties) (including the heading). (2) Omit regulation 56B (OFCOM: monetary penalties: procedural rights) (including the heading).

8

After paragraph 45A insert—

(45B) In regulation 56C (Treasury: power to impose monetary penalties)— (a) in the heading, for “Treasury: power to impose monetary penalties” substitute “Power to impose monetary penalties”; (b) in paragraphs (1) and (8), for “Treasury” substitute “Governor or an authorised person”; (c) in paragraphs (3), (6) and (8)(b), for “Treasury” substitute “Governor or the authorised person”; (d) in paragraph (4)— (i) in the opening words and in sub-paragraph (b), for “Treasury” substitute “Governor”; (ii) in sub-paragraph (a), after “£1,000,000,” insert “or its equivalent in the currency of the Territory,”; (e) in paragraph (5), after “£1,000,000” insert “, or its equivalent in the currency of the Territory”; (f) for paragraph (7) substitute— (7) Any monetary penalty imposed in the Territory must be paid into the account determined by the competent authority in the Territory. (g) after paragraph (8) insert— (9) Where a monetary penalty in this regulation is expressed to be a sum in sterling or its equivalent in the currency of the Territory, the Governor may issue guidance specifying how to calculate the amount in the currency of the Territory which is to be considered equivalent to that sum in sterling. (10) In this regulation “authorised person” means a person authorised by the Governor for the purpose of exercising, whether generally or in a particular case, the powers and duties conferred by this regulation and regulation 56D (monetary penalties: procedural right).

9

After paragraph 45B insert—

(45C) For regulation 56D (Treasury monetary penalties: procedural rights) substitute— (56D) (1) Before imposing a monetary penalty on a person under regulation 56C, the Governor or an authorised person must inform the person of the intention to do so. (2) The Governor or the authorised person must also— (a) explain the grounds for imposing the penalty, (b) specify the amount of the penalty, (c) explain that the person is entitled to make representations, and (d) specify the period within which any such representations must be made. (3) If, having considered any representations, the Governor or an authorised person decides to impose the penalty, the Governor or the authorised person must— (a) inform the person of the decision, and (b) explain that the person is entitled to appeal (on any ground) to the Supreme Court of the Territory. (4) On an appeal under paragraph (3)(b), the Supreme Court of the Territory may— (a) quash the Governor’s or the authorised person’s decision to impose the penalty; (b) uphold the decision but substitute a different amount for the amount determined by the Governor or the authorised person. (5) In this regulation— - “authorised person” has the same meaning as it has in regulation 56C (power to impose monetary penalties); - “Supreme Court of the Territory” has the same meaning as it has in regulation 9 (confidential information in certain cases).

10

In paragraph 59—

(a) in sub-paragraph (b), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (c) substitute—

(c) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(cb) for paragraph 10C (insolvency) substitute— (10C) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 39(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

(d) after sub-paragraph (d) insert—

(da) for paragraph 14C substitute— (14C) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 39(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

(e) after sub-paragraph (g) insert—

(h) for paragraph 25 substitute— (25) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 39(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 12 — Amendments to Schedule 2 to the Zimbabwe (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, after paragraph (c)(v) insert—

(va) regulation 47A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 17 insert—

(17A) For regulation 31ZA (finance: exceptions from prohibitions for required payments) substitute— (31ZA) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 25 insert—

(25A) In regulation 39A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “31ZA(8)”, in both places it occurs, substitute “31ZA(7)”.

5

In paragraph 26, in the substituted regulation 40 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) After paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 34 insert—

(34A) For regulation 47A (finance: disclosure to the Treasury) substitute— (47A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 60—

(a) in sub-paragraph (c), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (d) substitute—

(d) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(e) for paragraph 10 (insolvency) substitute— (10) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 40(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 13 — Amendments to Schedule 2 to the Chemical Weapons (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i), in the definition of “authorised officer”, in paragraph (c)—

(a) omit the “or” after sub-paragraph (iii);

(b) after sub-paragraph (iii) insert—

(iiia) regulation 29A (finance: disclosure to the Governor), or

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

After paragraph 13 insert—

(13A) For regulation 18B (finance: exceptions from prohibitions for required payments) substitute— (18B) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

4

After paragraph 19 insert—

(19A) In regulation 24A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “18B(8)”, in both places it occurs, substitute “18B(7)”.

5

In paragraph 20, in the substituted regulation 25 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

6

After paragraph 24 insert—

(24A) For regulation 29A (finance: disclosure to the Treasury) substitute— (29A) (1) A relevant public authority may disclose information to the Governor or an authorised officer if the disclosure is made for the purpose of enabling or assisting the Governor or the authorised officer to discharge any of their functions in connection with any sanctions regulations contained in these Regulations. (2) In this regulation, “relevant public authority” means— (a) any person holding or acting in any office under or in the service of— (i) the Crown in right of the Government of the United Kingdom; (ii) the Crown in right of the Government of the Territory, or (b) any other person exercising functions of a public nature.

7

In paragraph 38—

(a) in sub-paragraph (c), for “paragraph 1” substitute “paragraph 1(1)”;

(b) for sub-paragraph (d) substitute—

(d) in paragraph 6 (judicial decisions etc.), for “United Kingdom” substitute “Territory”;

(e) for paragraph 10 (insolvency) substitute— (10) (1) To enable anything to be done in connection with— (a) any insolvency and restructuring proceedings relating to an insolvent person, or (b) proceedings, under the insolvency law of any country other than the Territory, that correspond to the proceedings in paragraph (a), provided that any payments made directly or indirectly to a designated person are credited to a frozen account. (2) In this paragraph— - “insolvency and restructuring proceedings” includes— any proceedings, under any law relating to insolvency for the time being in force in the Territory, whereby, for a set period of time, the creditors of an insolvent person are precluded from taking action against the insolvent person; any arrangement, under any such law, involving an agreement between an insolvent person and its creditors which is administered by an insolvency practitioner, and “insolvency practitioner” has the meaning given by regulation 25(2H); any administration procedure, under any such law, in accordance with which proceedings, actions or other steps against an insolvent person are prohibited for the purpose of allowing the insolvent person to do either or both of the following— reorganise assets; realise assets; any receivership procedure, under any such law, whereby a secured creditor of an insolvent person can appoint an administrative receiver to manage and sell the insolvent person’s business and assets; any proceedings, under any such law, for the winding up of a company but excluding any proceedings relating to the winding up of a solvent company; any arrangement or scheme sanctioned by a court, under any such law, between a company and its members or creditors which can be used to effect solvent reorganisation of the company or effect insolvent restructurings; - “insolvent person” means a person (“P”), other than an individual, where— P is unable to pay its debts as they fall due, or the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

Schedule 14 — Amendments to Schedule 2 to the Syria (Sanctions) (Overseas Territories) Order 2020

1

In paragraph 2(b)(i)—

(a) omit the definitions of “aircraft” and “Territory aircraft”;

(b) in the definition of “authorised officer”, after paragraph (c)(iv) insert—

(iva) regulation 77A (finance: disclosure to the Governor),

2

After paragraph 6 insert—

(6A) Omit regulation 5A (conditions for the designation of persons by name) (including the heading).

3

Omit the following paragraphs—

(a) 11,

(b) 12,

(d) 14,

(e) 23,

(f) 27,

(g) 28,

(h) 29,

(i) 30,

(j) 31,

(k) 33, and

(l) 35.

4

After paragraph 32 insert—

(32A) For regulation 55A (asset-freeze etc.: exception from prohibitions for required payments) substitute— (55A) (1) This regulation applies to required payments within the meaning of paragraph (2). (2) A required payment is a payment which a designated person is required to make under or by virtue of any enactment which applies in the Territory to— (a) a government department or body, (b) a customs authority, (c) a revenue authority, (d) a registrar of companies, (e) a financial regulator, (f) a land authority, or (g) a consolidated fund. (3) The prohibitions in regulations 11 (asset-freeze in relation to designated persons) and 13 (making funds available for benefit of designated persons) are not contravened by a person making a required payment. (4) Where a required payment is made by a person other than a designated person, the prohibition in regulation 11 is not contravened by the designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment includes a designated person, but only where they are making a required payment on their own behalf. (6) 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. (7) In this regulation— - “designated person” has the same meaning as it has in Chapter 1 of Part 3 (finance); - “reimbursement payment” means a repayment from the designated person to the person who made a required payment which is of the same amount as that required payment.

5

In paragraph 38, in the inserted regulation 61—

(a) in paragraph (1) omit “, regulation 16 (Territory credit or financial institutions: accounts and correspondent banking relationships etc) and regulation 21 (investments in relation to crude oil and electricity production)”;

(b) for paragraph (3) substitute—

(3) The Governor may issue a financial sanctions licence which authorises acts by a particular person only where, in relation to acts which would otherwise be prohibited by regulations 11 to 15, the Governor considers that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 6.

6

After paragraph 44 insert—

(44A) In regulation 69A (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “55A(8)”, in both places it occurs, substitute “55A(7)”.

7

In paragraph 45, in the substituted regulation 70 (“relevant firm”)—

(a) in paragraph (1), after sub-paragraph (f), insert—

(g) a cryptoasset exchange provider; (h) a custodian wallet provider; (i) a high value dealer; (j) an art market participant; (k) an insolvency practitioner; (l) a firm or sole practitioner (a “letting agent”) that carries out, or whose employees carry out, letting agency work.

(b) after paragraph (2) insert—

(2A) In paragraph (1), a “cryptoasset exchange provider” means a firm or sole practitioner that by way of business provides one or more of the following services, including where the firm or sole practitioner does so as creator or issuer of any of the cryptoassets involved— (a) exchanging, or arranging or making arrangements with a view to the exchange of, cryptoassets for money or money for cryptoassets, (b) exchanging, or arranging or making arrangements with a view to the exchange of, one cryptoasset for another, or (c) operating a machine which utilises automated processes to exchange cryptoassets for money or money for cryptoassets. (2B) In paragraph (1), a “custodian wallet provider” means a firm or sole practitioner that by way of business provides services to safeguard, or to safeguard and administer— (a) cryptoassets on behalf of its customers, or (b) private cryptographic keys on behalf of its customers in order to hold, store and transfer cryptoassets. (2C) For the purposes of this regulation— (a) “cryptoasset” means a cryptographically secured digital representation of value or contractual rights that uses a form of distributed ledger technology and can be transferred, stored or traded electronically; (b) “money” means— (i) money in sterling, (ii) money in any other currency, or (iii) money in any other medium of exchange, but does not include a cryptoasset; (c) in sub-paragraphs (a) to (c) of paragraph (2A), “cryptoasset” includes a right to, or interest in, the cryptoasset. (2D) In paragraph (1), a “high value dealer” means a firm or sole trader that by way of business trades in goods (including an auctioneer dealing in goods), when the firm or sole trader makes or receives, in respect of any transaction, a payment or payments in cash of at least 10,000 euros in total, whether the transaction is executed in a single operation or in several operations which appear to be linked. (2E) In paragraph (1), an “art market participant” means, subject to paragraph (2F), a firm or sole practitioner that by way of business trades in, or acts as an intermediary in the sale or purchase of, works of art and the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more. (2F) A firm or sole practitioner is not an art market participant for the purposes of paragraph (2E) in relation to the sale or storage of a work of art which is created by, or is attributable to, a member of the firm or the sole practitioner. (2G) For the purposes of this regulation, “work of art” means— (a) any mounted or unmounted painting, drawing, collage, decorative plaque or similar picture that was executed by hand, but does not include any technical drawing, map or plan; (b) any original engraving, lithograph or other print which— (i) was produced from one or more plates executed by hand by an individual who executed them without using any mechanical or photomechanical process, and (ii) either is the only one produced from the plate or plates or is comprised in a limited edition; (c) any original sculpture or statuary, in any material; (d) any sculpture cast which— (i) was produced by or under the supervision of the individual who made the mould or became entitled to it by succession on the death of that individual, and (ii) either is the only cast produced from the mould or is comprised in a limited edition; (e) any tapestry or other hanging which— (i) was made by hand from an original design, and (ii) either is the only one made from the design or is comprised in a limited edition; (f) any ceramic executed by an individual and signed by that individual; (g) any enamel on copper which— (i) was executed by hand, (ii) is signed either by the person who executed it or by someone on behalf of the studio where it was executed, (iii) either is the only one made from the design in question or is comprised in a limited edition, and (iv) is not comprised in an article of jewellery or an article of a kind produced by goldsmiths or silversmiths; (h) any mounted or unmounted photograph which— (i) was printed by or under the supervision of the photographer, (ii) is signed by the photographer, and (iii) either is the only print made from the exposure in question or is comprised in a limited edition. (2H) In paragraph (1), an “insolvency practitioner” means a person that administers insolvency proceedings, including by receiving or managing the money or other property of any person subject to any form of insolvency proceedings, in accordance with any law relating to insolvency which applies for the time being in the Territory. (2I) In paragraph (1), “letting agency work” means work— (a) consisting of things done in response to instructions received from— (i) a person (a “prospective landlord”) seeking to find another person to whom to let land for a term of a month or more, or (ii) a person (a “prospective tenant”) seeking to find land to rent for a term of a month or more, and (b) done— (i) in relation to a prospective landlord, from the point that the prospective landlord instructs a letting agent, or (ii) otherwise in the course of concluding an agreement for the letting of land for a term of a month or more. (2J) For the purposes of paragraph (2I)— - “land” includes part of a building and part of any other structure; - “letting agency work” does not include the things listed in paragraph (2K) when done by, or by employees of, a firm or sole practitioner if neither the firm nor sole practitioner, nor any of their employees, does anything else within paragraph (2I). (2K) Those things are— (a) publishing advertisements or disseminating information; (b) providing a means by which a prospective landlord or a prospective tenant can, in response to an advertisement or dissemination of information, make direct contact with a prospective tenant or a prospective landlord; (c) providing a means by which a prospective landlord and a prospective tenant can communicate directly with each other; (d) the provision of legal or notarial services by a barrister, advocate, solicitor or other legal representative communications with whom may be the subject of a claim to professional privilege.

(i) omit the “and” at the end of sub-paragraph (a);

(ii) after sub-paragraph (a) insert—

(aa) in the case of a relevant firm within paragraph (1)(j)— (i) in the course of trading, or acting as an intermediary in the sale or purchase of, works of art when the value of the transaction, or a series of linked transactions, amounts to 10,000 euros or more, or (ii) in the course of storing works of art where the value of the works of art so stored for a person amounts to 10,000 euros or more, and

8

After paragraph 53 insert—

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