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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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(53A) For regulation 77A (finance: disclosure to the Treasury) substitute— (77A) (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.

9

In paragraph 55, in the inserted regulation 78A—

(a) in the heading omit “, aircraft”;

(b) in paragraph (1)—

(i) in the opening words omit “, aircraft”;

(ii) in sub-paragraph (a)—

(aa) for “an aircraft or vehicle” substitute “a vehicle”;

(bb) for “the aircraft or vehicle (as the case may be)” substitute “the vehicle”;

(d) in paragraph (3)—

(i) omit “, aircraft”;

(ii) omit “, the aircraft operator”;

(e) in paragraph (4)(b) omit “, aircraft”;

(f) for paragraph (5) substitute—

(5) Paragraph (6) applies, in relation to a ship, if— (a) the ship is not a Territory ship, and (b) there is in the Territory a consular officer for the country to which the ship belongs.

(g) in paragraph (6) omit “or aircraft”;

(h) in paragraph (9) omit “, aircraft”;

(i) in paragraph (10), in the definition of “the relevant person”, omit paragraph (b).

10

In paragraph 55, in the inserted regulation 78B—

(a) in paragraph (1)(b) omit “, aircraft”;

(b) in paragraph (2) omit “, aircraft”;

(i) for sub-paragraph (a) substitute—

(a) in the case of a power to enter a ship or vehicle, stop that ship or vehicle;

(ii) in sub-paragraphs (b) and (c) omit “, aircraft”;

(d) in paragraph (4), in the opening words and in sub-paragraph (a) omit “, aircraft”;

(e) in paragraph (9) omit “, aircraft”.

11

In paragraph 56, in the inserted regulation 79—

(a) in paragraph (3) omit “, regulation 53(1), (2) and (3) (aircraft: offences)”;

(b) in paragraph (5) omit “, 67 (aircraft: licensing offences)”;

(d) in paragraph (8) omit “, regulation 53(1), (2) and (3) (aircraft: offences)”;

(e) in paragraph (10) omit “, 67 (aircraft: licensing offences)”;

(f) in paragraph (11) omit “53(4) (aircraft: disclosure of information offence),”.

12

In paragraph 79—

(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”;

(ea) for paragraph 16A (insolvency) substitute— (16A) (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 70(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) omit sub-paragraph (f).

Schedule 15 — Amendments to Schedule 2 to the Russia (Sanctions) (Overseas Territories) Order 2020

1

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

(via) regulation 78A (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 26XH insert—

(26XI) In regulation 46Z16V (interpretation), in the definition of “third country”, for “United Kingdom, the Isle of Man” substitute “Territory”.

4

In paragraph 26Z9(a) for “county” substitute “country”.

5

After paragraph 26Z9 insert—

(26Z10) In regulation 46Z38 (brokering services: non-UK activity relating to sectoral software and technology)— (a) for the heading substitute “Brokering services: non-Territory activity relating to sectoral software and technology”; (b) in paragraph (1), in sub-paragraphs (c), (d), (e) and (f), for “non-UK country” substitute “non-Territory country”; (c) for paragraph (4) substitute— (4) In this regulation— - “non-Territory country” means a country that is not the Territory; - “third country” means a country that is not the Territory or Russia.

6

Omit paragraph 31EA.

7

After paragraph 32 insert—

(32A) For regulation 58A (asset-freeze etc.: exception from prohibitions for required payments) substitute— (58A) (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.

8

After paragraph 34C insert—

(34CZA) In regulation 60DZA— (a) for “Secretary of State”, in each place it occurs, substitute “Governor”; (b) in paragraph (1), for “UK statutory or regulatory obligations” substitute “statutory or regulatory obligations of the Territory”; (c) in paragraph (2)— (i) in the opening words for “23rd April 2025” substitute “11th December 2025”; (ii) in sub-paragraph (a) and (b) for “22nd July 2025” substitute “10th March 2026”.

9

After paragraph 43 insert—

(43A) In regulation 70ZA (finance: reporting obligations for required payments)— (a) in paragraphs (1), (2) and (3), for “Treasury” substitute “Governor”; (b) in paragraph (5), for “58A(8)”, in both places it occurs, substitute “58A(7)”.

10

In paragraph 44, in the substituted regulation 71 (“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) in paragraph (2), in the definition of “company services”, in sub-paragraph (d), after “a person” insert “(other than acting as a nominee shareholder within the meaning of regulation 18C(8) (trust services))”;

(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.

(d) in paragraph (3)—

(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

11

After paragraph 52 insert—

(52A) For regulation 78A (finance: disclosure to the Treasury) substitute— (78A) (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.

12

For paragraph 64 substitute—

(64) (1) Omit regulation 88 (monetary penalties) (including the heading). (2) Omit regulation 88A (OFCOM: power to impose monetary penalties) (including the heading). (3) Omit regulation 88B (OFCOM: monetary penalties: procedural rights) (including the heading).

13

In paragraph 64A—

(a) in paragraph (b)—

(i) after “(1A),” insert “(1B),”;

(ii) after “(3)” insert “, (3A)”;

(b) for paragraph (f) substitute—

(f) for paragraph (9) substitute— (9) Any monetary penalty imposed in the Territory must be paid into the account determined by the competent authority in the Territory.

14

In paragraph 64B, in the substituted regulation 88D—

(a) in paragraph (2), for “an authorised person” substitute “the authorised person”;

(b) for “Supreme Court”, in each place it occurs, substitute “Supreme Court of the Territory”.

15

In paragraph 78—

(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”;

(ed) for paragraph 9DD (insolvency) substitute— (9DD) (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— - “designated person” has the same meaning as it has in Chapter 1 of Part 3 (finance); - “frozen account” has the meaning given in section 54(6) of the Act; - “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 71(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 16 — Amendments to Schedule 2 to the Guinea (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 28A (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: 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 18 insert—

(18A) In regulation 23A (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 19, in the substituted regulation 24 (“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 23 insert—

(23A) For regulation 28A (finance: disclosure to the Treasury) substitute— (28A) (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 37—

(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 17 — Amendments to Schedule 2 to the Cyber (Sanctions) (Overseas Territories) (No. 2) 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 28A (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: 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 18 insert—

(18A) In regulation 23A (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 19, in the substituted regulation 24 (“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 23 insert—

(23A) For regulation 28A (finance: disclosure to the Treasury) substitute— (28A) (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 36—

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

(b) for sub-paragraph (c) substitute—

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

(d) 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 24(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 18 — Amendments to Schedule 2 to the Bosnia and Herzegovina (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: 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 25, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 33—

(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 19 — Amendments to Schedule 2 to the Nicaragua (Sanctions) (Overseas Territories) (No. 2) 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 28A (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: 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 18 insert—

(18A) In regulation 23A (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 19, in the substituted regulation 24 (“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 23 insert—

(23A) For regulation 28A (finance: disclosure to the Treasury) substitute— (28A) (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 24, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 36—

(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 11 (insolvency) substitute— (11) (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 24(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 20 — Amendments to Schedule 2 to the Central African Republic (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 18 insert—

(18A) For regulation 31ZZA (finance: exception from prohibitions for required payments) substitute— (31ZZA) (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 12 (asset-freeze in relation to designated persons) and 14 (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 non-UN designated person, the prohibition in regulation 12 is not contravened by the non-UN designated person making a reimbursement payment to that person. (5) The reference in paragraph (3) to a person making a required payment— (a) does not include a UN designated person, and (b) only includes a non-UN designated person where they are making a required payment on their own behalf. (6) For the purposes of this regulation— (a) references to a non-UN designated person are to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the non-UN designated person, and (b) the reference in paragraph (5) to a UN designated person is to be read as including a person who is owned or controlled directly or indirectly (within the meaning of regulation 7) by the UN designated person. (7) In this regulation— - “designated person” has the same meaning as it has in Part 3 (finance); - “non-UN designated person” means a person— who is designated under regulation 5 (power to designate persons) (as it has effect in the United Kingdom), for the purposes of regulations 12 to 16 (asset-freeze etc.) (as they have effect in the United Kingdom), and whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3); - “reimbursement payment” means a repayment from the non-UN designated person to the person who made a required payment which is of the same amount as that required payment; - “UN designated person” means— a person who is a designated person for the purposes of regulations 12 to 16 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or a person who is designated under regulation 5 (as it has effect in the United Kingdom) for the purposes of regulations 12 to 16 (as they have effect in the United Kingdom) and whose designation is (in the opinion of the Secretary of State) required by a provision mentioned in regulation 4(3).

4

After paragraph 26 insert—

(26A) 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 “31ZZA(8)”, in both places it occurs, substitute “31ZZA(7)”.

5

In paragraph 27, 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 35 insert—

(35A) 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 36, before sub-paragraph (a), insert—

(za) in paragraph (1), for “Treasury” substitute “Governor”;

8

In paragraph 61—

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

(b) for sub-paragraph (c) substitute—

(c) in paragraphs 6B (pre-existing judicial decisions etc.) and 12 (judicial decisions etc.), for “United Kingdom”, in each place it occurs, substitute “Territory”;

(d) for paragraph 11 (insolvency) substitute— (11) (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 21 — Amendments to Schedule 2 to the Lebanon (Sanctions) (Assassination of Rafiq Hariri and others) (Overseas Territories) Order 2020

1

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

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

(b) after sub-paragraph (iii) insert—

(iiia) regulation 23A (finance: disclosure to the Governor), or

2

In paragraph 13, in the substituted regulation 19 (“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—

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