Schedule 1 ¶

British overseas territories

Article 1(2)

Anguilla
British Antarctic Territory
British Indian Ocean Territory
Cayman Islands
Falkland Islands
Montserrat
Pitcairn, Henderson, Ducie and Oeno Islands
St Helena, Ascension and Tristan da Cunha
South Georgia and the South Sandwich Islands
The Sovereign Base Areas of Akrotiri and Dhekelia in the Island of Cyprus
Turks and Caicos Islands
Virgin Islands

Schedule 2 ¶

Amendments to Schedule 2 to the Venezuela (Sanctions) (Overseas Territories) Order 2020

Article 2(1)

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

.

2 After paragraph 6, insert—

.

3 After paragraph 17 insert—

17A For regulation 33ZA (finance: exception from prohibitions for required payments) substitute—

33ZA Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 26, in the substituted regulation 42 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 34 insert—

.

7 In paragraph 60—

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

b for sub-paragraph (d), substitute—

;

c after sub-paragraph (d), insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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 42(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 3 ¶

Amendments to Schedule 2 to the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2020

Article 2(2)

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

.

2 After paragraph 6, insert—

.

3 After paragraph 53 insert—

53A For regulation 81ZA (asset-freeze etc.: exception from prohibitions for required payments) substitute—

81ZA Asset-freeze etc.: exception from prohibitions for required payments

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 13 (asset-freeze in relation to designated persons) and 15 (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 13 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 4 (finance);
“non-UN designated person” means a person—
1. who is designated under regulation 5 (power to designate persons) (as it has effect in the United Kingdom) for the purposes of regulations 13 to 17 (asset-freeze etc.), and
2. whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3) (purposes);
“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—
1. a person who is a designated person for the purposes of regulations 13 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or
2. a person who is designated under regulation 5 (as it has effect in the United Kingdom) for the purposes of regulations 13 to 17 and whose designation is (in the opinion of the Secretary of State) required by paragraph 32 of resolution 2270 or a provision mentioned in regulation 4(4).

.

4 After paragraph 68 insert—

.

5 In paragraph 69, in the substituted regulation 100 (“relevant firm”)—

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

;

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 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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 78 insert—

.

7 In paragraph 104—

a in sub-paragraph (b), for “paragraph 5(b)(ii) (pre-existing judicial decisions etc.)” substitute “paragraphs 7A (pre-existing judicial decisions etc.) and 9B (judicial decisions etc.)”;

b after sub-paragraph (b) insert—

ba for paragraph 9A (insolvency) substitute—

9A Insolvency

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—
1. 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;
2. 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 100(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 4 ¶

Amendments to Schedule 2 to the Democratic Republic of the Congo (Sanctions) (Overseas Territories) Order 2020

Article 2(3)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 18 insert—

18A For regulation 31ZZA (finance: exception from prohibitions for required payments) substitute—

31ZZA Finance: exception from prohibitions for required payments

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—
1. 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.), and
2. whose designation, in the opinion of the Secretary of State, is not required by a provision mentioned in regulation 4(3) (purposes);
“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—
1. 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
2. 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) (purposes).

.

4 After paragraph 26 insert—

.

5 In paragraph 27, in the substituted regulation 40 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 35 insert—

.

7 In paragraph 61—

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

b in sub-paragraph (d), for “paragraph 6(b)(ii) (pre-existing judicial decisions etc)” substitute “paragraphs 7A (pre-existing judicial decisions etc.) and 13 (judicial decisions etc.)”;

c after sub-paragraph (d) insert—

e for paragraph 12 (insolvency) substitute—

12 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

;

.

Schedule 5 ¶

Amendments to Schedule 2 to the South Sudan (Sanctions) (Overseas Territories) Order 2020

Article 2(4)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 18 insert—

18A For regulation 31ZZA (finance: exception from prohibitions for required payments) substitute—

31ZZA Finance: exception from prohibitions for required payments

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—
1. 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.), and
2. 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—
1. 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
2. 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) (purposes).

.

4 After paragraph 26 insert—

.

5 In paragraph 27, in the substituted regulation 40 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 35 insert—

.

7 In paragraph 61—

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

b in sub-paragraph (c), for “paragraph 6(b)(ii) (pre-existing judicial decisions etc)” substitute “paragraphs 6B (pre-existing judicial decisions etc.) and 11 (judicial decisions etc.)”;

c after sub-paragraph (c) insert—

d for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

;

.

Schedule 6 ¶

Amendments to Schedule 2 to the Iran (Sanctions) (Nuclear) (Overseas Territories) Order 2020

Article 2(5)

1 In paragraph 2(b)—

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

;

b after paragraph (ii) insert—

.

2 After paragraph 6 insert—

.

3 After paragraph 20 insert—

20A For regulation 37ZZA (finance: exception from prohibitions for required payments) substitute—

37ZZA Finance: exception from prohibitions for required payments

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);
“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—
1. a person who is a designated person for the purposes of regulations 12 to 17 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or
2. 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 17 (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) (purposes).

.

4 After paragraph 28 insert—

.

5 In paragraph 29, in the substituted regulation 47 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 37 insert—

.

7 In paragraph 62—

a in sub-paragraph (b), for “paragraph 5(b)(ii) (pre-existing judicial decisions etc)” substitute “paragraphs 7A (pre-existing judicial decisions etc.) and 10B (judicial decisions etc.)”;

b in sub-paragraph (c), for “paragraph 11” substitute “paragraph 11(1)”;

c after sub-paragraph (c) insert—

d for paragraph 10A (insolvency) substitute—

10A Insolvency

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—
1. 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;
2. 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 47(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

;

.

Schedule 7 ¶

Amendments to Schedule 2 to the ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (Overseas Territories) Order 2020

Article 2(6)

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

.

2 In paragraph 17, in the substituted regulation 32 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

3 After paragraph 23 insert—

.

Schedule 8 ¶

Amendments to Schedule 2 to the Republic of Guinea-Bissau (Sanctions) (Overseas Territories) Order 2020

Article 2(7)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exception from prohibitions for required payments) substitute—

18B Finance: exception from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 24 insert—

.

7 In paragraph 38—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(8)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 17 insert—

17A For regulation 29ZA (finance: exception from prohibitions for required payments) substitute—

29ZA Finance: exception from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 30 insert—

.

Schedule 10 ¶

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

Article 2(9)

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—

.

2 In paragraph 8—

a after sub-paragraph (c) insert—

;

b for sub-paragraph (d) substitute—

.

3 After paragraph 13 insert—

13A For regulation 17ZA (finance: exception from prohibitions for required payments) substitute—

17ZA Finance: exception from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

Schedule 11 ¶

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

Article 2(10)

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

.

2 After paragraph 16 insert—

16A For regulation 30ZA (asset-freeze etc.: exception from prohibitions for required payments) substitute—

30ZA Asset-freeze etc.: exception from prohibitions for required payments

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—

.

4 After paragraph 24A insert—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 33 insert—

.

7 After paragraph 45 insert—

.

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—

;

g after paragraph (8) insert—

.

9 After paragraph 45B insert—

45C For regulation 56D (Treasury monetary penalties: procedural rights) substitute—

56D Monetary penalties: procedural rights

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 after sub-paragraph (ca) insert—

cb for paragraph 10C (insolvency) substitute—

10C Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(11)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 17 insert—

17A For regulation 31ZA (finance: exceptions from prohibitions for required payments) substitute—

31ZA Finance: exceptions from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 34 insert—

.

7 In paragraph 60—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(12)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exceptions from prohibitions for required payments) substitute—

18B Finance: exceptions from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 24 insert—

.

7 In paragraph 38—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(13)

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—

.

2 After paragraph 6 insert—

.

3 Omit the following paragraphs—

a 11,

b 12,

c 13,

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 Asset-freeze etc.: exception from prohibitions for required payments

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—

.

6 After paragraph 44 insert—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

8 After paragraph 53 insert—

.

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”;

c in paragraph (2) omit “, aircraft”;

d in paragraph (3)—

i omit “, aircraft”;

ii omit “, the aircraft operator”;

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

f for paragraph (5) substitute—

;

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”;

c in paragraph (3)—

i for sub-paragraph (a) substitute—

;

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)”;

c in paragraph (6) omit “53(4) (aircraft: disclosure of information offence),”;

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—

;

c after sub-paragraph (e) insert—

ea for paragraph 16A (insolvency) substitute—

16A Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(14)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 26XH insert—

.

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

5 After paragraph 26Z9 insert—

.

6 Omit paragraph 31EA.

7 After paragraph 32 insert—

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

58A Asset-freeze etc.: exception from prohibitions for required payments

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—

.

9 After paragraph 43 insert—

.

10 In paragraph 44, in the substituted regulation 71 (“relevant firm”)—

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

;

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))”;

c 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.

;

d in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

11 After paragraph 52 insert—

.

12 For paragraph 64 substitute—

.

13 In paragraph 64A—

a in paragraph (b)—

i after “(1A),” insert “(1B),”;

ii after “(3)” insert “, (3A)”;

b for paragraph (f) substitute—

.

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—

;

c after sub-paragraph (ec) insert—

ed for paragraph 9DD (insolvency) substitute—

9DD Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(15)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exception from prohibitions for required payments) substitute—

18B Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 19, in the substituted regulation 24 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

7 In paragraph 37—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(16)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exception from prohibitions for required payments) substitute—

18B Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 19, in the substituted regulation 24 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

7 In paragraph 36—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(17)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exception from prohibitions for required payments) substitute—

18B Finance: exception from prohibitions for required payments

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—

.

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

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 24 insert—

.

7 In paragraph 25, before sub-paragraph (a), insert—

.

8 In paragraph 33—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(18)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 18B (finance: exception from prohibitions for required payments) substitute—

18B Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 19, in the substituted regulation 24 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

7 In paragraph 24, before sub-paragraph (a), insert—

.

8 In paragraph 36—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(19)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 18 insert—

18A For regulation 31ZZA (finance: exception from prohibitions for required payments) substitute—

31ZZA Finance: exception from prohibitions for required payments

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—
1. 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
2. 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—
1. 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
2. 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—

.

5 In paragraph 27, in the substituted regulation 40 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 35 insert—

.

7 In paragraph 36, before sub-paragraph (a), insert—

.

8 In paragraph 61—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. 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

Article 2(20)

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—

.

2 In paragraph 13, in the substituted regulation 19 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

3 After paragraph 17 insert—

.

4 In paragraph 18, before sub-paragraph (a), insert—

.

Schedule 22 ¶

Amendments to Schedule 2 to the Somalia (Sanctions) (Overseas Territories) Order 2020

Article 2(21)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 25 insert—

25A For regulation 43A (finance: exception from prohibitions for required payments) substitute—

43A Finance: exception from prohibitions for required payments

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—
1. 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
2. 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—
1. 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
2. a person who is designated under regulation 5(1)(a) (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 33 insert—

.

5 In paragraph 34, in the substituted regulation 54 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 42 insert—

.

7 In paragraph 43, before sub-paragraph (a), insert—

.

8 In paragraph 68—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 10 (insolvency) substitute—

10 Insolvency

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—
1. 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;
2. 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 54(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 23 ¶

Amendments to Schedule 2 to the Global Human Rights Sanctions (Overseas Territories) Order 2020

Article 2(22)

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—

.

2 After paragraph 5 insert—

.

3 After paragraph 11 insert—

11A For regulation 18A (finance: exception from prohibitions for required payments) substitute—

18A Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 19, in the substituted regulation 26 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

7 In paragraph 32—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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 26(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 24 ¶

Amendments to Schedule 2 to the Mali (Sanctions) (Overseas Territories) Order 2020

Article 2(23)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 19ZA (finance: exception from prohibitions for required payments) substitute—

19ZA Finance: exception from prohibitions for required payments

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 designated person, the prohibition in regulation 12 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—

.

5 In paragraph 20, in the substituted regulation 26 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 24 insert—

.

7 In paragraph 25, before sub-paragraph (a), insert—

.

8 In paragraph 37—

a for sub-paragraph (b) substitute—

;

b after sub-paragraph (b) insert—

c for paragraph 13 (insolvency) substitute—

13 Insolvency

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—
1. 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;
2. 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 26(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 25 ¶

Amendments to Schedule 2 to the Iraq (Sanctions) (Overseas Territories) Order 2020

Article 2(24)

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

.

2 In paragraph 22, in the substituted regulation 41 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

3 After paragraph 30 insert—

.

4 In paragraph 31, before sub-paragraph (a), insert—

.

Schedule 26 ¶

Amendments to Schedule 2 to the Sudan (Sanctions) (Overseas Territories) Order 2020

Article 2(25)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 18 insert—

18A For regulation 31ZA (finance: exception from prohibitions for required payments) substitute—

31ZA Finance: exception from prohibitions for required payments

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—
1. 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
2. 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—
1. 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
2. a person who is designated under regulation 5(1)(a) (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—

.

5 In paragraph 27, in the substituted regulation 41 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 35 insert—

.

7 In paragraph 61—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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 41(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 27 ¶

Amendment to Schedule 2 to the Afghanistan (Sanctions) (Overseas Territories) Order 2020

Article 2(26)

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

.

2 In paragraph 18, in the substituted regulation 31 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

3 After paragraph 24 insert—

.

4 In paragraph 25, before sub-paragraph (a), insert—

.

Schedule 28 ¶

Amendments to Schedule 2 to the Yemen (Sanctions) (Overseas Territories) Order 2020

Article 2(27)

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

.

2 After paragraph 6 insert—

.

3 After paragraph 18 insert—

18A For regulation 30ZA (finance: exception from prohibitions for required payments) substitute—

30ZA Finance: exception from prohibitions for required payments

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—
1. 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
2. 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—
1. 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
2. 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—

.

5 In paragraph 27, in the substituted regulation 40 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 35 insert—

.

7 In paragraph 36, before sub-paragraph (a), insert—

.

8 In paragraph 60—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 12 (insolvency) substitute—

12 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 29 ¶

Amendments to Schedule 2 to the Unauthorised Drilling Activities in the Eastern Mediterranean (Sanctions) (Overseas Territories) Order 2020

Article 2(28)

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—

.

2 After paragraph 6 insert—

.

3 After paragraph 13 insert—

13A For regulation 19A (finance: exception from prohibitions for required payments) substitute—

19A Finance: exception from prohibitions for required payments

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—

.

5 In paragraph 19, in the substituted regulation 25 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

6 After paragraph 23 insert—

.

7 In paragraph 24, before sub-paragraph (a), insert—

.

8 In paragraph 36—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 30 ¶

Amendments to Schedule 2 to the Libya (Sanctions) (Overseas Territories) Order 2021

Article 2(29)

1 In paragraph 2(b)—

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

;

b after paragraph (ii) insert—

.

2 After paragraph 6 insert—

.

3 In paragraph 7 for “criteria for designating a person” substitute “designation criteria: meaning of “involved person””.

4 After paragraph 22 insert—

22A For regulation 43ZA (finance: exception from prohibitions for required payments) substitute—

43ZA Finance: exception from prohibitions for required payments

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” means a designated person within the meaning of regulation 11 (meaning of “designated person” in Chapter 1) or 17 (meaning of “designated person” in Chapter 2);
“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—
1. a person who is a designated person for the purposes of regulations 12 to 16 or regulations 18 to 20 by reason of regulation 10 (designation of persons named by or under UN Security Council Resolutions), or
2. 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 and whose designation is (in the opinion of the Secretary of State) required by paragraph 17 of resolution 1970 (read in accordance with regulation 4(4)).

.

5 After paragraph 32 insert—

.

6 In paragraph 33, in the substituted regulation 57 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

7 After paragraph 41 insert—

.

8 In paragraph 42, before sub-paragraph (a), insert—

.

9 In paragraph 67—

a for sub-paragraph (b) substitute—

;

b after sub-paragraph (b) insert—

c for paragraph 15A (insolvency) substitute—

15A Insolvency

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—
1. 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;
2. 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 57(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 31 ¶

Amendments to Schedule 2 to the Global Anti-Corruption Sanctions (Overseas Territories) Order 2021

Article 2(30)

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—

.

2 After paragraph 5 insert—

.

3 In paragraph 6 for “designation criteria” substitute “designation criteria: meaning of “involved person””.

4 After paragraph 12 insert—

12A For regulation 19A (finance: exception from prohibitions for required payments) substitute—

19A Finance: exception from prohibitions for required payments

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.

.

5 After paragraph 17 insert—

.

6 In paragraph 18, in the substituted regulation 25 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

7 After paragraph 22 insert—

.

8 In paragraph 23, before sub-paragraph (a), insert—

.

9 In paragraph 33—

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

b for sub-paragraph (d) substitute—

;

c after sub-paragraph (d) insert—

e for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 32 ¶

Amendments to Schedule 2 to the Myanmar (Sanctions) (Overseas Territories) Order 2021

Article 2(31)

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

.

2 After paragraph 5 insert—

.

3 In paragraph 6 for “designation criteria” substitute “designation criteria: meaning of “involved person””.

4 After paragraph 19 insert—

19A For regulation 41A (finance: exception from prohibitions for required payments) substitute—

41A Finance: exception from prohibitions for required payments

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.

.

5 After paragraph 27 insert—

.

6 In paragraph 28, in the substituted regulation 51 (“relevant firm”)—

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

;

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.

;

c in paragraph (3)—

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

ii after sub-paragraph (a) insert—

.

7 After paragraph 36 insert—

.

8 In paragraph 37, before sub-paragraph (a), insert—

.

9 In paragraph 60—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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 51(2H);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 33 ¶

Amendments to Schedule 2 to the Haiti (Sanctions) (Overseas Territories) Order 2022

Article 2(32)

1 In paragraph 18, in the substituted regulation 32 (“relevant firm”)—

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

;

b after paragraph (3) insert—

3A 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.

3B In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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.

3C A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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.

3D 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.

3E 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.

3F 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.

3G For the purposes of paragraph (3F)—

“land” includes part of a building and part of any other structure;
“letting agency work” does not include the things listed in paragraph (3H) 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 (3F).

3H 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.

;

c in paragraph (4)—

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

ii after sub-paragraph (a) insert—

.

2 For paragraph 25 substitute—

.

Schedule 34 ¶

Amendments to Schedule 2 to the Iran (Sanctions) (Overseas Territories) Order 2023

Article 2(33)

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

.

2 After paragraph 29 insert—

29A For regulation 55A (finance: exception from prohibitions for required payments) substitute—

55A Finance: exception from prohibitions for required payments

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 15 (asset-freeze in relation to designated persons) and 17 (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 15 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 9) 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 40 insert—

.

4 In paragraph 41, in the substituted regulation 69 (“relevant firm”)—

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

;

b after paragraph (3) insert—

3A 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.

3B In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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.

3C A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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.

3D 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.

3E 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.

3F 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.

3G For the purposes of paragraph (3F)—

“land” includes part of a building and part of any other structure;
“letting agency work” does not include the things listed in paragraph (3H) 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 (3F).

3H 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.

;

c in paragraph (4)—

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

ii after sub-paragraph (a) insert—

.

5 For paragraph 50 substitute—

.

6 In paragraph 51, before sub-paragraph (a), insert—

.

7 In paragraph 75—

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

b for sub-paragraph (c) substitute—

;

c after sub-paragraph (c) insert—

d for paragraph 13 (insolvency) substitute—

13 Insolvency

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—
1. 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;
2. 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 69(3E);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

Schedule 35 ¶

Amendments to Schedule 2 to the Global Irregular Migration and Trafficking in Persons Sanctions (Overseas Territories) Order 2025

Article 2(34)

1 In paragraph 3(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—

.

2 After paragraph 12 insert—

12A For regulation 23 (finance: exception from prohibitions for required payments) substitute—

23 Finance: exception from prohibitions for required payments

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 14 (asset-freeze in relation to designated persons) and 16 (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 14 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 9) 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 20 insert—

.

4 In paragraph 21, in the substitute regulation 35 (“relevant firm”)—

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

;

b after paragraph (3) insert—

3A 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.

3B In paragraph (1), an “art market participant” means, subject to paragraph (3C), 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.

3C A firm or sole practitioner is not an art market participant for the purposes of paragraph (3B) 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.

3D 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.

3E 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.

3F 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.

3G For the purposes of paragraph (3F)—

“land” includes part of a building and part of any other structure;
“letting agency work” does not include the things listed in paragraph (3H) 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 (3H).

3H 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.

;

c in paragraph (4)—

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

ii after sub-paragraph (a) insert—

.

5 In paragraph 35—

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

b after sub-paragraph (d) insert—

da for paragraph 11 (insolvency) substitute—

11 Insolvency

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—
1. 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;
2. 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 35(3E);
3. 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—
  1. reorganise assets;
  2. realise assets;
4. 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;
5. 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;
6. 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—
1. P is unable to pay its debts as they fall due, or
2. the value of P’s assets is less than the amount of its liabilities, taking into account its contingent and prospective liabilities.

.

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

1 Citation, commencement and extent¶

2 Amendments to Overseas Territories Orders¶

Schedules

Schedule 1 ¶

British overseas territories

Schedule 2 ¶

Amendments to Schedule 2 to the Venezuela (Sanctions) (Overseas Territories) Order 2020

Schedule 3 ¶

Amendments to Schedule 2 to the Democratic People’s Republic of Korea (Sanctions) (Overseas Territories) Order 2020

Schedule 4 ¶

Amendments to Schedule 2 to the Democratic Republic of the Congo (Sanctions) (Overseas Territories) Order 2020

Schedule 5 ¶

Amendments to Schedule 2 to the South Sudan (Sanctions) (Overseas Territories) Order 2020

Schedule 6 ¶

Amendments to Schedule 2 to the Iran (Sanctions) (Nuclear) (Overseas Territories) Order 2020

Schedule 7 ¶

Amendments to Schedule 2 to the ISIL (Da’esh) and Al-Qaida (United Nations Sanctions) (Overseas Territories) Order 2020

Schedule 8 ¶

Amendments to Schedule 2 to the Republic of Guinea-Bissau (Sanctions) (Overseas Territories) Order 2020

Schedule 9 ¶

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

Schedule 10 ¶

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

Schedule 11 ¶

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

Schedule 12 ¶

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

Schedule 13 ¶

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

Schedule 14 ¶

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

Schedule 15 ¶

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

Schedule 16 ¶

Amendments to Schedule 2 to the Guinea (Sanctions) (Overseas Territories) Order 2020

Schedule 17 ¶

Amendments to Schedule 2 to the Cyber (Sanctions) (Overseas Territories) (No. 2) Order 2020

Schedule 18 ¶

Amendments to Schedule 2 to the Bosnia and Herzegovina (Sanctions) (Overseas Territories) Order 2020

Schedule 19 ¶

Amendments to Schedule 2 to the Nicaragua (Sanctions) (Overseas Territories) (No. 2) Order 2020

Schedule 20 ¶

Amendments to Schedule 2 to the Central African Republic (Sanctions) (Overseas Territories) Order 2020

Schedule 21 ¶

Amendments to Schedule 2 to the Lebanon (Sanctions) (Assassination of Rafiq Hariri and others) (Overseas Territories) Order 2020

Schedule 22 ¶

Amendments to Schedule 2 to the Somalia (Sanctions) (Overseas Territories) Order 2020

Schedule 23 ¶

Amendments to Schedule 2 to the Global Human Rights Sanctions (Overseas Territories) Order 2020

Schedule 24 ¶

Amendments to Schedule 2 to the Mali (Sanctions) (Overseas Territories) Order 2020

Schedule 25 ¶

Amendments to Schedule 2 to the Iraq (Sanctions) (Overseas Territories) Order 2020

Schedule 26 ¶

Amendments to Schedule 2 to the Sudan (Sanctions) (Overseas Territories) Order 2020

Schedule 27 ¶

Amendment to Schedule 2 to the Afghanistan (Sanctions) (Overseas Territories) Order 2020

Schedule 28 ¶

Amendments to Schedule 2 to the Yemen (Sanctions) (Overseas Territories) Order 2020

Schedule 29 ¶

Amendments to Schedule 2 to the Unauthorised Drilling Activities in the Eastern Mediterranean (Sanctions) (Overseas Territories) Order 2020

Schedule 30 ¶

Amendments to Schedule 2 to the Libya (Sanctions) (Overseas Territories) Order 2021

Schedule 31 ¶

Amendments to Schedule 2 to the Global Anti-Corruption Sanctions (Overseas Territories) Order 2021