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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
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Regulaiton 20 Opening of or taking up of business by a representative office, branch or subsidiary of DPRK credit or financial institution

(1) A person ("P") must not -

(a) open a representative office or establish a branch or subsidiary in the United Kingdom of a person falling within regulation 18(2);

(b) enter into an arrangement for, or on behalf of, a person falling within regulation 18(2) which relates to the opening of a representative office or the establishment of a branch or subsidiary in the United Kingdom, if P knows, or has reasonable cause to suspect, that the arrangement is for, or on behalf of, such a person; or

(c) authorise the taking up and pursuit of business by a representative office, branch or subsidiary of a person falling within regulation 18(2), if the representative office, branch or subsidiary was not operational before 19 February 2013.

(2) Paragraph (1) is subject to Part 9 (Exceptions and licences).

(3) A person who contravenes a prohibition in paragraph (1) commits an offence.

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