(1) The prohibitions in regulations 11 to 15 (asset-freeze etc), regulation 16 (UK credit or financial institutions) and regulation 21 (investments in relation to crude oil and electricity production) do not apply to anything done under the authority of a licence issued by the Treasury under this paragraph.

(2) The Treasury may issue a licence which authorises acts by a particular person only where -

(a) in relation to acts which would otherwise be prohibited by regulations 11 to 15, the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 2 of Schedule 6, and

(b) in relation to acts which would otherwise be prohibited by regulations 16 or 21, the Treasury consider that it is appropriate to issue the licence for a purpose set out in Part 3 of Schedule 6.