Regulation 100 Transitional provision: Treasury licences
(1) Paragraphs (2) to (4) apply to a licence which -
(a) was granted, or deemed to be granted, by the Treasury under the Ukraine Financial Sanctions Regulations,
(b) was in effect immediately before IP completion day, and
(c) authorises an act which would (on and after IP completion day, and in the absence of paragraphs (2) to(4)) be prohibited by Part 3 (Finance),
and such a licence is referred to in this regulation as "an existing financial sanctions licence".
(2) An existing financial sanctions licence has effect on and after IP completion day as if it had been issued by the Treasury under regulation 64(1) (Treasury licences).
(3) Any reference in an existing financial sanctions licence to the Ukraine Financial Sanctions Regulations is to be treated on and after IP completion day as a reference to these Regulations.
(4) Any reference in an existing financial sanctions licence to a prohibition in -