(1) Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 8 to 13 (partial asset-freeze and assetfreeze etc.) or Chapters 2 and 3 of Part 4 (Trade) ("the relevant prohibition"), the relevant prohibition is not contravened if the conduct is authorised by a licence or other authorisation which is issued -

(a) under the law of the relevant country, and

(b) for the purpose of disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition.

(2) In this regulation, "relevant country" means -

(a) any of the Channel Islands,

(b) the Isle of Man, or

(c) any British overseas territory.

(3) Nothing in this regulation affects the application of a prohibition in a case where it would be incompatible with a UN obligation for the prohibition not to apply.