(1) Where, immediately before the relevant date, a person was named by the Security Council or the Committee for the purposes of paragraph 4 of resolution 2374, any reference in a provision mentioned in paragraph (2) to the date on which a person became a designated person is to be read as a reference to the date on which the person was so named.

(2) The provisions referred to in paragraph (1) are -

(a) regulation 19(5) (finance: exceptions from prohibitions), and

(b) paragraphs 6(b)(i), 8(a) and 9(a) of Schedule 2 (Treasury licences: purposes).

(3) In this regulation -

"designated person" has the same meaning as it has in Part 3 (Finance);

"the relevant date" means -

(a) where regulations under section 56 of the Act provide that Part 3 comes into force at a specified time on a day, that time on that day;

(b) otherwise, the date on which Part 3 comes into force.