(1) The Iran (Sanctions) (Nuclear) (EU Exit) Regulations 2019 [S.I. 2019/461, amended by S.I. 2019/843 and S.I. 2020/591.] are amended as follows.

(2) After regulation 37 insert -

"37A. Exception for authorised conduct in a relevant country

(1) Where a person’s conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 12 to 17 (asset-freeze etc.) or Chapters 1 to 3 of Part 5 (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."