(1) Where a person’s conduct in a relevant country would, in the absence of this regulation, contravene a relevant prohibition or relevant requirement, the relevant prohibition or relevant requirement is not contravened if the conduct is authorised by a licence, direction or other authorisation which is issued -

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

(b) for the purpose of -

(i) disapplying a prohibition in that jurisdiction which corresponds to the relevant prohibition, or

(ii) providing that a requirement in that jurisdiction which corresponds to the relevant requirement has effect subject to any exceptions specified in the licence, direction or other authorisation.

(2) In this regulation -

"the financial services provisions" means regulations 18, 20 to 22, and 24 to 30, excluding regulation 26(7);

"relevant country" means -