(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 -
(a) any of the Channel Islands,
(b) the Isle of Man, or
(c) any British overseas territory;
"relevant prohibition" means a prohibition in -
(a) any of
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