(1) Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.), 16 (securities and money market instruments), 17 (loans and credit arrangements), 17A (corresponding banking relationships and processing payments), 18 (investments in relation to non-government controlled Ukrainian territory), 18A (provision of foreign reserve and asset management services), 18B (investments in relation to Russia) and 18C (trust services) or Chapters 2 to 6 and Chapter 6B 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