(1) Where a person's conduct in a relevant country would, in the absence of this regulation, contravene a 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;

"relevant prohibition" means a prohibition in -

(a) any of regulations 11 to 15 (asset-freeze etc.),

(b) regulation 16 (UK credit or financial institutions),

(c) regulation 21 (investments in relation to crude oil and electricity production),