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Application of regulations made under section 192 read with sections 15(1)(b) and 219(d) of Financial Services and Markets Act 2022 in these Regulations

Variable Capital Companies (Sanctions and Freezing of Assets of Persons) Regulations 2020

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—(1) These Regulations apply the provisions (specified in these Regulations) of the following Regulations made under section 192 of the Financial Services and Markets Act 2022 (called in this regulation the FSMA Regulations) subject to the modifications set out in these Regulations:(a)the Financial Services and Markets (Freezing of Assets of Persons — Sudan) Regulations 2023 (G.N. No. S 233/2023) (called in these Regulations the Sudan Regulations);(b)the Financial Services and Markets (Freezing of Assets of Persons — Democratic Republic of the Congo) Regulations 2023 (G.N. No. S 234/2023) (called in these Regulations the Congo Regulations);(c)the Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Democratic People’s Republic of Korea) Regulations 2023 (G.N. No. S 235/2023) (called in these Regulations the DPRK Regulations);(d)the Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Somalia) Regulations 2023 (G.N. No. S 236/2023) (called in these Regulations the Somalia Regulations);(e)the Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Libya) Regulations 2023 (G.N. No. S 237/2023) (called in these Regulations the Libya Regulations);(f)the Financial Services and Markets (Freezing of Assets of Persons — Yemen) Regulations 2023 (G.N. No. S 238/2023) (called in these Regulations the Yemen Regulations);(g)the Financial Services and Markets (Freezing of Assets of Persons — South Sudan) Regulations 2023 (G.N. No. S 239/2023) (called in these Regulations the South Sudan Regulations);(h)the Financial Services and Markets (Sanctions and Freezing of Assets of Persons — Iran) Regulations 2023 (G.N. No. S 240/2023) (called in these Regulations the Iran Regulations).(2) Where a provision of the FSMA Regulations (called in this regulation an incorporated provision) is incorporated by reference in these Regulations, whether with or without modifications, then, in addition to any specific modifications set out in these Regulations —(a)the incorporated provision applies with the necessary modifications;(b)a reference in the incorporated provision to another incorporated provision is to that other provision as applied by these Regulations;(c)a reference in the incorporated provision to a financial institution is to a VCC; and(d)a reference in the incorporated provision to a class of financial institutions is to a class of VCCs.

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