The Financial Restrictions (Iran) Order 2011

• Citation: S.I. 2011/2775
• Sections: 4

Section 1 Citation and commencement

This Order may be cited as the Financial Restrictions (Iran) Order 2011, and comes into force at 3.00 p.m. on 21st November 2011.

Section 2 Relevant persons

The direction in article 4 is given to all persons operating in the financial sector (referred to in that article as “relevant persons”).

Section 3 Designated persons

(1) The direction in article 4 is given in relation to transactions or business relationships with the following persons (referred to in that article as “designated persons”)—

(a) a credit institution incorporated in Iran;

(b) the Central Bank of Iran, also known as Bank Markazi Jomhouri Islami Iran;

(c) a branch, wherever located, of a person falling within sub-paragraph (a);

(d) a subsidiary , wherever located, of a person falling within sub-paragraph (a).

(2) In paragraph (1), “branch” means a place of business of a person, other than its head office, which has no legal personality separate from that person, and which carries out directly all or some of the transactions inherent in that person’s business.

Section 4 Direction to cease business

The Treasury direct that a relevant person must not—

(a) enter into, or

(b) continue to participate in,

any transaction or business relationship with a designated person.