Advisory Warning No. 10 of 2014 - The Iran (Restrictive Measures) (Overseas Territories) (Amendment) Order 2013 (2014-08-13)

Summary

This is an advisory notice from the BVI Financial Services Commission informing the public and industry that a UK Order of Council extending EU restrictive measures on Iran to the British Virgin Islands has been ratified and applies in the Territory. It does not itself create new filing or reporting duties but flags an existing sanctions instrument and a narrow exemption mechanism.

• What the Order does: Extends The Iran (Restrictive Measures) (Overseas Territories) (Amendment) Order 2013 (UK SI 2013/786) to the BVI, giving effect to EU Council Decision 2011/235/CFSP (as amended by Council Decision 2012/810/CFSP) imposing restrictive measures on Iran.
• Exemption introduced: Creates an exemption from prohibitions on equipment that could be used for internal repression, where the equipment, technical assistance, brokering, financing or financial assistance is intended solely for the protective use of EU or Member State personnel in Iran.
• Authorisation mechanism: The Governor may authorise the sale, supply, transfer or export of such equipment or related services under this exemption.
• Reference materials: The advisory links to the full text of the underlying EU Council Decisions and the UK Statutory Instrument for those needing detailed compliance guidance.

The notice is informational in nature, alerting regulated entities and the public to the existence and scope of this sanctions-related instrument rather than imposing new procedural obligations directly on licensees.