has effect in the United Kingdom) is an excluded person for the purposes of section 8B of the Immigration Act 1971( a ) (as it has effect in the Isle of Man).” 

10.  In regulation 18 (finance: exceptions from prohibitions)— 

(a) omit paragraph (6); 

(b) in paragraph (7), for the definition of “relevant institution” substitute— 

““relevant institution” means— 

(a) a person who is licensed under the Financial Services Act 2008 (of Tynwald)( b ) to carry on a regulated activity within the meaning of section 3 of that Act, 

(b) a person who is authorised or registered under the Insurance Act 2008 (of Tynwald)( c ) or who holds a permit under that Act, 

(c) a person who is registered under the Moneylenders Act 1991 (of Tynwald)( d ) to carry on the business of lending money, or 

(d) a person who is acting as a trustee or an administrator of a retirement benefits scheme within the meaning of the Retirement Benefits Schemes Act 2000 (of Tynwald)( e ).” 

(c) omit paragraph (8). 

11.  For regulation 19 (finance: exception for authorised conduct in a relevant country) substitute— 

## “ Finance: exceptions for authorised conduct outside the Isle of Man 

19. —(1) Where a person’s conduct outside the Isle of Man would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.), the prohibition is not contravened if the conduct is authorised by a licence issued under regulation 21 (Treasury licences) (as it has effect in the United Kingdom). 

(2) Where a person’s conduct in a relevant country would, in the absence of this paragraph, contravene a prohibition in any of regulations 11 to 15 (asset-freeze etc.) (“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. 

(3) In this regulation, “relevant country” means— 

(a) any of the Channel Islands; 

(b) any British overseas territory.” 

12.  For regulation 20 (exception for acts done for purposes of national security or prevention of serious crime), substitute— 

“ 20. —(1) Where an act would, in the absence of this paragraph, be prohibited by the prohibition in regulation 9(2) (confidentiality) or any prohibition in Part 3 (Finance), that prohibition does not apply to the act if the act is one which— 

(a) a UK responsible officer has determined would be in the interests of— 

(i) national security, or 

