“Pitcairn” means Pitcairn, Henderson, Ducie and Oeno Islands. 

“the Sovereign Base Areas” means the Sovereign Base Areas of Akrotiri and Dhekelia in the Island of Cyprus.” 

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

(a) omit paragraph (6); 

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

““relevant institution”, in relation to the Territory, means a person domiciled in the Territory who would satisfy the threshold conditions for permission under Part 4A of the Financial Services and Markets Act 2000( a ) if it had its registered office (or if it does not have one, its head office) in the United Kingdom.”; 

(c) omit paragraph (8). 

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

## “ Finance: exceptions for authorised conduct outside the Territory 

19. —(1) Where a person’s conduct outside the Territory 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 (“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) the Isle of Man; 

(c) any British overseas territory other than the Territory.” 

13.  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 responsible officer has determined would be in the interests of— 

(i) national security, or 

(ii) the prevention or detection of serious crime in the United Kingdom or elsewhere, or 

(b) the Governor, with the consent of the Secretary of State, has determined would be in the interests of the prevention or detection of serious crime in the Territory. 

(2) Where, in the absence of this paragraph, a thing would be required to be done under or by virtue of a provision of Part 6 (Information and records), that requirement does not apply if— 

