Commonwealth Consolidated Regulations

CHARTER OF THE UNITED NATIONS (SANCTIONS--LIBYA) REGULATIONS 2011 - REG 12A

  (1)   A person may apply to the Minister for a permit authorising:

  (a)   the making available of an asset that would otherwise contravene subregulation   11(1); or

  (b)   a use of, or dealing with, a controlled asset that would otherwise contravene subregulation   12(1).

  (2)   An application mentioned in paragraph   ( 1)(a) must be made in accordance with regulation   12B.

  (3)   An application mentioned in paragraph   ( 1)(b) in relation to a controlled asset mentioned in subregulation   (5) must be made in accordance with regulation   12B or 13.

  (4)   An application mentioned in paragraph   ( 1)(b) in relation to a controlled asset other than a controlled asset mentioned in subregulation   (5) must be made in accordance with regulation   12B.

  (5)   For subregulations (3) and (4), the controlled asset is an asset that:

  (a)   is owned or controlled by:

  (i)   the Libyan Investment Authority; or

  (ii)   the Libyan Africa Investment Portfolio; and

  (b)   was outside Libya and frozen on 16   September 2011.