Citation, commencement and interpretation

1. —(1) This Order may be cited as the Extraterritorial US Legislation (Sanctions against Cuba, Iran and Libya) (Protection of Trading Interests) (Amendment) Order 2018 and shall come into force on 1st February 2019.

(2) In this Order, references to the “1996 Order” are to the Extraterritorial US Legislation (Sanctions against Cuba, Iran and Libya) (Protection of Trading Interests) Order 1996( 2 ).

Amendment of the 1996 Order

2. For Article 1(2) of the 1996 Order, substitute—

“ (2) In this Order—

(a) references to the “ EC Counter-measures Regulation” are references to Council Regulation (EC) No. 2271/96 3 ) protecting against the effects of the extraterritorial application of legislation adopted by a third country, and actions based thereon or resulting therefrom, as last amended by Commission Delegated Regulation ( EU ) 2018/1100 ( 4 ) ;

(b) unless the context otherwise requires, expressions used shall have the same meaning as in that Regulation. ”

3. After Article 3 of the 1996 Order, insert—

“ 4. —(1) The Secretary of State must from time to time—

(a) carry out a review of the regulatory provisions contained in this Order;

(b) set out the conclusions of the review in a report; and

(c) publish the report.

(2) The first report under this Order must be published before 1st February 2024.

(3) Subsequent reports must be published at intervals not exceeding five years.

(4)Section 30(3) of the Small Business, Enterprise and Employment Act 2015 ( 5 ) requires that a review carried out under this article must, so far as is reasonable, have regard to the rules on penalties applicable to infringements of the EC Counter-measures Regulation and the measures taken to implement them in other member States.

(5)Section 30(4) of the Small Business, Enterprise and Employment Act 2015 requires that a report published under this article must in particular—

(a) set out the objectives intended to be achieved by the regulatory provisions referred to in paragraph (1)(a);

(b) assess the extent to which those objectives are achieved;

(c) assess whether those objectives remain appropriate; and

(d) if those objectives remain appropriate, assess the extent to which they could be achieved in another way which involves less onerous regulatory provisions. ”