12APermit for assets and controlled assets—application—general

12A Permit for assets and controlled assets—application—general

(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.