Section 54D(2)

The condition is that the relevant activity would— be prohibited under any of regulations 11 to 18C of Part 3 (Finance), Chapters 2 to 6 or regulation 54C of Part 5 (Trade) if— the relevant activity was done by a United Kingdom person, or the relevant activity was taking place in the United Kingdom, or contravene regulation 19 or 55 if— the relevant activity was done by a United Kingdom person, or the relevant activity was taking place in the United Kingdom.

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Source: legislation.gov.uk · retrieved 2026-08-30