October 20, 2008

Banking Dossier: Have the Brits gone nuts, too - Bank Crisis update

Order made by the Treasury, laid before both Houses of Parliament under section 10(2) of the

Anti-terrorism, Crime and Security Act 2001, for approval by each House before the expiration of

a period of twenty-eight days beginning with the date on which the Order was made, no account to

be taken of any time during which Parliament is dissolved or prorogued or during which both

Houses are adjourned for more than four days.

S T A T U T O R Y I N S T R U M E N T S

2008 No. 2668

BANKS AND BANKING

The Landsbanki Freezing Order 2008

Made - - - - at 10.00 a.m. on 8th October 2008

[…]

Specified persons

3.—(1) The following are specified persons for the purposes of this Order—

(a) Landsbanki;

(b) the Authorities; and

(c) the Government of Iceland .

(2) If a specified person makes a written request, the Treasury must give it written reasons why

it has been specified.

(a) 2000 c.8.

(b) As amended by S.I. 2000/2952 and S.I. 2003/1473.

3

Freezing prohibitions

4.—(1) The provisions of this article apply in relation to the following funds (“frozen funds”)—

(a) funds owned, held or controlled by Landsbanki; and

(b) funds relating to Landsbanki and owned, held or controlled by—

(i) any of the Authorities; or

(ii) the Government of Iceland .

(2) A person must not make frozen funds available to or for the benefit of a specified person.

(3) A person must not make frozen funds available at the direction or instruction of a specified

person.

(4) A person must not deal with frozen funds.

(5) For the purposes of this article, making funds available to or for the benefit of a specified

person includes—

(a) allowing it to withdraw from an account;

(b) honouring a cheque payable to it;

(c) crediting its account with interest;

(d) releasing documents of title (such as share certificates) held on its behalf;

(e) making available the proceeds of realisation of its property; and

(f) making a payment to or for its benefit.

(6) In this article, “deal with” means—

(a) use, alter, move, allow access to or transfer;

(b) deal with in any other way that would result in any change in volume, amount, location,

ownership, possession, character or destination; or

(c) make any other change that would enable use, including portfolio management.

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