OFSI General Licence INT/2023/3263556, GTLK Companies and their Subsidiaries â Insolvency related payments and activities amended On 12 June 2025, the General Licence INT/2023/3263556 was amended to: - Add regulation 18A to the regulations that are exempt under the General Licence;
- Add definitions for Notes, Noteholders, Trustee, Relevant non-UK Institution, UK Prohibited Persons and UK Prohibited Persons Account;
- Make it clear in Permission 4.2 that any funds made available to DPs must be held in a frozen account and any economic resources made available must be treated as frozen;
- Add Permission 4.3 which states that financial services for foreign exchange reserve and asset management must not be provided to a UK Prohibited Person unless any resulting payments are credited to a UK Prohibited Personâs Account;
- Make corresponding clarificatory changes to Permission 5, the notification requirement and the record-keeping requirement; and
- Add a new reporting requirement
Any persons intending to use General Licence INT/2023/3263556 should consult the copy of the Licence for full details of the permissions and usage requirements. To see the General Licence |
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