Document ID: chunk:federal_register_of_legislation:F2018C00921:reg:3
Version: federal_register_of_legislation:F2018C00921
Segment Type: reg
Provision Reference: reg 3
Character Range: 28812–29761

3     A financial institution, wherever domiciled, that is controlled by an entity or person domiciled in the Democratic People's Republic of Korea

 (3) For the purposes of these Regulations, sanctioned commercial activity also means the establishment, maintenance or operation of a joint venture or cooperative entity (however described) with:
 (a) a DPRK person or entity; or
 (b) a person or entity acting on behalf of, or at the direction of, a DPRK person or entity; or
 (c) an entity owned or controlled by a DPRK person or entity.
 (4) However, subregulation (3) does not apply to the maintenance or operation of a joint venture or cooperative entity that was established before the commencement of that subregulation until:
 (a) 10 January 2018; or
 (b) if a request has been made before 10 January 2018 to the Committee for approval of the joint venture or cooperative entity—120 days after the Committee makes a decision on the request.