Regulations Implementing the United Nations Resolutions on the Democratic People’s Republic of Korea (DPRK)

15 (1) A person whose property has been affected by the application of section 9 may apply to the Minister for a certificate to exempt property from the application of that section if the property is necessary for basic or extraordinary expenses or if it is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest.

(2) The Minister shall issue a certificate, if it is established, in accordance with Security Council Resolution 1718, that the property is necessary for basic or extraordinary expenses or that the property is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest,

• (a) in the case of basic expenses, within 15 days after receiving the application, if the Committee of the Security Council did not refuse the release of the property;

• (b) in the case of extraordinary expenses, within 30 days after receiving the application, if the Committee of the Security Council approved the release of the property; and

• (c) in the case of property that is the subject of a judicial, administrative or arbitral lien or judgment, a hypothec, prior claim, mortgage, charge or security interest, within 90 days after receiving the application, if the lien, judgment, hypothec, prior claim, mortgage, charge or security interest was entered prior to October 14, 2006 and is not for the benefit of a designated person.

(3) The Minister shall notify the Committee of the Security Council or the Security Council of the United Nations, as the case may be, of a certificate issued under paragraph (2)(c).