Regulations Implementing the United Nations Resolutions and Imposing Special Economic Measures on Libya

16 (1) If a contract has been entered into by a party who subsequently became a designated person, any party to that contract may apply to the Minister for a certificate to exempt property from the application of section 7 in order for any party who is not a designated person to receive a payment or for the party who is a designated person to make a payment under that contract.

(2) The Minister shall issue a certificate within 90 days after receiving the application and at least 10 working days after having informed the Committee of the Security Council of his or her intent to issue the certificate if it is established that

• (a) the contract was entered into prior to any party becoming a designated person; and

• (b) the payment is not to be received, directly or indirectly, by a designated person, by a person acting on behalf of, or at the direction of, a designated person or by a person owned or controlled by a designated person.