Blocking Regulation and Chartered Insurance Institute: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
(Create page. Source: The Treasurer, October 2018, p43.)
 
imported>Doug Williamson
(Classify page.)
 
Line 1: Line 1:
''Sanctions''.
(CII).  


The Blocking Regulation is a 1996 European Union (EU) Regulation which prohibits EU companies from complying with certain extraterritorial US sanctions.
Professional organisation for those working in the insurance and financial services industry.  
 
 
<span style="color:#4B0082">'''''Managing conflicting rules'''''</span>
 
:"The US's reimposition of sanctions against Iran prompted the European Commission to expand the scope of the 1996 EU Blocking Regulation.
 
:The revised Blocking Regulation... in essence prohibits EU companies from complying with the reimposed US sanctions against Iran.
 
 
:The Blocking Regulation is often described as putting those within its scope (EU companies, nationals and others within the EU) between a rock and a hard place.
 
:Non-compliance may give rise to civil and, potentially, criminal penalties.
 
:However, the penalties for a non-US person failing to comply with the US's secondary sanctions can include being cut off from the US financial system - and being unable to deal with US persons."
 
:''The Treasurer, October 2018, p43 - Slaughter and May.''




== See also ==
== See also ==
* [[ACT Competency Framework]]
* [[Insurance]]


* [[European Commission]]
[[Category:Commercial_drive_and_organisation]]
* [[European Union]]
[[Category:Influencing]]
* [[Regulation]]
[[Category:Self_management_and_accountability]]
* [[Sanctions]]
[[Category:Working_effectively_with_others]]
* [[United States]]
[[Category:Financial_management]]
[[Category:Knowledge_and_information_management]]
[[Category:Planning_and_projects]]
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]
[[Category:Compliance_and_audit]]
[[Category:Ethics]]

Revision as of 17:10, 24 December 2019

(CII).

Professional organisation for those working in the insurance and financial services industry.


See also

Retrieved from ‘https://wiki.treasurers.org/w/index.php?title=Blocking_Regulation&oldid=9360’