The Regulations came into force on 27 October 2010, their purpose being to ensure that the penalties under UK law for a breach of the European asset freezing measures in relation to Iran remain in force. The EU has repealed and replaced the Council Regulation containing the asset freezing measures (see above), although the measures themselves remain the same.

The full text of the Regulations, together with an explanatory memorandum, can be found on Lawtel.