ELM 2.1 Application

The effect of ELM 1.1.1 R to ELM 1.1.3 R is that this chapter:

1. (1)

   applies to an ELMI other than a lead regulated firm;

2. (2)

   does not apply to:

   1. (a)

      an incoming EEA firm; or

   2. (b)

      an incoming Treaty firm.