ELM 2.3 Base capital requirements
A firm must:
- (1)
(at the time it is granted an e-money permission) have initial capital, calculated in accordance with ELM 2.4.2 R;
- (2)
(at all times) maintain own funds, calculated in accordance with ELM 2.4.2 R;
amounting to not less than:
- (3)
(if the firm'sbase currency is the euro) one million euro;
- (4)
(if the firm has another base currency) the equivalent amount in that currency.