ELM 4.1 Application

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

1. (1)

   this chapter applies to ELMIs;

2. (2)

   this chapter, except ELM 4.3, applies to a bank or building society that is an e-money firm;

3. (3)

   no part of this chapter applies to:

   1. (a)

      an incoming EEA firm; or

   2. (b)

      an incoming Treaty firm.

Except in the case set out in ELM 4.1.2 R, the rules in this chapter apply on a worldwide basis.

Thus for example an ELMI cannot carry on any activity prohibited by ELM 4.3.1 R anywhere in the world.