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ELM 4.1 Application

ELM 4.1.1G

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.

ELM 4.1.2R

In the case of an overseas firm, ELM 4.4 applies only in relation to e-money issued from an establishment maintained by the firm in the United Kingdom.

ELM 4.1.3G

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

ELM 4.1.4G

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