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ELM 5.1 Application

ELM 5.1.1G

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)

    ELM 5.4 applies to a bank or building society that is an e-money firm;

  3. (3)

    none of this chapter applies to:

    1. (a)

      an incoming EEA firm; or

    2. (b)

      an incoming Treaty firm.

ELM 5.1.2R

1ELM 5.4A applies with respect to the carrying on of:

  1. (1)

    regulated activities; and

  2. (2)

    ancillary activities in relation to regulated activities.

ELM 5.1.3R

1ELM 5.4A also:

  1. (1)

    applies with respect to the carrying on of unregulated activities in a prudential context; and

  2. (2)

    takes into account any activity of other members of a group of which the firm is a member.