ELM 6.6 Charges for redemption

A firm may not charge a person any fee, expenses or other charge for or in connection with the exercise of a redemption right, except that a firm may charge a fee for the redemption of e-money if the following conditions are satisfied:

1. (1)

   the e-money scheme rules give the firm the right to charge that fee;

2. (2)

   the person exercising the redemption right is informed of the amount of the fee after the person makes the request for redemption and before completion of the redemption;

3. (3)

   that person is given the opportunity, after he has received the information as described in (2), of withdrawing the request before the e-money is redeemed;

4. (4)

   the fee is in accordance with the firm's usual tariff of fees for such redemptions; and

5. (5)

   the fee is no greater than necessary to recover the costs to the firm of carrying out that redemption.

Any fee permitted by ELM 6.6.1 R must never exceed the amount of e-money offered for redemption.