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Status: You are viewing the version of the handbook as on 2011-04-29.

ELM TP 1 Transitional Provisions

ELM TP 1.1 Transitional Provisions







Material to which the transitional provision applies

Transitional provision

Transitional provision: dates in force

Handbook provision: coming into force


Every provision in ELM


The transitional provisions in GEN apply in relation to the provisions in ELM except that a reference to "commencement" is to be treated as a reference to "e-money issuer day" (note).

From "e-money issuer day" (note)

27 April 2002


Every provision in the Handbook which applies to an ELMI


Where a transitional provision in the Handbook refers to "commencement", in relation to an ELMI, it means "e-money issuer day" (note).

From "e-money issuer day" (note)

Varies depending on provision concerned


As for 2


Where a provision applies to an ELMI, its related transitional provision will also apply. The effect of paragraph 2 is to ensure that the transitional provision applies from "e-money issuer day" (note) (and not from the earlier date of commencement).

As for 2

As for 2

NoteFor the purposes of these transitional provisions, "e-money issuer day" means:


the beginning of 27 April 2002 unless (2) applies;


in relation to an "existing issuer":

(a) the beginning of 27 October 2002; or

(b) if earlier, the beginning of the day on which the issuer is given permission to issue electronic money.

"Existing issuer" means a body corporate or partnership which, immediately before 27 April 2002:

(a) has its head office in the United Kingdom, and is carrying on by way of business in the United Kingdom the activity of issuing electronic money; or

(b) has its head office in an EEA State other than the United Kingdom, and is carrying on such an activity by way of business in the United Kingdom without contravening the law of that other EEA State.