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  1. Point in time
    2008-05-31

ELM 6.10 Establishing to what e-money ELM 6 applies

ELM 6.10.1R

If (with respect to any obligation of a firm about e-money in ELM 6 and a scheme under which that firm issues that e-money) that scheme falls into ELM 6.10.3 R, that obligation extends to all e-money issued under that scheme, unless ELM 6.10.2 R provides otherwise.

ELM 6.10.2R

ELM 6.10.1 R does not:

  1. (1)

    cover a case in which the design referred to in ELM 6.10.3 R does not materially contribute to the firm's inability to make the distinction referred to in ELM 6.10.3 R; or

  2. (2)

    cover e-money in respect of which the firm can establish it is not subject to that obligation; or

  3. (3)

    require a firm to extend any rights to a person whose holding the e-money in question is contrary to the e-money schemerules.

ELM 6.10.3R

An e-money scheme falls into this rule if it is designed in such a way that generally the firm is unable to distinguish between e-money that comes within the scope of the obligation referred to in ELM 6.10.1 R and e-money that would otherwise not.

ELM 6.10.4G

The rules in this chapter make various distinctions about e-money. For example, they distinguish between e-money issued by the firm and e-money issued by other e-money issuers. With some e-money schemes it may not be possible for a firm to make those distinctions. If this is the case, ELM 6.10.1 R ensures that the rules in this chapter still apply.

ELM 6.10.5G

Thus, for example, if a firm is unable to distinguish between:

  1. (1)

    e-money issued by the firm and e-money issued by other issuers under the e-money scheme in question, it should offer the redemption right to holders of all e-money issued under that scheme;

  2. (2)

    e-money issued by the firm within the territorial scope of this chapter and other e-money issued by the firm, it should offer the redemption right to holders of all e-money issued by it.