PART 5ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY

Fees for redemption41

1

Redemption may be subject to a fee only where the fee is stated in the contract in accordance with regulation 40(a), and—

a

redemption is requested before the termination of the contract;

b

the contract provides for a termination date and the electronic money holder terminates the contract before that date; or

c

redemption is requested more than one year after the date of termination of the contract.

2

Any fees for redemption must be proportionate and commensurate with the costs actually incurred by the electronic money issuer.