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.