Cap. 376 Art. 8EOpening of branches having their head office outside the European Union..

(1) In the assessment of an application for the opening of a branch by an electronic money institution having its head office outside the European Union, the competent authority may not apply provisions which result in more favourable treatment than that accorded to an electronic money institution having its head office within the European Union.

(2) The competent authority shall notify the European Commission of all authorisations for branches of electronic money institutions having their head office outside the European Union as stated in sub-article (1).