This from CSVs Masters page.
2009 Masters - Elite Licence News
Tuesday, 14 October 2008
For Masters-aged riders holding an Elite licence, the appropriate CA By-Law has been changed. It now allows for these licence holders to effectively compete in any elite open and championship events, which is no different to previous years, however now these riders can also contest their respective Masters category in the same year. Full Details:
(i) A Masters Racing licence would enable the rider to enter Masters category events and graded racing at club or club-combine level but would restrict them from contesting elite championships.
(ii) An Elite Racing Licence would permit a masters-aged rider to enter any racing event including elite open and championship events, as well as contesting their respective Masters category Championship in the same year.
(iii) For all events where either an Elite or Masters field is available eg Preston Mountain Classic, the default entry will see cyclists automatically placed into the field corresponding to their membership category. I.e. A masters-aged cyclist holding an Elite licence will be placed into the Elite field and will need to contact CSV should they wish to race in the Masters field.