I'm not sure about all instances, but you can have a split license up here which allows you to race Provincial O-Cup races as an Elite and as a Master at Nationals. The catch is if you race as an Elite in a UCI Elite event then you are barred from racing Master Nationals. My wife had the split license last year and raced as a 1/2 in Ontario races, a Master for the Provincial and National champs and as a 3/4 in the US...
This year she's gone straight masters and life is a bit simpler...