Thanks for the help guys - will follow up on the links.
It can't TX at all - I personally do hold the appropriate licences to TX on airband frequencies, so it should be fine from a legal point of view. Apparently from the mate I got it from in Hong Kong it is illegal to own a handheld transmitter there, hence the fact that it is locked.
edit: I found the appropriate guide on that link that was provided, many thanks.
To clarify - it CAN tx on non airband frequencies, it has only been locked on the airband ones.
Thanks again.