Directive 2009/110/EC (EMD2)

1. ["TITLE III", "ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Article 13"]

   Out-of-court complaint and redress procedures for the settlement of disputes

   Out-of-court complaint and redress procedures for the settlement of disputes Without prejudice to this Directive, Chapter 5 of Title IV of Directive 2007/64/EC…

2. ["TITLE I", "SCOPE AND DEFINITIONS", "Article 1"]

   Subject matter and scope

   Subject matter and scope 1. This Directive lays down the rules for the pursuit of the activity of issuing electronic money to which end the Member States shall…

3. ["TITLE I", "SCOPE AND DEFINITIONS", "Article 2"]

   Definitions

   Definitions For the purposes of this Directive, the following definitions shall apply: 1. ‘electronic money institution’ means a legal person that has been…

4. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 7"]

   Safeguarding requirements

   Safeguarding requirements 1. Member States shall require an electronic money institution to safeguard funds that have been received in exchange for electronic…

5. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 23"]

   Entry into force

   Entry into force This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union.

6. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 15"]

   Committee procedure

   Committee procedure 1. The Commission shall be assisted by the Payments Committee set up in accordance with Article 85 of Directive 2007/64/EC. 2. Where…

7. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 19"]

   Amendments to Directive 2005/60/EC

   Amendments to Directive 2005/60/EC Directive 2005/60/EC is hereby amended as follows: 1. in Article 3(2), point (a) is replaced by the following: ‘(a) an…

8. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 16"]

   Full harmonisation

   Full harmonisation 1. Without prejudice to Article 1(3), the sixth subparagraph of Article 3(3), Article 5(7), Article 7(4), Article 9 and Article 18(2) and in…

9. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 14"]

   Implementing measures

   Implementing measures 1. The Commission may adopt measures which are necessary to update the provisions of this Directive in order to take account of inflation…

10. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 8"]

    Relations with third countries

    Relations with third countries 1. Member States shall not apply to a branch of an electronic money institution having its head office outside the Community…

11. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 18"]

    Transitional provisions

    Transitional provisions 1. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with…

12. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 22"]

    Transposition

    Transposition 1. Member States shall adopt and publish, not later than 30 April 2011, the laws, regulations and administrative provisions necessary to comply…

13. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 4"]

    Initial capital

    Initial capital Member States shall require electronic money institutions to hold, at the time of authorisation, initial capital, comprised of the items set…

14. ["TITLE III", "ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Article 11"]

    Issuance and redeemability

    Issuance and redeemability 1. Member States shall ensure that electronic money issuers issue electronic money at par value on the receipt of funds. 2. Member…

15. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 6"]

    Activities

    Activities 1. In addition to issuing electronic money, electronic money institutions shall be entitled to engage in any of the following activities: (a) the…

16. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 3"]

    General prudential rules

    General prudential rules 1. Without prejudice to this Directive, Articles 5 and 10 to 15, Article 17 (7) and Articles 18 to 25 of Directive 2007/64/EC shall…

17. ["TITLE III", "ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Article 10"]

    Prohibition from issuing electronic money

    Prohibition from issuing electronic money Without prejudice to Article 18, Member States shall prohibit natural or legal persons who are not electronic money…

18. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 20"]

    Amendments to Directive 2006/48/EC

    Amendments to Directive 2006/48/EC Directive 2006/48/EC is hereby amended as follows: 1. Article 4 is amended as following: (a) point 1 is replaced by the…

19. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 24"]

    Addressees

    Addressees This Directive is addressed to the Member States.

20. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 17"]

    Review

    Review By 1 November 2012, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee and the European…

21. ["TITLE III", "ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Article 12"]

    Prohibition of interest

    Prohibition of interest Member States shall prohibit the granting of interest or any other benefit related to the length of time during which an electronic…

22. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 21"]

    Repeal

    Repeal Directive 2000/46/EC shall be repealed with effect from 30 April 2011, without prejudice to Article 18(1) and (3) of this Directive. Any reference to…

23. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 5"]

    Own funds

    Own funds 1. The electronic money institution’s own funds, as set out in Articles 57 to 61, 63, 64 and 66 of Directive 2006/48/EC shall not fall below the…

24. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 9"]

    Optional exemptions

    Optional exemptions 1. Member States may waive or allow their competent authorities to waive the application of all or part of the procedures and conditions…

25. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 3"]

    General prudential rules

    General prudential rules (4) of Directive 2006/48/EC. Where the influence exercised by the persons referred to in the second subparagraph is likely to operate…

26. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 7"]

    Safeguarding requirements

    Safeguarding requirements (10) for which the specific risk capital charge is no higher than 1,6 %, but excluding other qualifying items as defined in point 15…

27. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 5"]

    Own funds

    Own funds (1)(b) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow that electronic money…

28. ["TITLE I", "SCOPE AND DEFINITIONS", "Article 1"]

    Subject matter and scope

    Subject matter and scope 4. This Directive does not apply to monetary value stored on instruments exempted as specified in Article 3(k) of Directive…

29. ["TITLE IV", "FINAL PROVISIONS AND IMPLEMENTING MEASURES", "Article 18"]

    Transitional provisions

    Transitional provisions 3. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with…

30. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 9"]

    Optional exemptions

    Optional exemptions (1)(b) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow that electronic…

31. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 6"]

    Activities

    Activities (4) of Directive 2007/64/EC shall apply to funds received for the activities referred to in paragraph 1(a) of this Article that are not linked to…

32. ["TITLE III", "ISSUANCE AND REDEEMABILITY OF ELECTRONIC MONEY", "Article 11"]

    Issuance and redeemability

    Issuance and redeemability (1)(e) and it is unknown in advance what proportion of funds is to be used as electronic money, all funds requested by the…

33. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 9"]

    Optional exemptions

    Optional exemptions (9) and Article 25 of Directive 2007/64/EC shall not apply to it. 4. Member States may provide for a legal person registered in accordance…

34. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 3"]

    General prudential rules

    General prudential rules (1)(e). 4. Member States shall allow electronic money institutions to distribute and redeem electronic money through natural or legal…

35. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 5"]

    Own funds

    Own funds 6. Member States shall take the necessary measures to prevent the multiple use of elements eligible for own funds: (a) where the electronic money…

36. ["TITLE II", "REQUIREMENTS FOR THE TAKING UP, PURSUIT AND PRUDENTIAL SUPERVISION OF THE BUSINESS OF ELECTRONIC MONEY INSTITUTIONS", "Article 9"]

    Optional exemptions

    Optional exemptions (1). 5. A legal person referred to in paragraph 1 shall: (a) notify the competent authorities of any change in its situation which is…

Headings and opening words only; the full text is on eur-lex.europa.eu, which is authoritative. The library holds the version current as of the date shown. AI output is not legal advice — consult a licensed lawyer in the relevant jurisdiction.