# Directive 2009/110/EC (EMD2) URL: https://consilena.com/coverage/laws/ksrc_d37k7vcdxqtspk7m - Jurisdiction: European Union - Type: Directive - Short name: EMD2 - Identifier: 32009L0110 - Current as of: 30 October 2009 - Provisions: 24 - Official text: https://eur-lex.europa.eu/eli/dir > The library is a research copy. Check the official source before relying on a provision: the text published there, not the copy in Consilena, is the law. ## Provisions - **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… - **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… - **Definitions**: For the purposes of this Directive, the following definitions shall apply: 1. ‘electronic money institution’ means a legal person that has been… - **Safeguarding requirements**: 1. Member States shall require an electronic money institution to safeguard funds that have been received in exchange for electronic… - **Entry into force**: This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union. - **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… - **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… - **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… - **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… - **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… - **Transitional provisions**: 1. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with… - **Transposition**: 1. Member States shall adopt and publish, not later than 30 April 2011, the laws, regulations and administrative provisions necessary to comply… - **Initial capital**: Member States shall require electronic money institutions to hold, at the time of authorisation, initial capital, comprised of the items set… - **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… - **Activities**: 1. In addition to issuing electronic money, electronic money institutions shall be entitled to engage in any of the following activities: (a) the… - **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… - **Prohibition from issuing electronic money**: Without prejudice to Article 18, Member States shall prohibit natural or legal persons who are not electronic money… - **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… - **Addressees**: This Directive is addressed to the Member States. - **Review**: By 1 November 2012, the Commission shall present to the European Parliament, the Council, the European Economic and Social Committee and the European… - **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… - **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… - **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… - **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… - **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… - **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… - **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… - **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… - **Transitional provisions**: 3. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with… - **Optional exemptions**: (1)(b) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow that electronic… - **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… - **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… - **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… - **General prudential rules**: (1)(e). 4. Member States shall allow electronic money institutions to distribute and redeem electronic money through natural or legal… - **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… - **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… --- Consilena is a software provider, not a law firm. AI output is not legal advice: consult a licensed lawyer in the relevant jurisdiction. Page: https://consilena.com/coverage/laws/ksrc_d37k7vcdxqtspk7m. Index of every page: https://consilena.com/llms.txt.