EMD2
Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2) · st:emd2
Primary text ↗Verified
Dates
2009-10-30 source
In force from
Key provisions
6 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Article 4 (Initial capital)
prov:emd2-art4
ARTICLE TEXT — VERBATIM, TIER B
Member States shall require electronic money institutions to hold, at the time of authorisation, initial capital, comprised of the items set out in Article 57(a) and (b) of Directive 2006/48/EC, of not less than EUR 350 000. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement minimumCapital
Article 2, point 2 (Definition of "electronic money")
prov:emd2-art2-2
ARTICLE TEXT — VERBATIM, TIER B
electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the electronic money issuer source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Grants (in the graph) Issue electronic money
Article 3(4)–(5) (Distribution and agents)
prov:emd2-art3
ARTICLE TEXT — VERBATIM, TIER B
4. Member States shall allow electronic money institutions to distribute and redeem electronic money through natural or legal persons which act on their behalf. Where the electronic money institution wishes to distribute electronic money in another Member State by engaging such a natural or legal person, it shall follow the procedure set out in Article 25 of Directive 2007/64/EC.
5. Notwithstanding paragraph 4, electronic money institutions shall not issue electronic money through agents. Electronic money institutions shall be allowed to provide payment services referred to in Article 6(1)(a) through agents only if the conditions in Article 17 of Directive 2007/64/EC are met. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Article 5 (Own funds)
prov:emd2-art5
ARTICLE TEXT — VERBATIM, TIER B
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 amount required under paragraphs 2 to 5 of this Article or under Article 4 of this Directive, whichever the higher. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Article 6 (Activities)
prov:emd2-art6
ARTICLE TEXT — VERBATIM, TIER B
In addition to issuing electronic money, electronic money institutions shall be entitled to engage in any of the following activities: (a) the provision of payment services listed in the Annex to Directive 2007/64/EC; (b) the granting of credit related to payment services referred to in points 4, 5 or 7 of the Annex to Directive 2007/64/EC, where the conditions laid down in Article 16(3) and (5) of that Directive are met; (c) the provision of operational services and closely related ancillary services in respect of the issuing of electronic money or to the provision of payment services referred to in point (a); (d) the operation of payment systems as defined in point 6 of Article 4 of Directive 2007/64/EC and without prejudice to Article 28 of that Directive; (e) business activities other than issuance of electronic money, having regard to the applicable Community and national law. Credit referred to in point (b) of the first subparagraph shall not be granted from the funds received in exchange of electronic money and held in accordance with Article 7(1). source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Grants (in the graph) Issue electronic money
Article 9 (Optional exemptions)
prov:emd2-art9
ARTICLE TEXT — VERBATIM, TIER B
Member States may waive or allow their competent authorities to waive the application of all or part of the procedures and conditions set out in Articles 3, 4, 5 and 7 of this Directive, with the exception of Articles 20, 22, 23 and 24 of Directive 2007/64/EC, and allow legal persons to be entered in the register for electronic money institutions if both of the following requirements are complied with: (a) the total business activities generate an average outstanding electronic money that does not exceed a limit set by the Member State but that, in any event, amounts to no more than EUR 5 000 000; and (b) none of the natural persons responsible for the management or operation of the business has been convicted of offences relating to money laundering or terrorist financing or other financial crimes. Where an electronic money institution carries out any of the activities referred to in Article 6(1)(a) that are not linked to the issuance of electronic money or any of the activities referred to in Article 6(1)(b) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow that electronic money institution to apply point (a) of the first subparagraph on the basis of a representative portion assumed to be used for the issuance of electronic money, provided that such a representative portion can be reasonably estimated on the basis of historical data and to the satisfaction of the competent authorities. Where an electronic money institution has not completed a sufficiently long period of business, that requirement shall be assessed on the basis of projected outstanding electronic money evidenced by its business plan subject to any adjustment to that plan having been required by the competent authorities. Member States may also provide for the granting of the optional exemptions under this Article to be subject to an additional requirement of a maximum storage amount on the payment instrument or payment account of the consumer where the electronic money is stored. A legal person registered in accordance with this paragraph may provide payment services not related to electronic money issued in accordance with this Article only if conditions set out in Article 26 of Directive 2007/64/EC are met. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
National regimes implementing it
30 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
DEBaFinE-Money Institution / GermanyIssue electronic money, Place cash on a payment account +8EUR 350,000 source3 months source12
FRACPR (Banque de France)E-Money Institution / FranceIssue electronic moneyEUR 350,000 source3 months source1
NLDe Nederlandsche BankE-Money Institution / NetherlandsIssue electronic moneyEUR 350,000 source3 months source27
IECentral Bank of IrelandE-Money Institution / IrelandIssue electronic moneyEUR 350,000 source3 months source1
LTBank of LithuaniaE-Money Institution / LithuaniaIssue electronic moneyEUR 350,000 source3 months source5
BENational Bank of BelgiumE-Money Institution / BelgiumIssue electronic moneyEUR 350,000 source3 months source0
ESBanco de EspañaE-Money Institution / SpainIssue electronic moneyEUR 350,000 source3 months source1
SEFinansinspektionenE-Money Institution / SwedenIssue electronic moneyEUR 350,000 source3 months source0
DKFinanstilsynet (Denmark)E-Money Institution / DenmarkIssue electronic moneyEUR 350,000 source3 months source1
EEFinantsinspektsioonE-Money Institution / EstoniaIssue electronic moneyEUR 350,000 source3 months source2
CYCentral Bank of CyprusE-Money Institution / CyprusIssue electronic moneyEUR 350,000 source3 months source4
ATFMA (Financial Market Authority Austria)E-Money Institution / AustriaIssue electronic moneyEUR 350,000 source3 months source1
BGBulgarian National Bank (BNB)E-Money Institution / BulgariaIssue electronic moneyEUR 350,000 source3 months source4
HRHrvatska narodna banka (HNB)E-Money Institution / CroatiaIssue electronic moneyEUR 350,000 source3 months source2
CZCzech National Bank (CNB)E-Money Institution / CzechiaIssue electronic moneyEUR 350,000 source3 months source2
FIFinancial Supervisory Authority (FIN-FSA / Finanssivalvonta)E-Money Institution / FinlandIssue electronic moneyEUR 350,000 source3 months source2
GRBank of GreeceE-Money Institution / GreeceIssue electronic moneyEUR 350,000 source3 months source2
HUMagyar Nemzeti Bank (MNB)E-Money Institution / HungaryIssue electronic moneyEUR 350,000 source3 months source1
ISFinancial Supervisory Authority of the Central Bank of Iceland (FME)E-Money Institution / IcelandIssue electronic moneyEUR 350,000 source3 months source2
LVLatvijas BankaE-Money Institution / LatviaIssue electronic moneyEUR 350,000 source3 months source3
LIFinanzmarktaufsicht Liechtenstein (FMA Liechtenstein)E-Money Institution / LiechtensteinIssue electronic moneyEUR 350,000 source3 months source3
NOFinanstilsynet (Financial Supervisory Authority of Norway)E-Money Institution / NorwayIssue electronic moneyEUR 350,000 source3 months source3
PTBanco de PortugalE-Money Institution / PortugalIssue electronic moneyEUR 350,000 source3 months source2
ROBanca Naţională a României (BNR)E-Money Institution / RomaniaIssue electronic moneyEUR 350,000 source3 months source2
SKNárodná banka Slovenska (NBS)E-Money Institution / SlovakiaIssue electronic moneyEUR 350,000 source3 months source1
SIBanka SlovenijeE-Money Institution / SloveniaIssue electronic moneyEUR 350,000 source3 months source3
Sources
Article 4 (Initial capital) · Article 2, point 2 (Definition of "electronic money") · Article 3(4)–(5) (Distribution and agents)Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2)http://publications.europa.eu/resource/celex/32009L0110.ENG
Article 5 (Own funds) · Article 6 (Activities) · Article 9 (Optional exemptions)Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2)https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0110
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