What changed, Directive 2009/110/EC

+ ### Article 1 — Subject matter and scope
− ### art_1
+ **1.** This Directive lays down the rules for the pursuit of the activity of issuing electronic money to which end the Member States shall recognise the following categories of electronic money issuer:(a) credit institutions as defined in point 1 of Article 4 of Directive 2006/48/EC including, in ac…
− Article 1
+ **2.** Title II of this Directive lays down the rules for the taking up, the pursuit and the prudential supervision of the business of electronic money institutions.
− 1. This Directive lays down the rules for the pursuit of the activity of issuing electronic money to which end the Member States shall recognise the following categories of electronic money issuer:
+ **3.** Member States may waive the application of all or part of the provisions of Title II of this Directive to the institutions referred to in Article 2 of Directive 2006/48/EC, with the exception of those referred to in the first and second indents of that Article.
− | (a) | credit institutions as defined in point 1 of Article 4 of Directive 2006/48/EC including, in accordance with national law, a branch thereof within the meaning of point 3 of Article 4 of that Directive, where such a branch is located within the Community and its head office is located outside…
− | --- | --- |
+ **4.** This Directive does not apply to monetary value stored on instruments exempted as specified in Article 3(k) of Directive 2007/64/EC.
− | (b) | electronic money institutions as defined in point 1 of Article 2 of this Directive including, in accordance with Article 8 of this Directive and national law, a branch thereof, where such a branch is located within the Community and its head office is located outside the Community; |
− | --- | --- |
+ **5.** This Directive does not apply to monetary value that is used to make payment transactions exempted as specified in Article 3(l) of Directive 2007/64/EC.
− | (c) | post office giro institutions which are entitled under national law to issue electronic money; |
− | --- | --- |
+ ### Article 2 — Definitions
− | (d) | the European Central Bank and national central banks when not acting in their capacity as monetary authority or other public authorities; |
− | --- | --- |
− 
− | (e) | Member States or their regional or local authorities when acting in their capacity as public authorities. |
− | --- | --- |
− 
− 2. Title II of this Directive lays down the rules for the taking up, the pursuit and the prudential supervision of the business of electronic money institutions.
− 
− 3. Member States may waive the application of all or part of the provisions of Title II of this Directive to the institutions referred to in Article 2 of Directive 2006/48/EC, with the exception of those referred to in the first and second indents of that Article.
− 
− 4. This Directive does not apply to monetary value stored on instruments exempted as specified in Article 3(k) of Directive 2007/64/EC.
− 
− 5. This Directive does not apply to monetary value that is used to make payment transactions exempted as specified in Article 3(l) of Directive 2007/64/EC.
− 
− ### art_2
− 
− Article 2
+ 1. ‘electronic money institution’ means a legal person that has been granted authorisation under Title II to issue electronic money;
− | 1. | ‘electronic money institution’ means a legal person that has been granted authorisation under Title II to issue electronic money; |
− | --- | --- |
+ 2. ‘electronic money’ means 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 …
− | 2. | ‘electronic money’ means 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 b…
− | --- | --- |
+ 3. ‘electronic money issuer’ means entities referred to in Article 1(1), institutions benefiting from the waiver under Article 1(3) and legal persons benefiting from a waiver under Article 9;
− | 3. | ‘electronic money issuer’ means entities referred to in Article 1(1), institutions benefiting from the waiver under Article 1(3) and legal persons benefiting from a waiver under Article 9; |
− | --- | --- |
+ 4. ‘average outstanding electronic money’ means the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar mon…
− | 4. | ‘average outstanding electronic money’ means the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar…
− | --- | --- |
+ ### Article 3 — General prudential rules
− ### art_3
+ **1.** Without prejudice to this Directive, Article 5, Articles 11 to 17, Article 19(5) and (6) and Articles 20 to 31 of Directive (EU) 2015/2366 of the European Parliament and of the Council (1), including the delegated acts adopted under Article 15(4), Article 28(5) and Article 29(7) thereof, shal…
− Article 3
+ **2.** Electronic money institutions shall inform the competent authorities in advance of any material change in measures taken for safeguarding of funds that have been received in exchange for electronic money issued.
− 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 apply to electronic money institutions mutatis mutandis.
+ **3.** Any natural or legal person who has taken a decision to acquire or dispose of, directly or indirectly, a qualifying holding within the meaning of point 11 of Article 4 of Directive 2006/48/EC in an electronic money institution, or to further increase or reduce, directly or indirectly, such qu…
− 2. Electronic money institutions shall inform the competent authorities in advance of any material change in measures taken for safeguarding of funds that have been received in exchange for electronic money issued.
− 3. Any natural or legal person who has taken a decision to acquire or dispose of, directly or indirectly, a qualifying holding within the meaning of point 11 of Article 4 of Directive 2006/48/EC in an electronic money institution, or to further increase or reduce, directly or indirectly, such qualif…
− 
+ **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 distributes electronic money in another Member State by engaging such a natural or legal person,…
− 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 pe…
+ **5.** Notwithstanding paragraph 4 of this Article, electronic money institutions shall not issue electronic money through agents. Electronic money institutions shall be allowed to provide payment services referred to in point (a) of Article 6(1) of this Directive through agents subject to the condi…
− 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…
+ ### Article 4 — Initial capital
− ### art_4
+ 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 .
− Article 4
+ ### Article 5 — Own funds
− 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.
+ **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 amount required under paragraphs 2 to 5 of this Article or under Article 4 of this Directive, whichever the higher.
− ### art_5
+ **2.** In regard to the activities referred to in Article 6(1)(a) that are not linked to the issuance of electronic money, the own funds requirements of an electronic money institution shall be calculated in accordance with one of the three methods (A, B or C) set out in Article 8(1) and (2) of Dire…
− Article 5
− 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 amount required under paragraphs 2 to 5 of this Article or under Article 4 of this Directive, whichever the higher.
− 
− 2. In regard to the activities referred to in Article 6(1)(a) that are not linked to the issuance of electronic money, the own funds requirements of an electronic money institution shall be calculated in accordance with one of the three methods (A, B or C) set out in Article 8(1) and (2) of Directiv…
− 
+ **3.** Method D: The own funds of an electronic money institution for the activity of issuing electronic money shall amount to at least 2 % of the average outstanding electronic money.
− 3. Method D: The own funds of an electronic money institution for the activity of issuing electronic money shall amount to at least 2 % of the average outstanding electronic money.
+ **4.** 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, t…
− 4. 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 c…
+ **5.** On the basis of an evaluation of the risk-management processes, of the risk loss databases and internal control mechanisms of the electronic money institution, the competent authorities may require the electronic money institution to hold an amount of own funds which is up to 20 % higher than…
− 5. On the basis of an evaluation of the risk-management processes, of the risk loss databases and internal control mechanisms of the electronic money institution, the competent authorities may require the electronic money institution to hold an amount of own funds which is up to 20 % higher than the…
+ **6.** Member States shall take the necessary measures to prevent the multiple use of elements eligible for own funds:(a) where the electronic money institution belongs to the same group as another electronic money institution, a credit institution, a payment institution, an investment firm, an asse…
− 6. Member States shall take the necessary measures to prevent the multiple use of elements eligible for own funds:
+ **7.** Where the conditions laid down in Article 69 of Directive 2006/48/EC are met, Member States or their competent authorities may choose not to apply paragraphs 2 and 3 of this Article to electronic money institutions which are included in the consolidated supervision of the parent credit instit…
− | (a) | where the electronic money institution belongs to the same group as another electronic money institution, a credit institution, a payment institution, an investment firm, an asset management company or an insurance or reinsurance undertaking; |
− | --- | --- |
+ ### Article 6 — Activities
− | (b) | where an electronic money institution carries out activities other than the issuance of electronic money. |
− | --- | --- |
+ **1.** 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 …
− 7. Where the conditions laid down in Article 69 of Directive 2006/48/EC are met, Member States or their competent authorities may choose not to apply paragraphs 2 and 3 of this Article to electronic money institutions which are included in the consolidated supervision of the parent credit institutio…
− 
− ### art_6
− 
− Article 6
− 
− 1. 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. |
− | --- | --- |
− 
+ **2.** Electronic money institutions shall not take deposits or other repayable funds from the public within the meaning of Article 5 of Directive 2006/48/EC.
− 2. Electronic money institutions shall not take deposits or other repayable funds from the public within the meaning of Article 5 of Directive 2006/48/EC.
+ **3.** Any funds received by electronic money institutions from the electronic money holder shall be exchanged for electronic money without delay. Such funds shall not constitute either a deposit or other repayable funds received from the public within the meaning of Article 5 of Directive 2006/48/E…
− 3. Any funds received by electronic money institutions from the electronic money holder shall be exchanged for electronic money without delay. Such funds shall not constitute either a deposit or other repayable funds received from the public within the meaning of Article 5 of Directive 2006/48/EC.
+ **4.** Article 16(2) and (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 the activity of issuing electronic money.
− 4. Article 16(2) and (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 the activity of issuing electronic money.
+ ### Article 7 — Safeguarding requirements
− ### art_7
+ **1.** Member States shall require an electronic money institution to safeguard funds that have been received in exchange for electronic money that has been issued, in accordance with Article 9(1) and (2) of Directive 2007/64/EC. Funds received in the form of payment by payment instrument need not b…
− Article 7
+ **2.** For the purposes of paragraph 1, secure, low-risk assets are asset items falling into one of the categories set out in Table 1 of point 14 of Annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit in…
− 1. Member States shall require an electronic money institution to safeguard funds that have been received in exchange for electronic money that has been issued, in accordance with Article 9(1) and (2) of Directive 2007/64/EC. Funds received in the form of payment by payment instrument need not be sa…
− 2. For the purposes of paragraph 1, secure, low-risk assets are asset items falling into one of the categories set out in Table 1 of point 14 of Annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit instit…
− 
+ **3.** Article 9 of Directive 2007/64/EC shall apply to electronic money institutions for the activities referred to in Article 6(1)(a) of this Directive that are not linked to the activity of issuing electronic money.
− 3. Article 9 of Directive 2007/64/EC shall apply to electronic money institutions for the activities referred to in Article 6(1)(a) of this Directive that are not linked to the activity of issuing electronic money.
+ **4.** For the purposes of paragraphs 1 and 3, Member States or their competent authorities may determine, in accordance with national legislation, which method shall be used by the electronic money institutions to safeguard funds.
− 4. For the purposes of paragraphs 1 and 3, Member States or their competent authorities may determine, in accordance with national legislation, which method shall be used by the electronic money institutions to safeguard funds.
+ ### Article 8 — Relations with third countries
− ### art_8
+ **1.** Member States shall not apply to a branch of an electronic money institution having its head office outside the Community, when taking up or pursuing its business, provisions which result in more favourable treatment than that accorded to an electronic money institution having its head office…
− Article 8
+ **2.** The competent authorities shall notify the Commission of all authorisations for branches of electronic money institutions having their head office outside the Community.
− 1. Member States shall not apply to a branch of an electronic money institution having its head office outside the Community, when taking up or pursuing its business, provisions which result in more favourable treatment than that accorded to an electronic money institution having its head office wit…
+ **3.** Without prejudice to paragraph 1, the Community may, through agreements concluded with one or more third countries, agree to apply provisions that ensure that branches of an electronic money institution having its head office outside the Community are treated identically throughout the Commun…
− 2. The competent authorities shall notify the Commission of all authorisations for branches of electronic money institutions having their head office outside the Community.
− 
− 3. Without prejudice to paragraph 1, the Community may, through agreements concluded with one or more third countries, agree to apply provisions that ensure that branches of an electronic money institution having its head office outside the Community are treated identically throughout the Community.
+ ### Article 9 — Optional exemptions
− ### art_9
+ **1.** 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 en…
− Article 9
− 
− 1. 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 entere…
− 
− | (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. |
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− 
+ **2.** A legal person registered in accordance with paragraph 1 shall be required to have its head office in the Member State in which it actually pursues its business.
− 2. A legal person registered in accordance with paragraph 1 shall be required to have its head office in the Member State in which it actually pursues its business.
+ **3.** A legal person registered in accordance with paragraph 1 shall be treated as an electronic money institution. However, Article 10(9) and Article 25 of Directive 2007/64/EC shall not apply to it.
− 3. A legal person registered in accordance with paragraph 1 shall be treated as an electronic money institution. However, Article 10(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 with paragraph 1 to engage only in some of the activities listed in Article 6(1).
− 4. Member States may provide for a legal person registered in accordance with paragraph 1 to engage only in some of the activities listed in Article 6(1).
+ **5.** A legal person referred to in paragraph 1 shall:(a) notify the competent authorities of any change in its situation which is relevant to the conditions specified in paragraph 1; and(b) at least annually, on date specified by the competent authorities, report on the average outstanding electro…
− 5. A legal person referred to in paragraph 1 shall:
+ **6.** Member States shall take the necessary steps to ensure that where the conditions set out in paragraphs 1, 2 and 4 are no longer met, the legal person concerned shall seek authorisation within 30 calendar days in accordance with Article 3. Any such person that has not sought authorisation with…
− | (a) | notify the competent authorities of any change in its situation which is relevant to the conditions specified in paragraph 1; and |
− | --- | --- |
+ **7.** Member States shall ensure that their competent authorities are sufficiently empowered to verify continued compliance with the requirements laid down in this Article.
− | (b) | at least annually, on date specified by the competent authorities, report on the average outstanding electronic money. |
− | --- | --- |
+ **8.** This Article shall not apply in respect of the provisions of Directive 2005/60/EC or national anti-money-laundering provisions.
− 6. Member States shall take the necessary steps to ensure that where the conditions set out in paragraphs 1, 2 and 4 are no longer met, the legal person concerned shall seek authorisation within 30 calendar days in accordance with Article 3. Any such person that has not sought authorisation within t…
+ **9.** Where a Member State avails itself of the waiver provided for in paragraph 1, it shall notify the Commission accordingly by 30 April 2011. The Member State shall notify the Commission forthwith of any subsequent change. In addition, the Member State shall inform the Commission of the number o…
− 7. Member States shall ensure that their competent authorities are sufficiently empowered to verify continued compliance with the requirements laid down in this Article.
− 
− 8. This Article shall not apply in respect of the provisions of Directive 2005/60/EC or national anti-money-laundering provisions.
+ ### Article 10 — Prohibition from issuing electronic money
− 9. Where a Member State avails itself of the waiver provided for in paragraph 1, it shall notify the Commission accordingly by 30 April 2011. The Member State shall notify the Commission forthwith of any subsequent change. In addition, the Member State shall inform the Commission of the number of le…
− 
− ### art_10
− 
− Article 10
+ ### Article 11 — Issuance and redeemability
− ### art_11
+ **1.** Member States shall ensure that electronic money issuers issue electronic money at par value on the receipt of funds.
− Article 11
+ **2.** Member States shall ensure that, upon request by the electronic money holder, electronic money issuers redeem, at any moment and at par value, the monetary value of the electronic money held.
− 1. Member States shall ensure that electronic money issuers issue electronic money at par value on the receipt of funds.
+ **3.** The contract between the electronic money issuer and the electronic money holder shall clearly and prominently state the conditions of redemption, including any fees relating thereto, and the electronic money holder shall be informed of those conditions before being bound by any contract or o…
− 2. Member States shall ensure that, upon request by the electronic money holder, electronic money issuers redeem, at any moment and at par value, the monetary value of the electronic money held.
+ **4.** Redemption may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases:(a) where redemption is requested before the termination of the contract;(b) where the contract provides for a termination date and the electronic money hold…
− 3. The contract between the electronic money issuer and the electronic money holder shall clearly and prominently state the conditions of redemption, including any fees relating thereto, and the electronic money holder shall be informed of those conditions before being bound by any contract or offer…
− 
− 4. Redemption may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases:
− 
− | (a) | where redemption is requested before the termination of the contract; |
− | --- | --- |
− 
− | (b) | where the contract provides for a termination date and the electronic money holder terminates the contract before that date; or |
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− | (c) | where redemption is requested more than one year after the date of termination of the contract. |
− | --- | --- |
− 
+ **5.** Where redemption is requested before the termination of the contract, the electronic money holder may request redemption of the electronic money in whole or in part.
− 5. Where redemption is requested before the termination of the contract, the electronic money holder may request redemption of the electronic money in whole or in part.
+ **6.** Where redemption is requested by the electronic money holder on or up to one year after the date of the termination of the contract:(a) the total monetary value of the electronic money held shall be redeemed; or(b) where the electronic money institution carries out one or more of the activiti…
− 6. Where redemption is requested by the electronic money holder on or up to one year after the date of the termination of the contract:
+ **7.** Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.
− | (a) | the total monetary value of the electronic money held shall be redeemed; or |
− | --- | --- |
+ ### Article 12 — Prohibition of interest
− | (b) | where the electronic money institution carries out one or more of the activities listed in Article 6(1)(e) and it is unknown in advance what proportion of funds is to be used as electronic money, all funds requested by the electronic money holder shall be redeemed. |
− | --- | --- |
− 
− 7. Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.
− ### art_12
− 
− Article 12
− 
+ ### Article 13 — Out-of-court complaint and redress procedures for the settlement of disputes
− ### art_13
+ Without prejudice to this Directive, Chapter 5 of Title IV of Directive 2007/64/EC shall apply *mutatis mutandis* to electronic money issuers in respect of their duties arising from this Title.
− Article 13
+ ### Article 14 — Implementing measures
− Without prejudice to this Directive, Chapter 5 of Title IV of Directive 2007/64/EC shall apply mutatis mutandis to electronic money issuers in respect of their duties arising from this Title.
+ **1.** The Commission may adopt measures which are necessary to update the provisions of this Directive in order to take account of inflation or technological and market developments. Those measures, designed to amend non-essential elements of this Directive, shall be adopted in accordance with the …
− ### art_14
+ **2.** The Commission shall adopt measures to ensure the convergent application of the exemptions referred to in Article 1(4) and (5). Those measures, designed to amend non-essential elements of this Directive shall be adopted in accordance with the regulatory procedure with scrutiny referred to in …
− Article 14
+ ### Article 15 — Committee procedure
− 1. The Commission may adopt measures which are necessary to update the provisions of this Directive in order to take account of inflation or technological and market developments. Those measures, designed to amend non-essential elements of this Directive, shall be adopted in accordance with the regu…
+ **1.** The Commission shall be assisted by the Payments Committee set up in accordance with Article 85 of Directive 2007/64/EC.
− 2. The Commission shall adopt measures to ensure the convergent application of the exemptions referred to in Article 1(4) and (5). Those measures, designed to amend non-essential elements of this Directive shall be adopted in accordance with the regulatory procedure with scrutiny referred to in Arti…
+ **2.** Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.
− ### art_15
+ ### Article 16 — Full harmonisation
− Article 15
+ **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 so far as this Directive provides for harmonisation, Member States shall not maintain or introduce provisions other than those laid down in this Directive.
− 1. The Commission shall be assisted by the Payments Committee set up in accordance with Article 85 of Directive 2007/64/EC.
− 
− 2. Where reference is made to this paragraph, Article 5a(1) to (4) and Article 7 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 8 thereof.
+ **2.** Member States shall ensure that an electronic money issuer does not derogate, to the detriment of an electronic money holder, from the provisions of national law implementing or corresponding to provisions of this Directive except where explicitly provided for therein.
− ### art_16
+ ### Article 17 — Review
− Article 16
− 
− 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 so far as this Directive provides for harmonisation, Member States shall not maintain or introduce provisions other than those laid down in this Directive.
− 
− 2. Member States shall ensure that an electronic money issuer does not derogate, to the detriment of an electronic money holder, from the provisions of national law implementing or corresponding to provisions of this Directive except where explicitly provided for therein.
− ### art_17
− 
− Article 17
− 
+ ### Article 18 — Transitional provisions
− ### art_18
+ **1.** Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with national law transposing Directive 2000/46/EC in the Member State in which their head office is located, to continue those activities in that Member State or in anot…
− Article 18
− 
− 1. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with national law transposing Directive 2000/46/EC in the Member State in which their head office is located, to continue those activities in that Member State or in another …
+ 
+ **2.** Member States may provide for an electronic money institution to be automatically granted authorisation and entered in the register provided for in Article 3 if the competent authorities already have evidence that the electronic money institution concerned complies with the requirements laid …
+ **3.** Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with national law transposing Article 8 of Directive 2000/46/EC, to continue those activities within the Member State concerned in accordance with Directive 2000/46/EC un…
− 2. Member States may provide for an electronic money institution to be automatically granted authorisation and entered in the register provided for in Article 3 if the competent authorities already have evidence that the electronic money institution concerned complies with the requirements laid down…
+ **4.** Member States shall allow electronic money institutions that have, before 13 January 2018, taken up activities in accordance with this Directive and with Directive 2007/64/EC in the Member State in which their head office is located to continue those activities in that Member State or in anot…
+ 
+ Member States shall require electronic money institutions referred to in the first subparagraph to submit all relevant information to the competent authorities in order to allow the later to assess, by 13 July 2018, whether those electronic money institutions comply with the requirements laid down i…
− 3. Member States shall allow electronic money institutions that have taken up, before 30 April 2011, activities in accordance with national law transposing Article 8 of Directive 2000/46/EC, to continue those activities within the Member State concerned in accordance with Directive 2000/46/EC until …
+ Electronic money institutions referred to in the first subparagraph which upon verification by the competent authorities comply with the requirements laid down in Title II shall be granted authorisation and shall be entered in the register. Where those electronic money institutions do not comply wit…
− ### art_19
+ ### Article 19 — Amendments to Directive 2005/60/EC
− Article 19
+ 1. in Article 3(2), point (a) is replaced by the following: ‘(a) an undertaking, other than a credit institution, which carries out one or more of the operations included in points 2 to 12 and points 14 and 15 of Annex I to Directive 2006/48/EC, including the activities of currency exchange offices …
− | 1. | in Article 3(2), point (a) is replaced by the following:‘(a)an undertaking, other than a credit institution, which carries out one or more of the operations included in points 2 to 12 and points 14 and 15 of Annex I to Directive 2006/48/EC, including the activities of currency exchange office…
− | --- | --- |
− | ‘(a) | an undertaking, other than a credit institution, which carries out one or more of the operations included in points 2 to 12 and points 14 and 15 of Annex I to Directive 2006/48/EC, including the activities of currency exchange offices (bureaux de change);’ |
+ 2. in Article 11(5), point (d) is replaced by the following: ‘(d) electronic money, as defined in point 2 of Article 2 of 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 …
− | 2. | in Article 11(5), point (d) is replaced by the following:‘(d)electronic money, as defined in point 2 of Article 2 of 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 mone…
− | --- | --- |
− | ‘(d) | electronic money, as defined in point 2 of Article 2 of 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(*1) where, if it is not possible to recharge…
+ ### Article 20 — Amendments to Directive 2006/48/EC
− ### art_20
− 
− Article 20
+ 1. Article 4 is amended as following: (a) point 1 is replaced by the following: ‘1. “credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’ (b) point 5 is replaced by the following: ‘5.…
− | 1. | Article 4 is amended as following:(a)point 1 is replaced by the following:‘1.“credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’(b)point 5 is replaced by the following:‘5.“fi…
− | --- | --- |
− | (a) | point 1 is replaced by the following:‘1.“credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’ |
− | ‘1. | “credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’ |
− | (b) | point 5 is replaced by the following:‘5.“financial institution” means an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I.’; |
− | ‘5. | “financial institution” means an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I.’; |
+ 2. the following point is added to Annex I: ‘15. Issuing electronic money.’.
− | 2. | the following point is added to Annex I:‘15.Issuing electronic money.’. |
− | --- | --- |
− | ‘15. | Issuing electronic money.’. |
+ ### Article 21 — Repeal
− ### art_21
− Article 21
− 
+ ### Article 22 — Transposition
− ### art_22
+ **1.** Member States shall adopt and publish, not later than 30 April 2011, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those measures.
− Article 22
− 1. Member States shall adopt and publish, not later than 30 April 2011, the laws, regulations and administrative provisions necessary to comply with this Directive. They shall forthwith communicate to the Commission the text of those measures.
− 
+ **2.** Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
− 2. Member States shall communicate to the Commission the text of the main provisions of national law which they adopt in the field covered by this Directive.
+ ### Article 23 — Entry into force
− ### art_23
+ This Directive shall enter into force on the 20th day following its publication in the *Official Journal of the European Union*.
− Article 23
+ ### Article 24 — Addressees
− This Directive shall enter into force on the 20th day following its publication in the Official Journal of the European Union.
− 
− ### art_24
− 
− Article 24