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26 March 2009

Czech Presidency reaches agreement on e-money Directive


The compromise text was agreed between the EU Council and the European Parliament. EP should officially approve the proposal during its plenary session in the second half of April. The EU Council will formally confirm it in May.

The Committee of Permanent Representatives approved a proposal for a new Directive governing the issuance of electronic money and supervision of electronic money institutions. The compromise text was agreed between the EU Council and the European Parliament. EP should officially approve the proposal during its plenary session in the second half of April. The EU Council will formally confirm it in May.

 

A fundamental change in the draft Directive is a reduction in the regulatory burden placed on electronic money institutions and the convergence of their status with provisions on payment institutions under the Payment Services Directive. In terms of capital requirements, initial capital is reduced from the current EUR 1,000,000 to EUR 350,000, i.e. to approximately one-third.

 

A marked departure from the current legislation is the possibility of hybrid electronic money institutions, i.e. institutions that perform other activities in addition to the issuance of electronic money.

 

Press release

 



© Presidency of the Council


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