EU Commission's proposal on the revision of the directive
The proposal provides for a modern and coherent legal framework for issuing electronic money, with the aim of promoting the emergence of a true single market for electronic money services in the European Union.
The main innovations proposed are as follows:
- • a technologically neutral and simpler definition of "electronic money". This definition covers e-money held on payment devices in the holder's possession (pre-paid cards or electronic purse) or stored remotely at a server (network or software money).
• a new prudential regime, including an initial capital of EUR 125.000 enabling market entrance for smaller players and a new formula to determine ongoing capital. The waiver regime, according to which small entities can obtain derogation for some of the authorisation requirements, is aligned with that of payment institutions under the Payments Services Directive, and anti-money laundering requirements are updated.
• a clarification of the application of redemption requirements, with special reference to their application to mobile telecommunications. Consumers would have the right to claim back their electronic money at any moment, under conditions laid down by the new rules.
• Text of the proposal >>
• Details >>
• European Parliament adopted the proposal (24 april 2009) >>