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GRC Reference Templates

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EUR-Lex Checklist
E-Money Directive - Directive 2009/110/EC Controls Checklist


EUR-Lex RCSA
E-Money Directive - Directive 2009/110/EC RCSA Template


E-Money Directive - Directive 2009/110/EC

Name: E-Money Directive - Directive 2009/110/EC

This Directive is essential as it establishes a regulatory framework for electronic money issuance, aimed at ensuring consumer protection and fostering a harmonized market for electronic money services across the EU. It addresses issues around the prudential supervision of electronic money institutions, thereby supporting the development of secure, efficient and innovative payment mechanisms.

Target Audience:

  • Electronic Money Institutions
  • Consumers using electronic money
  • Payment service providers

Key Points:

  • Definition of Electronic Money This Directive introduces a clear, technologically neutral definition of electronic money to encompass all current and future types of electronic payment products, ensuring innovation is not stifled.
  • Prudential Supervision It establishes a framework for the prudential supervision of electronic money institutions that aligns with existing regulations for payment service providers, promoting a level playing field.
  • Consumer Protection It includes provisions to safeguard the funds of electronic money holders, ensuring that they can redeem their electronic money at any time, thereby protecting consumer confidence.
  • Market Entry Facilitation The Directive seeks to remove barriers to market entry for electronic money institutions, ensuring a competitive market that can adapt to evolving consumer needs.
  • Eligibility and Authorization It outlines the criteria and processes for authorizing electronic money institutions, ensuring that only those meeting necessary safety and prudential standards are allowed to operate.
  • Cross-Border Operations It includes provisions for the treatment of branches of electronic money institutions from outside the EU to ensure consistent regulatory standards across member states.
  • Transitional Provisions Transitional arrangements are included to support existing institutions to adapt to new rules without impeding their operations.
  • Anti-Money Laundering Measures It mandates adherence to anti-money laundering and anti-terrorist financing regulations, bolstering the integrity of electronic money institutions.
  • Consumer Redress Mechanisms Out-of-court complaint procedures are established to provide consumers with remedies in case of disputes related to electronic money services.
  • Review and Implementation It requires a review of the Directive's effectiveness post-implementation and allows for necessary amendments based on market developments.

Related Regulations or Articles:

  • Directive 2007/64/EC on payment services in the internal market This Directive amends and builds upon provisions established in Directive 2007/64/EC, specifically regarding the regulation of payment services and institutions, ensuring coherence between the two regulatory frameworks.
  • Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing It references this Directive to align anti-money laundering measures specifically for electronic money services, ensuring appropriate consumer protection and financial security.
  • Directive 2006/48/EC relating to the taking up and pursuit of the business of credit institutions It relates to the treatment of electronic money institutions within the banking framework, clarifying that they do not constitute deposit-taking activities.

Reference URL: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32009L0110

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Updated: 2024-11-28 22:39:08
Created: 2024-10-15 12:45:30
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