What EU Electronic Money Directive 2009/110 (EMD2) requires
Directive 2009/110/EC of the European Parliament and of the Council, in force 30 October 2009 with Member State transposition required by 30 April 2011, establishes the authorisation regime for electronic money institutions (EMIs) in the EU, requiring minimum initial capital of EUR 350,000, own funds of at least 2% of average outstanding e-money, ring-fenced safeguarding of e-money holders' funds in approved low-risk assets or insurance policies, and prohibiting e-money from bearing interest, while granting EMIs passport rights to operate across the EU single market through the PSD2 framework.
Pillar: Banking & Global Finance · Authority: European Parliament and the Council of the European Union · Version: 1.0.0 · Last updated:
Primary source: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:32009L0110
SHA-256 integrity: 8ad090f35f5edab18700111d71a155672877628d093185d695fb1253b5790ce3
Primary Citations — 5 traced to source
- Articles 1-3 (scope, definitions, authorisation), 5-7 (capital and safeguarding requirements), 9 (limited network waiver), 10-11 (interest prohibition, issuance and redeemability), 14 (supervisory powers), First and Second Annexes — Directive 2009/110/EC of the European Parliament and of the Council on the taking up, pursuit and prudential supervision of the business of electronic money institutions (EMD2)
- Article 1(3) (EMIs as payment service providers), Titles III and IV (transparency and user rights applicable to EMIs), Annex I (methods for payment services own funds calculation applicable to EMIs under Article 7 EMD2) — Directive (EU) 2015/2366 on Payment Services in the Internal Market (PSD2)
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