electronic money directive 2015

It seems that, perhaps in an attempt to be technologically neutral, the ECB wording of the definition significantly blurred the fundamental line between products that functioned like cash (which is the intended target of regulation) and products that merely offer a means to access money held elsewhere (which should be outside of the e-money regime). These Guidelines set out the criteria, thresholds and methodology to be used by payment service providers to determine whether or not an operational or security incident should be considered major and, therefore, be notified to the competent authority in the home Member State. Original (As adopted by EU): The original version of the legislation as it stood when it was first adopted in the EU. As noted in the example above, all UK banks that offer online current accounts may on a literal reading potentially be issuing e-money (as currently defined), particularly given the new “payment initiation service”. Keep a step ahead of your key competitors and benchmark against them. Therefore, it may become more of a UK domestic issue (subject to the ongoing Brexit negotiations) as regards how the e-money regulatory regime should be improved. Issuing of payment instruments and/or acquiring of payment transactions. Electronic money and payment institutions home, Revised Payment Services Directive (PSD2), Modern Slavery and Human Trafficking Statement, services enabling cash to be paid into or withdrawn from a payment account and all of the operations required for operating a payment account, execution of payment transactions - such as direct debits, credit transfers and card payments, issuing of payment instruments (for example credit or debit cards), providers of account information services and payment initiation services, electronic pre-paid accounts for online use, contribute to a more integrated and efficient European payments market, improve the level playing field for payment service providers, promote the development and use of innovative online and mobile payments. EU Commission Scrutinizes On-Line Platforms With Competition Investigation into Amazon. Types of e-money include: The Electronic Money Regulations (EMRs) affect: A UK business that intends to issue e-money in the UK  must be authorised or registered by us, unless it has permission to issue e-money under Part 4A of FSMA or is exempt. Dependent on the legislation item being viewed this may include: This timeline shows the different versions taken from EUR-Lex before exit day and during the implementation period as well as any subsequent versions created after the implementation period as a result of changes made by UK legislation. E-money institutions under EMD1 were also treated as “credit institutions” (i.e. They must also comply with relevant provisions of the FCA Handbook. We issued a Policy Statement in September 2017 confirming the revised Approach Document and Handbook changes following consultation feedback. payment and electronic money institutions, their agents and foreign branches; exempted payment and electronic money institutions and their agents; account information service providers, their agents and foreign branches; providers of services based on specific payment instrument that can be used only in a limited way; and. The new e-money directive. Services enabling cash withdrawals from a payment account as well... 3. It’s great!”, © Copyright 2006 - 2020 Law Business Research. This Notice 1.2. Implementing Technical Standards (ITS) on the details and structure of the information entered by competent authorities in their public registers and notified to the EBA under Article 15(5) of Directive (EU) 2015/2366 (PSD2). The 1998 Report did not name any specific products it analysed. as opposed to a savings account) may be opened for, if not for payment transactions. EMD1 followed a Report On Electronic Money by the ECB in August 1998 (the “1998 Report”). Details on these requirements are set out in chapter 13 of our document Payment Services and Electronic Money - Our Approach and REP 017 in our Handbook. It must be accepted as a means of payment by a person other than the electronic money issuer. However, the ECB in its opinion (1999/C 189/07) on the Commission proposal opined that this proposed definition was too technical and “difficult to translate into legal terms”. Electronic money (e-money) is electronically (including magnetically) stored monetary value, represented by a claim on the issuer, which is issued on receipt of funds for the purpose of making payment transactions. These Guidelines specify criteria and indicators on how to stipulate the minimum monetary amount of the professional indemnity insurance (PII) or other comparable guarantee to be held by providers of account information services or payment initiation services.

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