Here it is, the long-awaited new directive on electronic money.
For over a year, we have been waiting for this important new European Directive, and many are the novelties that the EU regulatory framework on Electronic Money Institutions and electronic money was preparing.
Now we have it: on October 10th 2009 the EU Official Journal L 267 / 7 published the new Directive 2009/110/EC on “the taking up, pursuit and prudential supervision of the business of electronic money institutions”.
The directive, signed in Strasbourg on September 16th 2009 by the Presidents of the European Parliament and Council, repeals the previous directive 2000/46/EC and introduces new rules (while enabling new opportunities) for Electronic Money Institutions.
ENTRY INTO FORCE AND TRANSPOSITION
The new directive has come into force on the twentieth day following its publication on the Official Journal (then October 30th 2009, just 48 hours before the entry into force of the Payment Services Directive!). The Member States have time to incorporate and implement the Directive in their national schemes till April 30th 2011 (please pay attention that only on this date the directive 2000/46/EC should be repealed).
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