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April 27, 2012updated 04 Apr 2017 4:14pm

EU names and shames six countries on e-money rules

Nearly a year after the deadline to conform to the e-money Directive, six EU member states still have administrative provisions to be implemented, the European Commission (EC) has announced EC has said it intends to take legal action against those whose national legislation fails to meet the rules, referring them to the Court of Justice of the European Union, an action that could result in the imposition of financial penalties

By Raphael Michilis

Nearly a year after the deadline to conform to the e-money Directive, six EU member states still have administrative provisions to be implemented, the European Commission (EC) has announced.

The Commission is giving Belgium, Spain, France, Cyprus, Poland and Portugal a further two months to comply with Directive 2009/110/EC.

EC has said it intends to take legal action against those whose national legislation fails to meet the rules, referring them to the Court of Justice of the European Union, an action that could result in the imposition of financial penalties.

The European Commission said that most Member States have fully implemented the Directive, but “the transposition process is very slow” in the nations listed.

The e-money Directive was published in October 2009 and indicates 30 April 2011 as the date by which State Members should implement its rules.

The e-money regulation seeks to promote competition between all companies, guard market access to new players and encourage creation of new technologies and services; as well as to protect consumer’s right, by seting up policies on money redemption and fees.

Among its rules the document reads: “Member States shall prohibit the granting of interest or any other benefit related to the length of time during which an electronic money holder holds the electronic money.”

 

 

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