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.
Go deeper with GlobalData
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.
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By GlobalDataAmong 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.”
