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New regulations on electronic money
PRACTICE AREA GROUP: Technology and Commercial Contracts
The Minister for Finance has published Regulations to transpose Directive 2009/110/EC on the taking up, pursuit and prudential supervision of the business of electronic money institutions. The Regulations are effective from 30 April 2011. European Communities (Electronic Money) Regulations 2011 (SI 183/2011).
The purpose of the revised Electronic Money Directive is to promote the emergence of a single market for electronic money services in the European Union that is innovative and secure while ensuring there is competition between players on the market and that is accessible to new entrants.
The Regulations designate the Central Bank of Ireland as the competent authority for the purpose of the Directive. The Regulations set out requirements for the taking up, pursuit and prudential supervision of electronic money institutions including the authorisation and registration process. The Regulations also deal with the issuance and redeemability of electronic money. The powers of the Central Bank with regard to its supervision of electronic money institutions and procedures are set out in the Regulations which also prescribe transitional arrangements for electronic money issuers active before 30 April 2011.
The Regulations include amendments to the Central Bank Act 1942; European Communities (Licensing and Supervision of Credit Institutions) Regulations 1992; Payment Services Regulations and the European Communities (Electronic Money) Regulations 2002.
For further information, contact John O'Connor