07 February 2016

EU names and shames national authorities lagging on e-money rule changes

27 April 2012  |  5199 views  |  0 cash

Six EU member states - Belgium, Spain, France, Cyprus, Poland and Portugal - have been threatened with legal action by the European Commission unless they comply with one-year old rules on e-money issuance.

The six countries have been asked to notify to the European Commission within the next two months the measures they are taking to update their national legislation to comply with the e-money Directive, which is aimed at lowering barriers to entry for new market players. Electronic money is defined under the Directive as a digital equivalent of cash, stored on an electronic device or remotely at a server.

The deadline for implementing the rules was 30 April 2011. In the six countries named and shamed by the Commission some of the Directive's provisions still have to be implemented and the transposition process is described as "very slow".

The Commission says that failure to abide by the rules will result in a referral to the Court of Justice of the European Union and the imposition of financial penalties.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

20 April, 2012
13 April, 2012
11 January, 2012
06 January, 2012
09 December, 2011
16 December, 2010
26 March, 2009
13 October, 2008

Related company news

Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Fintech rising: Resistance is futile, says...
10456 views comments | 48 tweets | 40 linkedin
Digital transformation driving earnings at...
8852 views comments | 42 tweets | 35 linkedin
ECB eyes up European P2P payments
7674 views comments | 28 tweets | 38 linkedin
Visa opens up to developers
7239 views comments | 23 tweets | 40 linkedin
It may take ten years, but blockchain tech...
6170 views comments | 20 tweets | 19 linkedin

Featured job

to $120K base, double OTE, benefits
New York City, NY or Boston, MA (USA)

Find your next job