04 September 2015

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

27 April 2012  |  5014 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

 

Top topics

Most viewed Most shared
Third of Brits expect day-to-day mobile pa...
8309 views comments | 38 tweets | 15 linkedin
Payments UK sets out vision for 'world cla...
6869 views comments | 17 tweets | 10 linkedin
Swedish mPOS firm iZettle raises EUR60m fo...
6190 views comments | 13 tweets | 8 linkedin
HSBC glitch leaves thousands of customers...
6114 views comments | 13 tweets | 7 linkedin
UK boosts contactless limit to £30
5634 views comments | 31 tweets | 20 linkedin

Featured job

£100,000 basic, £180,000 OTE + Benefits
London

Find your next job