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Directive 2009/110/EC - E-Money Directive (EMD2)RecitalsTitle I Scope and definitions (arts. 1-2)Article 1 Subject matter and scopeArticle 2 DefinitionsTitle II Requirements for the taking up, pursuit and prudential supervision of the business of electronic money institutions (arts. 3-9)Article 3 General prudential rulesArticle 4 Initial capitalArticle 5 Own fundsArticle 6 ActivitiesArticle 7 Safeguarding requirementsArticle 8 Relations with third countriesArticle 9 Optional exemptionsTitle III Issuance and redeemability of electronic money (arts. 10-13)Article 10 Prohibition from issuing electronic moneyArticle 11 Issuance and redeemabilityArticle 12 Prohibition of interestArticle 13 Out-of-court complaint and redress procedures for the settlement of disputesTitle IV Final Provisions and implementing measures (arts. 14-24)Article 14 Implementing measuresArticle 15 Committee procedureArticle 16 Full harmonisationArticle 17 ReviewArticle 18 Transitional provisionsArticle 19 Amendments to Directive 2005/60/ECArticle 20 Amendments to Directive 2006/48/ECArticle 21 RepealArticle 22 TranspositionArticle 23 Entry into forceArticle 24 AddresseesDone at
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Version status: Amended | Document consolidation status: Updated to reflect all known changes
Version date: 12 January 2016 - onwards
Version 3 of 3

Article 3 General prudential rules

DRAFT To be repealed Article 48 Repeal of the Proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC (COM(2023) 366 final / 2023/0209 (COD)) (PSD3) (updated 19 April 2024 with Information Note)
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1. Without prejudice to this Directive, Article 5, Articles 11 to 17, Article 19(5) and (6) and Articles 20 to 31 of Directive (EU) 2015/2366 of the European Parliament and of the Council [Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market and amending Directives 2002/65/EC, 2009/110/EC, 2013/36/EU and Regu­ lation (EU) No 1093/2010 and repealing Directive 2007/64/EC (OJ L 337, 23.12.2015, p. 35)], including the delegated acts adopted under Article 15(4), Article 28(5) and Article 29(7) thereof, shall apply to electronic money institutions mutatis mutandis.

2. Electronic money institutions shall inform the competent authorities in advance of any material change in measures taken for safeguarding of funds that have been received in exchange for electronic money issued.

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