1. This Directive shall apply to electronic money institutions.
2. It shall not apply to the institutions referred to in Article 2(3) of Directive 2000/12/EC.
3. For the purposes of this Directive:
(a) "electronic money institution" shall mean an undertaking or any other legal person, other than a credit institution as defined in Article 1, point 1, first subparagraph (a) of Directive 2000/12/EC which issues means of payment in the form of electronic money;
(b) "electronic money" shall mean monetary value as represented by a claim on the issuer which is:(i) stored on an electronic device;(ii) issued on receipt of funds of an amount not less in value than the monetary value issued;(iii) accepted as means of payment by undertakings other than the issuer.
4. Member States shall prohibit persons or undertakings that are not credit institutions, as defined in Article 1, point 1, first subparagraph of Directive 2000/12/EC, from carrying on the business of issuing electronic money.
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