Electronic Money Institutions Supervision
The area of the issuance of electronic money was regulated at the EU level by Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions. The Directive was implemented into our legal system over the intervening years in Act No. 510/2002 Coll. on payment services and on amendments to certain Acts. On the basis of Article 11 of the Directive itself, a revision of its application has been performed, resulting in the issue of new Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC. This Directive substantially changes the concept of issuing electronic money in close association with Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007 on payment services in the internal market amending Directives 97/7/EC, 2002/65/EC, 2005/60/EC and 2006/48/EC and repealing Directive 97/5/EC.
Update: December 13, 2010