Section 1: Definitions

Electronic money institutions are legal entities, other than credit institutions and other than the persons mentioned in article L. 525-2, which issue and manage electronic money as defined in article L. 315-1 on a regular professional basis.

In addition to issuing, managing and making available to customers electronic money, electronic money institutions may: 1° Provide payment services as defined in II of Article L. 314-1 in compliance with the legislative and regulatory provisions applicable to the provision of these services; 2° Provide services related to the provision of the payment services referred to in Article L. 522-2 in compliance with the legislative and regulatory provisions applicable to…

Without prejudice to the provisions of Article L. 526-10, electronic money institutions may carry on a commercial activity other than the issuance and management of electronic money or other than the transactions referred to in Article L. 526-2 as a regular occupation, subject to the laws and regulations applicable to that activity. For these electronic money institutions carrying out activities of a hybrid nature, activities other than the issuance and…

Accounts opened by electronic money institutions in connection with the provision of payment services shall comply with the laws and regulations applicable to accounts and payment transactions.

Funds representing electronic money collected by electronic money institutions for the purpose of issuing and managing electronic money do not constitute funds repayable by the public within the meaning of Article L. 312-2. Payment service users’ funds collected by electronic money institutions with a view to providing payment services do not constitute funds repayable by the public within the meaning of Article L. 312-2, or funds representing electronic money. The…

Each electronic money institution is required to join a professional body affiliated to the French Association of Credit Institutions and Investment Firms mentioned in Article L. 511-29.