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.
Before issuing and managing electronic money, electronic money institutions must obtain an authorisation issued by the Autorité de contrôle prudentiel et de résolution, after obtaining the opinion of the Banque de France under the fourth paragraph of I of article L. 141-4 or article L. 521-8. To obtain this authorisation, an application must be submitted to the Autorité de contrôle prudentiel et de résolution, together with the information defined by…
I. – In order to grant authorisation, the Autorité de contrôle prudentiel et de résolution shall ensure that, taking into account the need to guarantee the sound and prudent management of the electronic money institution, it has adequate governance and internal control procedures for its electronic money issuing and management activities, as well as systems to ensure the security of the services provided and the protection of sensitive payment data….
I. – At the time of authorisation, electronic money institutions must have paid-up capital of at least an amount set by regulation. II. – The head office of any electronic money institution must be located on the same national territory as its registered office. III. – Any electronic money institution authorised in France carries out at least part of its business of issuing and managing electronic money on French territory.
Where an electronic money institution carries out activities of a hybrid nature within the meaning of Article L. 526-3 or activities referred to in Articles L. 525-4 or L. 525-5, the Autorité de contrôle prudentiel et de résolution shall verify that the person responsible for the activities of issuing and managing electronic money fulfils the conditions referred to in a of II of Article L. 526-8. The Autorité de contrôle…
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
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is a Registered Trademark of
PETROFF LAW FIRM (SELARL LEGASTRAT)
182, rue de Rivoli
75001, Paris France
RCS Paris n°814433470
Paris Bar Registration n° (Toque) C2396
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