Chapter VI: Electronic money institutions

Within a period set by regulation from receipt of the application or, if the application is incomplete, within the same period from receipt of all the information necessary for the decision, the Autorité de contrôle prudentiel et de résolution shall notify the applicant of its decision. Where the decision concerns an undertaking which previously carried on an activity under Article L. 525-5 or Article L. 525-6-1, the decision shall specify…

An electronic money institution shall at all times comply with the conditions of its authorisation. The Autorité de contrôle prudentiel et de résolution shall be notified of any change in the conditions governing the authorisation granted to an electronic money institution that affects the accuracy of the information and supporting documents provided for the implementation of the provisions of Articles L. 526-8 to L. 526-10. The procedures for this declaration…

With the exception of transactions carried out within a group, within the meaning ofArticle L. 233-3 of the Commercial Code, any acquisition, extension or disposal of a direct or indirect holding, within the meaning of Article L. 233-4 of the same code, in an electronic money institution is subject to prior authorisation by the Autorité de contrôle prudentiel et de résolution. Without prejudice to the penalties that may be imposed…

The withdrawal of an electronic money institution’s authorisation is pronounced by the Autorité de contrôle prudentiel et de résolution at the request of the institution.

The withdrawal of an electronic money institution’s authorisation may also be decided ex officio by the Autorité de contrôle prudentiel et de résolution if the institution: 1° Does not make use of the authorisation within a period of twelve months or has ceased to carry on business for a period of more than six months ; 2° Has obtained authorisation by making false declarations or by any other irregular means;…

Withdrawal of authorisation takes effect at the end of a period determined by the Autorité de contrôle prudentiel et de résolution. During this period : 1° The electronic money institution remains subject to supervision by the Autorité de contrôle prudentiel et de résolution. The Autorité de contrôle prudentiel et de résolution may impose the disciplinary sanctions provided for in Article L. 612-39, including deregistration; 2° The institution may not issue…

In the cases provided for in Articles L. 526-14 and L. 526-15, the funds of electronic money holders collected by an electronic money institution are returned to the holders or transferred to a credit institution, another authorised electronic money institution or the Caisse des dépôts et consignations. At the end of the period provided for in article L. 526-16, the undertaking loses the status of electronic money institution and must…

The removal of an electronic money institution from the list of authorised electronic money institutions may be ordered as a disciplinary sanction by the Autorité de contrôle prudentiel et de résolution. For an electronic money institution carrying out activities of a hybrid nature within the meaning of Article L. 526-3, deregistration means that the institution is prohibited from carrying out the activities for which it was granted authorisation as an…

I. – The Autorité de contrôle prudentiel et de résolution may issue a simplified electronic money institution authorisation where the commercial activities as a whole generate an average of electronic money in circulation of less than an amount set by decree. Before issuing and managing electronic money, the electronic money institutions referred to in the first paragraph must obtain authorisation which is issued by the Autorité de contrôle prudentiel et…

The conditions for the application of articles L. 526-14 to L. 526-18, in particular the procedures for informing the public of decisions to withdraw authorisation and deregister, are set by order of the Minister for the Economy.