Defined terms — 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 (Text with EEA relevance)
European Union · 32009L0110 · 79 provisions
6 defined in this instrument.
average outstanding electronic money — the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar month Article 2 — Definitions
credit institution — an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’
(b)
point 5 is replaced by the following:
‘5 Article 20 — Amendments to Directive 2006/48/EC
electronic money — electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the electronic money issuer Article 2 — Definitions
electronic money institution — a legal person that has been granted authorisation under Title II to issue electronic money Article 2 — Definitions
electronic money issuer — entities referred to in Article 1(1), institutions benefiting from the waiver under Article 1(3) and legal persons benefiting from a waiver under Article 9 Article 2 — Definitions
financial institution — an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I Article 20 — Amendments to Directive 2006/48/EC