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an electronic money institution as defined in Article 2, point (1), of Directive 2009/110/EC of the European Parliament and of the Council (*10), with the exception of a legal person benefitting from a waiver under Article 9 of that Directive, which participates in a system whose business consists of the execution of transfer orders as defined in point (i), first indent, and which is responsible for discharging the financial obligations arising from such transfer orders within that system.

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Source: EUR-Lex CELLAR · retrieved 2026-08-27 · Text as adopted (Official Journal); later amendments are not incorporated in this text.