Directive 2009/110/EC is amended as follows:
(1) Article 3 is amended as follows:
(a) paragraph 1 is replaced by the following:
‘1. Without prejudice to
this Directive, Article 5, Articles 11 to 17, Article 19(5) and (6) and
Articles 20 to 31 of Directive (EU) 2015/2366 of the European Parliament
and of the Council (37),
including the delegated acts adopted under Article 15(4), Article 28(5)
and Article 29(7) thereof, shall apply to electronic money institutions
mutatis mutandis.
(b) paragraphs 4 and 5 are replaced by the following:
‘4. Member States shall
allow electronic money institutions to distribute and redeem electronic
money through natural or legal persons which act on their behalf. Where
the electronic money institution distributes electronic money in another
Member State by engaging such a natural or legal person, Articles 27 to
31, with exception of Article 29(4) and (5), of Directive (EU)
2015/2366, including the delegated acts adopted in accordance with
Article 28(5) and Article 29(7) thereof, shall apply mutatis mutandis to such electronic money institution.
5. Notwithstanding
paragraph 4 of this Article, electronic money institutions shall not
issue electronic money through agents. Electronic money institutions
shall be allowed to provide payment services referred to in point (a) of
Article 6(1) of this Directive through agents subject to the conditions
laid down in Article 19 of Directive (EU) 2015/2366.’;
(2) in Article 18, the following paragraph is added:
‘4. Member States shall allow
electronic money institutions that have, before 13 January 2018, taken
up activities in accordance with this Directive and with Directive
2007/64/EC in the Member State in which their head office is located to
continue those activities in that Member State or in another Member
State without being required to seek authorisation in accordance with
Article 3 of this Directive or to comply with other requirements laid
down or referred to in Title II of this Directive until 13 July 2018.
Member States shall require electronic
money institutions referred to in the first subparagraph to submit all
relevant information to the competent authorities in order to allow the
later to assess, by 13 July 2018, whether those electronic money
institutions comply with the requirements laid down in Title II of this
Directive, and, if not, which measures need to be taken in order to
ensure compliance or whether a withdrawal of authorisation is
appropriate.
Electronic money institutions referred
to in the first subparagraph which upon verification by the competent
authorities comply with the requirements laid down in Title II shall be
granted authorisation and shall be entered in the register. Where those
electronic money institutions do not comply with the requirements laid
down in Title II by 13 July 2018 they shall be prohibited from issuing
electronic money.’.