E-money: Six reasoned opinions for transposition delays
Thursday 26 April 2012
The European Commission sent out six reasoned opinions, on 26 April, to Belgium, Spain, France, Cyprus, Poland and Portugal for failure to transpose Directive 2009/110/EC on electronic money by the prescribed deadline of 30 April 2011. This directive aims to facilitate access to the activity of electronic money issuance and establishes rules for taking up the activity. The most common applications of this digital equivalent of cash, stored on an electronic device or remotely on a server, are the electronic purse or storage on mobile phones or in a payment account on the internet. If the national authorities do not notify the necessary implementing measures within two months, the Commission may refer the matter to the EU Court of Justice and request financial penalties.