Directive 2009/110/EC harmonises the prudential regime for EU electronic‑money issuers. It provides a technology‑neutral definition of electronic money, delimits scope (exempting certain limited‑purpose instruments and specified digital‑goods cases), and establishes authorisation, registration and optional waiver routes. Authorised electronic‑money institutions must meet prescribed initial capital, maintain ongoing own funds (including a 2% Method D on average outstanding electronic money), comply with prudential rules aligned with payment institutions, and safeguard customer funds separately.

Issuance must be at par on receipt of funds and redeemable on request at par; fees are permitted only in narrowly defined circumstances. The Directive prohibits interest tied to holding periods, requires AML/CTF measures and supervisory reporting of material changes, regulates branches including third‑country branches, provides transitional arrangements and repeals Directive 2000/46/EC, and requires a Commission review of implementation by November 2012.