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Table of Contents
Directive 2009/110/EC - E-Money Directive (EMD2)RecitalsTitle I Scope and definitions (arts. 1-2)Article 1 Subject matter and scopeArticle 2 DefinitionsTitle II Requirements for the taking up, pursuit and prudential supervision of the business of electronic money institutions (arts. 3-9)Article 3 General prudential rulesArticle 4 Initial capitalArticle 5 Own fundsArticle 6 ActivitiesArticle 7 Safeguarding requirementsArticle 8 Relations with third countriesArticle 9 Optional exemptionsTitle III Issuance and redeemability of electronic money (arts. 10-13)Article 10 Prohibition from issuing electronic moneyArticle 11 Issuance and redeemabilityArticle 12 Prohibition of interestArticle 13 Out-of-court complaint and redress procedures for the
settlement of disputesTitle IV Final Provisions and implementing measures (arts. 14-24)Article 14 Implementing measuresArticle 15 Committee procedureArticle 16 Full harmonisationArticle 17 ReviewArticle 18 Transitional provisionsArticle 19 Amendments to Directive 2005/60/ECArticle 20 Amendments to Directive 2006/48/ECArticle 21 RepealArticle 22 TranspositionArticle 23 Entry into forceArticle 24 AddresseesDone at
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Article 4 Initial capital
DRAFT To be repealed Article 48 Repeal of the Proposal for a Directive of the European Parliament and of the Council on payment services and electronic money services in the Internal Market amending Directive 98/26/EC and repealing Directives 2015/2366/EU and 2009/110/EC (COM(2023) 366 final / 2023/0209 (COD)) (PSD3) (updated 17 September 2025 with Position C/2025/3724)
Member States shall require electronic money institutions to hold, at the time of authorisation, initial capital, comprised of the items set out in Article 57(a) and (b) of Directive 2006/48/EC, of not less than EUR 350 000.