Activities of John PURVIS related to 2008/0190(COD)
Reports (1)
REPORT Report on the proposal for a directive of the European Parliament and of the Council on the taking up, pursuit and prudential supervision of the business of electronic money institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC PDF (275 KB) DOC (343 KB)
Amendments (16)
Amendment 25 #
Proposal for a directive – amending act
Recital 12
Recital 12
(12) Electronic money needs to be redeemable to preserve bearer confidence. Redeemability does not imply, in itself, that the funds received in exchange for electronic money should be regarded as deposits or other repayable funds for the purpose of Directive 2006/48/EC. Redemption should always be possible at any time, at par value. Redemption of the full amountn termination of the contract where a termination date is specified should always be free of charge. PFull or partial redemption before termination may generate someextra costs to the issuer. ItSuch redemption may, therefore, be subject to a proportionate and cost- based fee. This is without prejudice to national legislation on tax or social matters as well as any obligations on the issuer under other relevant Community or national legislation, such as anti-money laundering and anti- terrorist financing rules, any action targeting the freezing of funds or any specific measure linked to the prevention and investigation of crimes.
Amendment 27 #
Proposal for a directive – amending act
Article 1 – paragraph 2
Article 1 – paragraph 2
2. With the exception of Article 5s 1, 2 and 5, Article 8(2), and Titles III and IV, this Directive shall not apply to credit institutions as defined in Article 4 (1) (a) of Directive 2006/48/EC.
Amendment 28 #
Proposal for a directive – amending act
Article 1 – paragraph 3
Article 1 – paragraph 3
3. This Directive shall not apply to services based on instruments thatundertakings issuing electronic money which can be used to acquire goods or services only: (a) in the premises used by the issuer; or (b) under commercial agreement with the issuer, either within a limited local network of goods or services providers or for a limited range of goods or services, such as a common marketing or distribution scheme.
Amendment 29 #
Proposal for a directive – amending act
Article 1 – paragraph 4
Article 1 – paragraph 4
4. This Directive shall not apply to servicesundertakings issuing electronic money based on any telecommunication, digital or information technology (IT) device, where the goods or services purchased are delivered to and are to be used through a telecommunication, digital or IT device, provided that the telecommunication, digital or IT operator does not act only as an intermediary between the payment service user and the supplier of the goods and services.
Amendment 30 #
Proposal for a directive – amending act
Article 2 – point 2
Article 2 – point 2
2. 'electronic money' means any electronically stored monetary value as represented by a claim on the issuer which is stored electronically and issued on receipt of funds, for the purpose of making payment transactions as defined in Article 4(5) of Directive 2007/64/EC, and is acceptedissued on receipt of funds and accepted as a means of payment by a natural or legal persons other than the issuer;
Amendment 32 #
Proposal for a directive – amending act
Article 3
Article 3
Articles 5, Article 7(3), and Articles 10 to 15 and 17 to 25 of Directive 2007/64/EC shall apply mutatis mutandis to electronic money institutions.
Amendment 34 #
Proposal for a directive – amending act
Article 5
Article 5
Issuance and Redeemability 1. Member States shall ensure that, upon request by the holder, issuers of electronic money: (a) issuers of electronic money redeem, at any moment and at par value, the monetary value of the electronic money held. 2. The contract between the issuer and the holder shall clearly state the conditions of redemption. 3. The contract between the issuer and the holder shall clearly stat par value on receipt of funds; and (b) upon request by the holder, redeem, at any moment, free of charge, partially or fully and at par value, the monetary value of the electronic money held. 2. Notwithstanding paragraph 1(b), the issuer may charge a fee for the partial or full redemption before the agreed termination date of the conditions of redemption. 4. Where redemption takes place before the date of termination of the contract, it may cover either a part of or the totality of the money stored electronically. 5tract or where no termination date is specified. That fee shall be set out prominently and in detail in the contract. It shall be proportionate and commensurate with the actual costs incurred by the issuer. Where redemption takes place on theor after the agreed and specified date of termination of the contract, the monetary value of the electronic money held shall be redeemed free of charge. 63. The issuer may charge a fee only in the case of partial or full redemption before termination of the contract. The level of this fee shall be mentioned in the contract. It shall be proportionate and commensurate with the actual costs incurred by the issuerRedemption rights of merchants shall be subject to contractual agreement between issuers of electronic money and merchants.
Amendment 47 #
Proposal for a directive – amending act
Article 8 – paragraph 1 – introductory part
Article 8 – paragraph 1 – introductory part
1. Apart from issuing electronic money, electronic money institutions shall be entitled to engage in any of the following activities, subject to compliance with Article 3:
Amendment 49 #
Proposal for a directive – amending act
Article 8 – paragraph 1 – point b
Article 8 – paragraph 1 – point b
(b) granting credit related to payment services referred to in points 4, 5 or 7 of the Annex to Directive 2007/64/EC, where the conditions laid down in Article 16(3) and (5) of that Directive are met, and such credit is not granted from the funds received in exchange for electronic money and held in accordance with Article 9(2);
Amendment 52 #
Proposal for a directive – amending act
Article 8 – paragraph 1 – point c
Article 8 – paragraph 1 – point c
(c) the provision of operational and closely related ancillary services closely related to the issuing of e-money, as described in Article 16(1)(a) of Directive 2007/64/EC;
Amendment 54 #
Proposal for a directive – amending act
Article 8 – paragraph 1 – point d
Article 8 – paragraph 1 – point d
(d) the operation of payment systems, without prejudice to Article 28 of Directive 2007/64/EC;
Amendment 57 #
Proposal for a directive – amending act
Article 8 – paragraph 2
Article 8 – paragraph 2
2. Any funds received by electronic money institutions from the payment service user in exchange for electronic money shall not constitute a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC. Funds received for any other payment service shall not constitute either a deposit or other repayable funds within the meaning of Article 5 of Directive 2006/48/EC, or electronic money within the meaning of this Directive. Electronic money institutions shall not grant credit from the funds received or held for the purpose of executing e-money transactions.
Amendment 59 #
Proposal for a directive – amending act
Article 9 – paragraph 1
Article 9 – paragraph 1
1. Member States or their competent authorities shall require an electronic money institution which carries on any of the activities referred to in Article 8(1)(a) to (d) and, at the same time, is engaged in other business activities referred to in Article 8(1)(e) to safeguard all funds that have been received from the payment service users or through another payment service providerin relation to those activities for the execution of payment transactions, in accordance with the provisions of Article 9(1), (2) and (4) of Directive 2007/64/EC, mutatis mutandis, in relation to which credit and debit card receivables shall be considered to qualify as liquid low-risk assets.
Amendment 61 #
Proposal for a directive – amending act
Article 9 – paragraph 1 – subparagraph 1 a (new)
Article 9 – paragraph 1 – subparagraph 1 a (new)
Notwithstanding the first subparagraph, Article 9(1)(b) of Directive 2007/64/EC shall not apply except where electronic money institutions offer credit or non- payment services.
Amendment 62 #
Proposal for a directive – amending act
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Member States or their competent authorities mayshall require that electronic money institutions which are not engaged in other business activsafeguard all funds that represent the financial liabilities referrlated to in Article 8(1)(a) to (d) shall also comply with the safeguarding requirements under paragraph 1 of this Articleoutstanding electronic money in accordance with Article 9(1), (2) and (4) of Directive 2007/64/EC, mutatis mutandis.
Amendment 65 #
Proposal for a directive – amending act
Article 10 – paragraph 1 – subparagraph 1 a (new)
Article 10 – paragraph 1 – subparagraph 1 a (new)
Where electronic money institutions carry out any of the activities referred to in Article 8(1)(a) to (e) and the amount of outstanding electronic money is unknown in advance, the competent authorities shall allow those institutions to apply this paragraph on the basis of a representative portion assumed to be used for payment services, provided such a representative portion can be reasonably estimated on the basis of historical data and to the satisfaction of the competent authorities.