The evaluation of the older Electronic Money Directive (2000/46/EC) by the European Commission revealed that the electronic money market had not expanded as rapidly as had been expected. The Commission concluded that the prudential requirements in the old Directive were more stringent than was needed given the risks inherent in the issue of electronic money. Among other things, the revised Directive (2009/110/EC) aims to make it more attractive for newcomers to enter the electronic money market. Innovation must be given a chance without compromising the safety and reliability of electronic money services for consumers.
The revised Directive aligns prudential supervision of electronic money institutions as closely as possible with that of electronic money institutions, establishing a level playing field for all payment service providers. Authorisation requirements for electronic money institutions – save for some general prudential capital and solvency rules – are identical to those applying to payment service provided.
The Dutch legislation implementing the revised Directive entered into force on 1 January 2012.