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ID 1132. Date of publication of the review report of Directive 2009/110/EC Back

Relevant provisions
Article 17 of Directive 2009/110/EC

Question
Article 17 of Directive 2009/110/EC states that by 1 November 2012, the Commission shall present a report on the implementation and impact of this directive, in particular on the application of prudential requirements for e-money institutions, accompanied where appropriate by a proposal for its revison.

Could you please indicate what the current status is of this report and when it is expected to be made public?

Many thanks in beforehand.

Answer
Article 17 of Directive 2009/110/EC states that by 1 November 2012, the Commission shall present a report on the implementation and impact of this directive. However, by 1 November 2012, only 23 Member States had fully transposed the Electronic Money Directive (EMD) into national law. Furthermore, 11 Members States transposed the Directive only in the second half of 2011 or the first half of 2012. Because of the delay in the transposition, the evaluation of the implementation and impact of the Directive had to be postponed. The review and its follow-up will be based on: a study on the conformity of the transposition starting in September 2012 and to be finalised early 2013 and a study on the economic impact of the EMD to be conducted in 2013.
Considering this delay in the transposition and the lack of economic evidence on the impact of the EMD, the Commission proposed the postponement of the Report from November 2012 to November 2014.


Date
Submitted on 22/11/2012