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ELECTRONIC MONEY INSTITUTIONS. Royal Decree 322/2008 of 29 February on the legal status of electronic money institutions. About
. They are treated as electronic money institutions that credit institutions whose main business is to issue means of payment in the form of electronic money.
not include the entities defined in Article 1.1.a) of Royal Decree 1298/1986 of June 28 on the adaptation of existing law on credit institutions of the European Communities ie, firms having as typical and usual activity receiving funds from the public as deposits, loans, temporary or similar financial assets that are inconsistent with the obligation of restitution, applying self to the granting of loans or transactions of a similar nature.
concept of electronic money: The monetary value represented by a claim on the issuer: a) Stored in an electronic medium. b) Issued to receive funds of an amount which may not be less than the monetary value issued. c) accepted as means of payment by undertakings other than the issuer.
Reserve designation. The name 'Entities Electronic Money "and its abbreviation EDE, shall be allocated to these entities, which are obliged to include it in their names.
Authorization and registration. Chronological steps: 1 .-
Authorization by the Minister of Economy and Finance.
2 .- Incorporation and registration in the Commercial Register
3 .- Special Registration in the Electronic Money Institutions to be established at the Bank of Spain. Be published in the Official Gazette and communicated to the European Commission. 4 .- Top
activities. Authorization will expire 12 months if no activity begins.
Modification of the statutes. Will be subject to that approval and registration procedure exceptions: as change of registered office within the national territory, capital increase or addition to the rules of textual legal or regulatory requirements mandatory or prohibitive
Mergers. The fusion of an electronic money institution to another credit or any other company must be authorized by the Minister of Finance within three months.
Revocation. The decision to revoke the authorization or exemption will be substantiated and entered in the Commercial Register and the Register of Electronic Money Institutions Bank of Spain. Section 14.5.
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