> For the complete documentation index, see [llms.txt](https://www.headlesslaw.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://www.headlesslaw.com/emd/readme.md).

# EMD

*In force · Consolidated version of 13 January 2018 · Not yet verified against the official text ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113)

**Directive 2009/110/EC** — of the European Parliament and of the Council of 16 September 2009 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

The full text is available article by article, one page per article (`articles/<number>`). Every numbered paragraph and point carries a stable anchor (`#p-3` for paragraph 3, `#p-3-a` for its point (a)), so any provision can be cited with a direct link. The English consolidated manifestation from CELLAR (the recitals: the English Official Journal text, OJ L 267, 10.10.2009) is reproduced verbatim; the official text remains the EU publication at [EUR-Lex](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113).

### Contents

* [Recitals](/emd/recitals.md)

#### [Title I — Scope and definitions](/emd/titles/i.md)

* [Article 1 — Subject matter and scope](/emd/articles/1.md)
* [Article 2 — Definitions](/emd/articles/2.md)

#### [Title II — Requirements for the taking up, pursuit and prudential supervision of the business of electronic money institutions](/emd/titles/ii.md)

* [Article 3 — General prudential rules](/emd/articles/3.md)
* [Article 4 — Initial capital](/emd/articles/4.md)
* [Article 5 — Own funds](/emd/articles/5.md)
* [Article 6 — Activities](/emd/articles/6.md)
* [Article 7 — Safeguarding requirements](/emd/articles/7.md)
* [Article 8 — Relations with third countries](/emd/articles/8.md)
* [Article 9 — Optional exemptions](/emd/articles/9.md)

#### [Title III — Issuance and redeemability of electronic money](/emd/titles/iii.md)

* [Article 10 — Prohibition from issuing electronic money](/emd/articles/10.md)
* [Article 11 — Issuance and redeemability](/emd/articles/11.md)
* [Article 12 — Prohibition of interest](/emd/articles/12.md)
* [Article 13 — Out-of-court complaint and redress procedures for the settlement of disputes](/emd/articles/13.md)

#### [Title IV — Final provisions and implementing measures](/emd/titles/iv.md)

* [Article 14 — Implementing measures](/emd/articles/14.md)
* [Article 15 — Committee procedure](/emd/articles/15.md)
* [Article 16 — Full harmonisation](/emd/articles/16.md)
* [Article 17 — Review](/emd/articles/17.md)
* [Article 18 — Transitional provisions](/emd/articles/18.md)
* [Article 19 — Amendments to Directive 2005/60/EC](/emd/articles/19.md)
* [Article 20 — Amendments to Directive 2006/48/EC](/emd/articles/20.md)
* [Article 21 — Repeal](/emd/articles/21.md)
* [Article 22 — Transposition](/emd/articles/22.md)
* [Article 23 — Entry into force](/emd/articles/23.md)
* [Article 24 — Addressees](/emd/articles/24.md)


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