> 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/articles/1.md).

# Article 1 — Subject matter and scope

*In force · Consolidated version of 13 January 2018 · Checked against EUR-Lex on 6 Oct 2026 ·* [*Official source*](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113)

1. This Directive lays down the rules for the pursuit of the activity of issuing electronic money to which end the Member States shall recognise the following categories of electronic money issuer:

   **(a)** credit institutions as defined in point 1 of Article 4 of Directive 2006/48/EC including, in accordance with national law, a branch thereof within the meaning of point 3 of Article 4 of that Directive, where such a branch is located within the Community and its head office is located outside the Community, in accordance with Article 38 of that Directive;

   **(b)** electronic money institutions as defined in point 1 of [Article 2](/emd/articles/2.md) of this Directive including, in accordance with [Article 8](/emd/articles/8.md) of this Directive and national law, a branch thereof, where such a branch is located within the Community and its head office is located outside the Community;

   **(c)** post office giro institutions which are entitled under national law to issue electronic money;

   **(d)** the European Central Bank and national central banks when not acting in their capacity as monetary authority or other public authorities;

   **(e)** Member States or their regional or local authorities when acting in their capacity as public authorities.
2. Title II of this Directive lays down the rules for the taking up, the pursuit and the prudential supervision of the business of electronic money institutions.
3. Member States may waive the application of all or part of the provisions of Title II of this Directive to the institutions referred to in Article 2 of Directive 2006/48/EC, with the exception of those referred to in the first and second indents of that Article.
4. This Directive does not apply to monetary value stored on instruments exempted as specified in Article 3(k) of Directive 2007/64/EC.
5. This Directive does not apply to monetary value that is used to make payment transactions exempted as specified in Article 3(l) of Directive 2007/64/EC.

***

[Title I — Scope and definitions](/emd/titles/i.md) · [Article 2 →](/emd/articles/2.md)


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