Skip to the text
Text as of 10 Oct 2009 · Original act (Official Journal of 10 October 2009) · Same wording as today’s text.Today’s text

Article 11 — Issuance and redeemability

Financial servicesLevel 1DirectiveEMDStage: AdoptedVerifiedOfficial source

11(1)

1.Member States shall ensure that electronic money issuers issue electronic money at par value on the receipt of funds.

Copy link
11(2)

2.Member States shall ensure that, upon request by the electronic money holder, electronic money issuers redeem, at any moment and at par value, the monetary value of the electronic money held.

Copy link
11(3)

3.The contract between the electronic money issuer and the electronic money holder shall clearly and prominently state the conditions of redemption, including any fees relating thereto, and the electronic money holder shall be informed of those conditions before being bound by any contract or offer.

Copy link
11(4)

4.Redemption may be subject to a fee only if stated in the contract in accordance with paragraph 3 and only in any of the following cases:

Copy link
11(4)(a)
(a)where redemption is requested before the termination of the contract;
Copy link
11(4)(b)
(b)where the contract provides for a termination date and the electronic money holder terminates the contract before that date; or
Copy link
11(4)(c)
(c)where redemption is requested more than one year after the date of termination of the contract.
Copy link

Any such fee shall be proportionate and commensurate with the actual costs incurred by the electronic money issuer.

11(5)

5.Where redemption is requested before the termination of the contract, the electronic money holder may request redemption of the electronic money in whole or in part.

Copy link
11(6)

6.Where redemption is requested by the electronic money holder on or up to one year after the date of the termination of the contract:

Copy link
11(6)(a)
(a)the total monetary value of the electronic money held shall be redeemed; or
Copy link
11(6)(b)
(b)where the electronic money institution carries out one or more of the activities listed in Article 6(1)(e) and it is unknown in advance what proportion of funds is to be used as electronic money, all funds requested by the electronic money holder shall be redeemed.
Copy link
11(7)

7.Notwithstanding paragraphs 4, 5 and 6, redemption rights of a person, other than a consumer, who accepts electronic money shall be subject to the contractual agreement between the electronic money issuer and that person.

Copy link