--- title: "Article 2 — Definitions" type: regulation legal_status: in_force source: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113" source_retrieved: 2026-10-06 shortTitle: "Article 2 — Definitions" instrument_type: level1_directive authority: Commission binding: true binding_character: binding mica_level2: false legal_basis: "Directive 2009/110/EC" instrument: emd celex: "32009L0110" regulation: EMD regulation-full: "Directive 2009/110/EC" article: 2 status: in_force object_id: eu.emd.legal_text.article.2 text_version: "Consolidated version of 13 January 2018" source_url: "https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113" check_status: matched verified: true last_checked: 2026-11-09 --- *In force · Consolidated version of 13 January 2018 · Verified 9 Nov 2026 · [Official source](https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:02009L0110-20180113)* For the purposes of this Directive, the following definitions shall apply: **1.** ‘[electronic money institution](https://www.headlesslaw.com/definitions/emd/electronic-money-institution)’ means a legal person that has been granted authorisation under Title II to issue electronic money; **2.** ‘[electronic money](https://www.headlesslaw.com/definitions/emd/electronic-money)’ means electronically, including magnetically, stored monetary value as represented by a claim on the issuer which is issued on receipt of funds for the purpose of making payment transactions as defined in point 5 of Article 4 of Directive 2007/64/EC, and which is accepted by a natural or legal person other than the electronic money issuer; **3.** ‘[electronic money issuer](https://www.headlesslaw.com/definitions/emd/electronic-money-issuer)’ means entities referred to in [Article 1(1)](1.md), institutions benefiting from the waiver under [Article 1(3)](1.md) and legal persons benefiting from a waiver under [Article 9](9.md); **4.** ‘[average outstanding electronic money](https://www.headlesslaw.com/definitions/emd/average-outstanding-electronic-money)’ means the average total amount of financial liabilities related to electronic money in issue at the end of each calendar day over the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for that calendar month. ## Related Level 2 and Level 3 ### Guidance and Q&A - [EBA Q&A 2022_6336 — Q&A — Definition of electronic money \[Final Q&A\]](../level-3/q-and-a/eba/eba-qa-2022-6336-definition-of-electronic-money.md) *** [Title I — Scope and definitions](../titles/i.md) · [← Article 1](1.md) · [Article 3 →](3.md)