--- title: "Article 3 — General prudential rules" 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 3 — General prudential rules" 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: 3 status: in_force object_id: eu.emd.legal_text.article.3 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)* 1. Without prejudice to this Directive, [Article 5](https://www.headlesslaw.com/psd2/articles/5), [Articles 11](https://www.headlesslaw.com/psd2/articles/11) to 17, [Article 19(5)](https://www.headlesslaw.com/psd2/articles/19) and (6) and [Articles 20](https://www.headlesslaw.com/psd2/articles/20) to 31 of Directive (EU) 2015/2366 of the European Parliament and of the Council, including the delegated acts adopted under Article 15(4), Article 28(5) and Article 29(7) thereof, shall apply to electronic money institutions mutatis mutandis. 2. Electronic money institutions shall inform the competent authorities in advance of any material change in measures taken for safeguarding of funds that have been received in exchange for electronic money issued. 3. Any natural or legal person who has taken a decision to acquire or dispose of, directly or indirectly, a qualifying holding within the meaning of point 11 of Article 4 of Directive 2006/48/EC in an electronic money institution, or to further increase or reduce, directly or indirectly, such qualifying holding as a result of which the proportion of the capital or of the voting rights held would reach, exceed or fall below 20 %, 30 % or 50 %, or so that the electronic money institution would become or cease to be its subsidiary, shall inform the competent authorities of their intention in advance of such acquisition, disposal, increase or reduction. The proposed acquirer shall supply to the competent authority information indicating the size of the intended holding and relevant information referred to in Article 19a(4) of Directive 2006/48/EC. Where the influence exercised by the persons referred to in the second subparagraph is likely to operate to the detriment of the prudent and sound management of the institution, the competent authorities shall express their opposition or take other appropriate measures to bring that situation to an end. Such measures may include injunctions, sanctions against directors or managers, or the suspension of the exercise of the voting rights attached to the shares held by the shareholders or members in question. Similar measures shall apply to natural or legal persons who fail to comply with the obligation to provide prior information, as laid down in this paragraph. If a holding is acquired despite the opposition of the competent authorities, those authorities shall, regardless of any other sanction to be adopted, provide for the exercise of the voting rights of the acquirer to be suspended, the nullity of votes cast or the possibility of annulling those votes. The Member States may waive or allow their competent authorities to waive the application of all or part of the obligations pursuant to this paragraph in respect of electronic money institutions that carry out one or more of the activities listed in [Article 6(1)](6.md)(e). 4. Member States shall allow electronic money institutions to distribute and redeem electronic money through natural or legal persons which act on their behalf. Where the electronic money institution distributes electronic money in another Member State by engaging such a natural or legal person, Articles 27 to 31, with exception of [Article 29(4)](https://www.headlesslaw.com/psd2/articles/29) and (5), of Directive (EU) 2015/2366, including the delegated acts adopted in accordance with Article 28(5) and Article 29(7) thereof, shall apply mutatis mutandis to such electronic money institution. 5. Notwithstanding paragraph 4 of this Article, electronic money institutions shall not issue electronic money through agents. Electronic money institutions shall be allowed to provide payment services referred to in point (a) of [Article 6(1)](6.md) of this Directive through agents subject to the conditions laid down in [Article 19](https://www.headlesslaw.com/psd2/articles/19) of Directive (EU) 2015/2366. ## Related Level 2 and Level 3 ### Guidance and Q&A - [EBA Q&A 2020_5624 — Q&A — Subcontractor of electronic money distributor \[Final Q&A\]](../level-3/q-and-a/eba/eba-qa-2020-5624-subcontractor-of-electronic-money-distributor.md) *** [Title II — Requirements for the taking up, pursuit and prudential supervision of the business of electronic money institutions](../titles/ii.md) · [← Article 2](2.md) · [Article 4 →](4.md)