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# Recital 12

*In force · Directive 2009/110/EC, OJ L 267, 10.10.2009 · Checked against EUR-Lex on 26 Oct 2026 · [Official source](https://eur-lex.europa.eu/eli/dir/2009/110/oj/eng)*

The operation of payment systems is an activity which is not reserved to specific categories of institution. It is important to recognise, however, that, as is the case for payment institutions, it is also possible for the operation of payment systems to be carried out by electronic money institutions.