| Abstract [eng] |
Electronic Money: Issues of Legal Regulation Consistent legal regulation of e-money in European Union has started by adoption of the Directive 2000/46/EB - it was the first legal act which has set the definition and basic rules on e-money institutions. Despite the fact that Commission had seen e-money as potential to encourage electronic commerce and innovation in EU and probably the way to cashless society, the first e-money Directive was far from reaching these objectives and instead of fostering innovation and competition, hindered it. The Directive 2000/46/EB had created an inconsistent legal regime for e-money institutions: prudential rules were still too restrictive and the idea of considering e-money institutions as a subcategory of credit institution was highly doubtful. The definition of e-money received a lot of criticism, because it had created legal uncertainty, Directive’s scope of applicability was unclear and open to interpretations. The main shortcomings were recognized and the new e-money Directive 2009/110/EB has made significant changes in legal regulation of e-money. First of all, e-money institutions are not considered as a subcategory of credit institutions anymore. The concept of e-money is now more closely linked to payment services rather than credit institutions. As a result, more proportionate prudential requirements are set: lover capital requirements, possibility to deploy other activities, etc. Furthermore, the Directive 2009/110/EB has established more technically neutral and simpler definition of e-money, stating that e-money is 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 and which is accepted by a natural or legal person other than the electronic money issuer. Most issues of legal regulation are largely caused by the newness of e-money as means of payment, ambitious Commission’s choice of early regulation, lack of consideration of consistent and appropriate definition of e-money and realistic predictions of future market development. |
