Executive Order On E-Banking ' Security Of Funds Received From Users With A View To The Exchange Of Electronic Money

Original Language Title: Bekendtgørelse om e-pengeinstitutters sikring af midler modtaget fra brugere med henblik på veksling til elektroniske penge

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Executive order on e-banking ' security of funds received from users with a view to the exchange of electronic 1)

Pursuant to section 39 (l), (3) and § 107, paragraph 6, of the law on payment services and electronic money, see. Legislative Decree nr. 365 of 26. April 2011 fixed: scope



§ 1. This notice applies to undertakings which are authorised as e-money Department pursuant to section 39 (a) of the law on payment services and electronic money, and which at the same time engaged in other business activities in addition to the issuance of electronic money, see. paragraph 39 (e) (1). 2-4. the provisions of paragraph 2. The notice applies to funds, 1) as e-money institution has received from users with a view to the exchange of electronic money, including funds that are received in the form of payments through the use of a payment instrument, and 2) which have not yet been exchanged for electronic money and put at the disposal of the holder at the end of the working day following the day on which the funds are received.

Security of funds



§ 2. E-money institution shall ensure that the products referred to in paragraph 1 in accordance with paragraphs 2 to 3.

(2). The obligation under paragraph 1 may be satisfied by one or more of the following ways: 1) by inserting the funds in a separate account, is termed "security account", of a credit institution in accordance with section 3.

2) investment in securities, which are placed in a separate securities depot, known as "security depot", of a credit institution in accordance with section 4.

3) through the establishment of guarantees in accordance with § 6.

(3). The total amount of collateral provided for in paragraph 2 shall at all times be equal to the total amount that is calculated in accordance with section 1, paragraph 2. By investing in securities regulation. (2). 2, and through the establishment of guarantees, see. (2). 3, must be attributed to a margin of 10 per cent.

§ 3. Security accounts pursuant to section 2, paragraph 2, no. 1, must be created in a credit institution authorised in this country, in another country within the European Union or in a country which has entered into an agreement with the Union in the financial field.

(2). E-money institution shall obtain the credit institution's listing of that conservative constitute collateral for the requirements on repayment, as users of e-money institution's electronic money covered by article 2, paragraph 1, may have against e-money institution in the case of e-money Department taken during the insolvency proceedings. E-money institution, however, is in relation to the credit institution is entitled to freely dispose of the deposit.

(3). In proceedings referred to in paragraph 2 shall mean bankruptcy, moratorium debate reconstruction, insolvent estate probate, debt settlement as well as other Danish and foreign types of winding-up and reorganisation measures justified by the debtor's insolvency, as defined in article 2 (3). 1 (j) and (k) of Directive 2002/47/EC.

§ 4. Security deposits pursuant to section 2, paragraph 2, no. 2, must be created in a credit institution authorised in this country, in another country within the European Union or in a country which has entered into an agreement with the Union in the financial field.

(2). The securities, which are placed in the security depot, should be safe, liquid securities, meaning bonds or debt securities issued by or guaranteed by Governments or regional authorities in zone A countries, see. § 5 (1) (8). 18, in the financial business Act.

(3). E-money institution shall obtain the credit institution's listing of security collateral for the claim represents the depot the refund, as users of e-money institution's electronic money covered by article 2, paragraph 1, may have against e-money institution in the case of e-money Department taken during the insolvency proceedings referred to in article 6. section 3, paragraph 3. E-money institution, however, is in relation to the credit institution is entitled to freely dispose of the securities, which are placed in the security depot.

§ 5. When the conditions laid down in, respectively, § 3, paragraph 2, and section 4, paragraph 3, are fulfilled, they are entitled to a refund, as users of e-money institution's electronic money covered by article 1, paragraph 2, might have against e-money institution protected from prosecution from e-money institution's other creditors.

§ 6. Guarantees pursuant to section 2, paragraph 2, no. 3, must be made by an insurance company or a credit institution, which does not belong to the same group as e-money institution, and which is authorised in this country, in another country within the European Union or in a country which has entered into an agreement with the Union in the financial field.

(2). The guarantee shall be made as a joint and several guarantee in favor of e-money institution's users of electronic money and shall include the requirement of repayment, as users within the scope of article 2, paragraph 1, may have against e-money institution in the case of e-money Department taken during the insolvency proceedings.

§ 7. E-money institution has reassuring business procedures, including control measures to ensure compliance with the e-money institution's obligations pursuant to this order.

Supervision and criminal provision



§ 8. E-money institution shall submit a report every six months to the Danish financial supervisory authority, showing the total outstanding of a fixed amount in accordance with section 1, paragraph 2, in relation to the established guarantees. The statement, which must be carried out respectively at 31 December 2003. December and 30. June, must be received by the Danish financial supervisory authority at the latest on 1 January, respectively. March and 1. September.

§ 9. Violation of article 2, paragraph 1, are punishable by a fine, unless a higher penalty is inflicted pursuant to section 107, paragraph 1, of the law on payment services and electronic money.

(2). Violation of § 2, paragraph 3, section 7 and section 8 is punishable by a fine.

(3). That can be imposed on companies, etc. (legal persons) criminal liability in accordance with the provisions of the criminal code 5. Chapter.

Date of entry into force of



§ 10. The notice shall enter into force on the 1. July 2011.

The Danish financial supervisory authority, the 24. June 2011 Ulrik Nødgaard/Julie Galbo Official notes 1) Ordinance contains provisions which partially transposes European Parliament and Council directive 2009/110/EC of 16. September 2009 relating to the taking up and pursuit of the business of electronic money institutions and supervision of such an undertaking, amend Directive 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC (Official Journal of the European Union 2009 nr. L 267, p. 7).