Publication of the provision of funds received by e-finance institutions from users for exchange for electronic money 1)

In accordance with section 39 l, paragraph, 3 and section 107 (3). 6, in the law on payment services and electronic money, cf. the order of the law. 365 of 26. April 2011 shall be :

Scope of application

§ 1. This notice shall apply to undertakings authorised as an e-financial institution under Clause as Section 39 a in the payment services and electronic money law, while other business activities other than the issuance of : electronic money, cf. Article 39 e, paragraph 1. 1, no. 2-4.

Paragraph 2. The announcement shall apply to funds,

1) the e-monetary Institute received from users for exchanges of electronic money, including funds received in the form of payments using a payment instrument, and

2) which have not yet been exchanged for electronic money and made available to the holder at the end of the working day following the day on which the funds were received.

Safeguarding the funds

§ 2. The EI shall ensure that the funds referred to in Section 1 are to be ensured in accordance with paragraph 1. 2-3.

Paragraph 2. The obligation pursuant to paragraph 1. 1 can be met on one or more of the following ways :

1) When the funds are inserted in a separate account referred to as "security account" in a credit institution in accordance with section 3.

2) In the investment in transferable securities, placed in a separate securities depot called ' safe depot `, in a credit institution in accordance with section 4.

3) In the establishment of a guarantee, in accordance with section 6.

Paragraph 3. The total amount of collateral in accordance with paragraph 1. 2 shall at all times correspond to the total amount of the sum collected pursuant to section 1 (1). 2. For investment in transferable securities, cf. paragraph 2, no. 2, and in the establishment of guarantees, cf. paragraph 2, no. However, 3 should be given a margin of 10%.

§ 3. Sikound-accounts as part of section 2 (2). 2, no. 1, must be established in a credit institution authorised in this country, in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 2. The institution of the E-monetary Institute shall make up to the credit institution ' s notation of the guarantee of a guarantee of reimbursement for the payment of the electronic money for the electronic money of the e-money institution. 1, may have against the E-Money Institute in the case of the e-financial institution being taken at the insolvency proceedings. The E-monetary Institute is, however, as regards the credit institution, to have the right to dispute over indebted grounds.

Paragraph 3. In the insolvency proceedings, in accordance with paragraph 1, 2 means bankruptcy, accreditation, reconstruction, insolvent death boating, debt relief, and other Danish and foreign forms of winding-up and reorganisation measures motivated by the debtor ' s insolvency, as defined in Article 2 (2), Paragraph 1 (j) and (k) of Directive 2002 /47/EC.

§ 4. Safety deposits in accordance with section 2 (2). 2, no. 2, must have been set up in a credit institution authorised in this country, in another country within the European Union or in a country with which the Union has concluded an agreement in the financial sphere.

Paragraph 2. The securities placed in the safety depot shall be safe, liquefied securities, which means debt securities or debt securities issued by or guaranteed by governments or regional authorities in zone A countries, cf. Section 5 (5). 1, no. 18, in the law of financial activities.

Paragraph 3. The EI shall make up to the credit institution ' s record that the security depot shall constitute a guarantee for the recovery of the electronic money for the electronic money of the e-money institute. 1, may have against the E-Money Institute in the case of the e-financial institution being taken at the insolvency proceedings, cf. Section 3, paragraph 3. 3. However, the E-monetary Institute is entitled to freely dispose of the securities placed in the security depot.

§ 5. When the conditions are in section 3, paragraph 1. Article 4 (2) and section 4 (4), The provisions of Article 3 (3) of the e-financial institution shall be subject to Article 1 (1) of the payment of the electronic money. 2, may have against the e-monetary institute protected from prosecution by the other creditors of the e-financial institution.

§ 6. Guarantees pursuant to section 2 (2). 2, no. 3, must be provided by an insurance undertaking or a credit institution which does not belong to the same group as the E-Monetary Institute and authorised in this country, in another country within the European Union or in a country with which the Union is to : concluded agreement in the financial sphere.

Paragraph 2. The guarantee shall be made as a self-debtor guarantee in favour of electronic money users ' users of electronic money and shall include the claims of reimbursement which users are entitled to in section 2 (2). 1, may have against the E-Money Institute in the case of the e-financial institution being taken at the insolvency proceedings.

§ 7. The E-monetary Institute must have reassuring business procedures, including controls to ensure compliance with the obligations of the E-Money Foundation under this notice.

Supervision and penalty provision

§ 8. The E-monetary Institute shall each year submit a statement to the Financial supervision showing the total amount outstanding in accordance with section 1 (1). 2, in relation to the established security. The statement to be carried out respectively per 31. December and 30. June, must be received by the Financial supervision by 1. March and 1. September.

§ 9. The withdrawal of section 2 (2). Paragraph 1 shall be punished by penalty unless higher penalties have been imposed on Article 107 (1). One, in the law on payment services and electronic money.

Paragraph 2. The withdrawal of section 2 (2). 3, sections 7 and 8 are punishable by fine.

Paragraph 3. Companies can be imposed on companies, etc. (legal persons) punishable by the rules of the penal code 5. Chapter.

Entry into force

§ 10. The announcement shall enter into force on 1. July, 2011.

1) The announcement contains provisions that are partially implementing the Directive 2009 /110/EC of the European Parliament and of the Council of 16. September 2009, on the admission of electronic money and the supervision of such a business, amending Directive 2005 /60/EC and the repeal of Directive 2000 /46/EC, and repealing Directive 2000 /46/EC, (EU Official Journal 2009) L 267, s. 7).