The PRESIDENT of the REPUBLIC on the basis of articles 76 and 87 of the Constitution; Having regard to Act 1° March 2002, n. 39, containing provisions for the fulfilment of the obligations arising from Italy's membership of the European communities-Community Law 2001; Having regard to Directive 2009/110/EC of the European Parliament and of the Council of September 16, 2009; Having regard to the Legislative Decree November 21, 2007, n. 231, implementing Directive 2005/60/EC on the prevention of the use of the financial system for the purpose of laundering the proceeds of criminal activity and terrorist financing, as well as of Directive 2006/70/EC which has enforcement actions; Having regard to act December 15, 2011, # 217, containing provisions for the fulfilment of the obligations arising from Italy's membership of the European communities, 2010 Community law, and in particular article 6; Having regard to the consolidated text of the laws on banking and credit, referred to in Legislative Decree No 385 1 September 1993; Having regard to the preliminary deliberation of the Council of Ministers, adopted at its meeting of January 20, 2012; Acquired the opinions of relevant committees of the Chamber of Deputies and the Senate of the Republic; Having regard to the resolution of the Council of Ministers, adopted at its meeting of April 6, 2012; On the proposal of the Minister for European Affairs and the Minister of economy and finance, in agreement with the Ministers of Foreign Affairs and justice;
And m a n y the following legislative decree: Art. 1 changes to banking law concerning electronic money 1. In article 1, paragraph 2, point f) of Legislative Decree No 385 1 September 1993, the number 4) is replaced by the following: "4) provision of payment services as defined by article 1, paragraph 1, point b), and 2, paragraph 2, of legislative decree January 27, 2010, # 11.". 2. in article 1, paragraph 2, of Legislative Decree No 385 1 September 1993, the letter h-ter) is replaced by the following: "h-ter) ' electronic money ' means the monetary value stored electronically, including magnetic storage, as represented by a claim on the issuer which is issued to perform payment services as defined in article 1, paragraph 1, point c) of legislative decree January 27, 2010 , # 11, and that it is accepted by individuals and entities other than the issuer. Electronic money does not constitute: 1) the monetary value stored on instruments referred to in article 2, paragraph 2) (m) of Legislative Decree No 11 January 27, 2010;
2) the cash value used for payment transactions under article 2, paragraph 2) (n) of Legislative Decree No 11 January 27, 2010. ". 3. Title V-bis of Legislative Decree No 385 1 September 1993, is replaced by the following: "title V-BIS electronic money and ELECTRONIC MONEY INSTITUTIONS Art. 114-bis issuing electronic money 1. The issuing of electronic money is reserved to banks and to electronic money institutions. 2. Can issue electronic money, having regard to the provisions applicable to them, the European Central Bank, EU central banks, the Italian community and the other Member State, regional and local public administrations, as well as ' Poste Italiane. 3. the issuer of electronic money does not grant any interest or any other benefit commensurate with the stock of electronic money.
Art. 114-ter of the electronic money Refund 1. The electronic money issuer shall reimburse, on request of the holder, the electronic money at all times and at face value, according to the terms and conditions set forth in the contract pursuant to article 126 emission-novies. The right to reimbursement shall be extinguished by prescription in time-limits laid down in article 2946 of the civil code. 2. the holder may demand a refund: a) before the expiry of the contract, to the extent required;
b) at the end of the contract or thereafter: 1) to the total monetary value of the electronic money held;
2) to the extent required, if the issuer is an electronic money institution authorised under article 114-d, paragraph 4, and the pertinence of the same holder can be used for purposes other than the use of plastic money, without any predetermined share can be used as electronic money. 3. the persons, other than a consumer, they accept in electronic money payment can be adjusted on a contractual basis with the issuer of electronic money the right to reimbursement their owed against it, even by way of derogation from paragraph 2.
Art. 114-c electronic money institutions 1. The Bank of Italy enrolled in the appropriate register electronic money institutions authorised in Italy and its branches and branch offices in Italy of electronic money institutions with registered office in an EU State or outside the European Union. 2. electronic money institutions transform immediately into electronic money funds received by the applicant; for distribution and redemption of electronic money may have recourse to persons or entities acting on their behalf. 3. electronic money institutions may: a) provide payment services and associated ancillary activity under article 114-g without specific authorisation in accordance with article 114-novies;
b) exercise operational services and closely related accessories to the issuance of electronic money.
Art. 114-d license and cross-border trading 1. The Bank of Italy authorizes electronic money institutions when the following conditions are fulfilled: a) has taken the form of joint stock company, limited liability company, limited liability company or cooperative society;
b) the registered office and the Directorate-General are located within the territory of the Republic;
c) paid-in capital is not less than that established by the Bank of Italy;
d) is presented a programme on the initial activities and the organizational structure, together with the Constitution and the Statute;

e) holders of shares referred to in article 19 and the corporate officers have, respectively, the requirements under articles 25 and 26;
f) there is, between electronic money institutions or entities group and others, close ties that would hinder the effective exercise of their supervisory functions. 2. the Bank of Italy denies permission when the verification of the conditions referred to in paragraph 1 is not guaranteed the sound and prudent management or the smooth operation of payment systems. 3. the Bank of Italy regulates the authorisation procedure, revocation cases and assumptions of decadence when the authorized institution has not started the exercise of the activity. 4. the Bank of Italy authorizes the issuance of electronic money subjects exercising other entrepreneurial activities when: a the conditions referred to in paragraph 1), with the exception of the requirements of professionalism ' corporate officers;
b) for the activity of issuing electronic money, the provision of payment services and its ancillary and instrumental activities consist a single assets intended with the method and the effects laid down in articles 114-1, paragraph 5, and 114 d.-l;
c) have identified one or more entities in charge of assets as per letter b); Article 26 shall apply to them, limited to the requirements of honourability and professionalism. 5. If the conduct of entrepreneurial activity pursuant to subsection 4 may damage the financial solidity of the electronic money institution or the effective exercise of supervision, the Bank of Italy can impose the Constitution of a company which carries out exclusively the activity of issuing electronic money. 6. electronic money institutions Italians can operate: a) in an EU State, even without establishing branches, in accordance with the procedures laid down by the Bank of Italy;
b) in a non-EU countries, even without establishing branches, with the permission of the Bank of Italy. 7. electronic money institutions headquartered in another EU State, intending to operate in Italy, may operate in the territory of the Republic without establishing branches after the Bank of Italy has been informed by the competent authorities of the State to which they belong. 8. The issuance of electronic money by an electronic money institution with its registered office in a State outside the European Union is subject to the opening of a branch in Italy authorized by the Bank of Italy for the purposes of this article under match those of paragraph 1, point c), d), e) and f). The authorization is issued, the Ministry of Foreign Affairs, taking into account the condition of reciprocity. 9. the Bank of Italy said implementing provisions of this article.
Art. 114-d. 1 forms of protection and assets 1. Electronic money institutions shall record for each customer in liability posed, in compliance with the rules established by the Bank of Italy, the amounts of money received from customers for the issuance of electronic money. 2. the amounts referred to in paragraph 1 shall be invested, in compliance with the rules established by the Bank of Italy, in activities that constitute a distinct heritage and effect than that of the electronic money institution. Actions are not allowed on this distinguished heritage of creditors of the electronic money institution or in the interest of same, nor those of the creditors of any subject where the monies are deposited. The actions of creditors of the individual clients of electronic money institutions shall be permitted to the extent it registered under subsection 1. If the money received for the issuance of electronic money are deposited with third parties do not operate legal and judicial compensation and cannot be agreed upon conventional compensation than claims by the depositary with regard to the electronic money institution. 3. for the purposes of the discipline of receivership to the electronic money institution, the bearers of electronic money shall be deemed to be the customers with the right to the restitution of the securities. 4. In respect of the services of payment by electronic money institutions shall apply article 114-k. 5. electronic money institutions that perform other business activities other than issuance of electronic money and from the provision of payment services, authorized in accordance with article 114-d, paragraph 4, are an asset intended only for the issuing of electronic money, the provision of payment services and its ancillary and instrumental activities. To such assets, article 114-l, also with reference to the issuance of electronic money.
Art. 114-d. 2 1 Supervision. Electronic money institutions shall send to the Bank of Italy, with the terms and conditions established by it, periodic reports as well as any other data and documents required. They also transmit budgets with the method and under the terms established by the Bank of Italy. 2. the Bank of Italy emanating General provisions concerning: governance, capital adequacy, risk containment in its various configurations, administrative and accounting procedures and internal controls and compensation and incentive systems. 3. the Bank of Italy can: a) convene directors, auditors and managers of electronic money institutions to investigate the situation;
b) ordering the convocation of the collective bodies of electronic money institutions, establishing the agenda and propose taking certain decisions;
c) proceed directly to the convocation of the collective bodies of electronic money institutions when the competent authorities have not complied with the provisions of point b);

d) adopt with regard to matters referred to in paragraph 2, if the situation so requires, specific measures against individual electronic money institutions concerning the restriction of activities or spatial structure, the prohibition to make certain operations including corporate and distribute profits or other elements of heritage and, with reference to Computable assets financial instruments for supervisory purposes the prohibition of paying interest. 4. the Bank of Italy can carry out inspections of electronic money institutions, their agents or entities to which activities are outsourced and ask them the submission of documents and the actions it deems necessary. The Bank of Italy notifies the competent authority of the host community intending to carry out inspections on the territory of the latter in respect of electronic money institutions, their agents or entities to which activities are outsourced or requires the proper authorities of the community to state those findings. 5. The competent authority of an EU State, after informing the Bank of Italy, can inspect, including by people they entrusted with community, electronic money institutions, their agents or entities to which activities are outsourced operating in the territory of the Republic. If the competent authority of an EU State, the Bank of Italy may proceed directly to investigations. 6. In respect of electronic money institutions that perform other business activities other than issuance of electronic money and from the provision of payment services, authorized in accordance with article 114-d, paragraph 2, the Bank of Italy shall exercise the supervisory powers specified in this article on the activity of issuing electronic money, provision of payment services and activities related having a reference also responsible for managing the activities and assets.
Art. 114-d. 3 Referral 1. Electronic money institutions shall apply mutatis mutandis the provisions of articles 19, 20, 21, 22, 23, 24, 25, 26, 52, 139 and 140 and title VI. Issuers that act as a public authority only apply to articles 114-ter and 126-novies and, with respect to these provisions, articles 39 and 40 of the Legislative Decree of January 27, 2010, # 11, as amended. 2. Electronic money institutions not exercising entrepreneurial activities other than issuance of electronic money or the provision of payment services, apply also to articles 78, 79, 82, 113-113-bis and ter. 3. the Bank of Italy can dictate implementing rules for the application of the rules laid down in this article.
Art. 114-d. 4 1 Derogations. The Bank of Italy may exempt electronic money institutions from the application of the provisions set out in this title, when the following conditions occur together: a) the overall activities generate an average outstanding electronic money that does not exceed the limit established by the Bank of Italy according to the business plan of the electronic money institution; This limit in any case does not exceed 5 million;
b) those who perform administrative, management and supervisory functions in the electronic money institution have not been convicted of money laundering or terrorist financing or other financial crimes. 2. the Bank of Italy can provide substantiation electronic money instruments limits issued by institutions referred to in paragraph 1. 3. electronic money institutions exempted under subsection 1 shall not benefit from the provisions for mutual recognition. 4. the Bank of Italy establishes the procedures that the persons referred to in paragraph 1 below to communicate any change of the conditions referred to in paragraph 1 and the methods with which operational volumes must be notified pursuant to paragraph 1 (a)). 5. electronic money institutions exempted under subsection 1 may provide payment services only where the conditions laid down in article 114-sexiesdecies ". 4. in article 126-bis, paragraph 2, of Legislative Decree of 1 September 1993, n. 385, after the first period is added as follows: "Italian State, the other States community, State, regional and local public administrations, which, acting as a public authority, to issue electronic money, applies only to article 126-novies.". 5. After article 126-octies of Legislative Decree No 385 1 September 1993, it included the following: "Art. 126-novies applicable fees refund of electronic money 1. Electronic money refunded as provided for in article 114 ter could be subject to the payment of a Commission adequate and conform to the actual costs incurred by the issuer, only if provided for in the contract and in any of the following cases: a) the refund is requested before the expiry of the contract;
electronic money holder b) terminates the contract before it expires;
c) reimbursement is requested more than a year after the expiry date of the contract. 2. the persons, other than a consumer, they accept in electronic money payment can be adjusted on a contractual basis with the issuer of electronic money refund conditions their owed against it, even by way of derogation from paragraph 1. 3. the issuer of electronic money provide the keeper, before he is bound by any contract or offer, information about the method and conditions of refund, as determined by the Bank of Italy. 4. the contract between the issuer and the electronic money holder indicates clearly and explicitly the terms and conditions of repayment. ".