Law No. 127 Of 20 June 2011 On The Activity Of Issuing Electronic Money

Original Language Title:  LEGE nr. 127 din 20 iunie 2011 privind activitatea de emitere de monedă electronică

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LAW no. 127 of 20 June 2011 (* updated *)
activity of issuing electronic money
(updated until June 29, 2012 *)
Issued



PARLIAMENT
Romanian Parliament adopts this law.



Chapter I Object, scope and definitions
Object, scope and definitions

Article 1


This law regulates the access to the activity of issuing electronic money and performing such activities, the conditions of work of provision of payment services by electronic money institutions, prudential supervision of electronic money institutions and the rules on redeeming electronic money.

Article 2


(1) The activity of issuing electronic money can be done by following categories of electronic money issuers:


A) credit institutions within the meaning of art. 7 paragraph. (1) pt. 10 of the Emergency Government Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments by Law no. 227/2007, as amended and supplemented;


B) electronic money institutions within the meaning of art. 4 para. (1) e);


C) postal service providers that issue electronic money according to the national legislative framework applicable;


D) the European Central Bank and national central banks when not acting as authorities monetary or otherwise involving the exercise of public authority;


E) Member States and their regional or local authorities, when acting in their capacity as public authorities.


(2) Chapter II applies only to electronic money institutions.


Article 3


Not fall within the scope of this law:

A) the monetary value stored on instruments mentioned in art. 4 para. (1) k) of the Emergency Government Ordinance no. 113/2009 regarding payment services, approved with amendments by Law no. 197/2010, as amended and supplemented;


B) the amount of money intended for the performance of payment transactions referred to in art. 4 para. (1) l) of the Emergency Government Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented.



------------- Letter b) of art. 3 has been amended to rectify no. 127 of 20 June 2011, published in the Official Gazette no. 507 of 18 July 2011.

Article 4


(1) For purposes of this law, terms and expressions have the following meanings:


A) agent - natural or legal person that provides payment services in the name and on behalf of electronic money institutions;


B) consumer - natural person acting for purposes which are outside his trade, business or profession;


C) payment account - account held in the name of one or more holders of electronic money and payment service users and used for execution of payment transactions;


D) distributor - natural or legal person providing services distribution and where applicable, redemption of electronic money on behalf of electronic money institutions;


E) electronic money institution - legal entity authorized under the provisions of Chapter. II to issue electronic money;


F) electronic money - monetary value stored electronically, including magnetically, representing a claim on the issuer issued on receipt of funds for the purpose of payment transactions and is accepted by a person other than the electronic money issuer;


G) Member State - any Member State of the European Union and any state EES;


H) Member State of origin - Member State in which the registered office of the issuer of electronic money or, if in accordance with national legislation, the electronic money issuer has no registered office, the Member State in which its head office is located;


I) the host Member State - Member State other than the Member State of origin, where an electronic money issuer has a branch, distributor, agent or issue electronic money or provides payment services;


J) branch - operating unit without legal personality, other than the head office which is a part of the electronic money institution which carries out directly all or some of the activities of electronic money institution.



(2) For terms and phrases contained in this Act and not defined in par. (1) is used properly definitions set out in the Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented.


(3) In determining the status of subsidiary provisions art. 6 of Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented.


Article 5


All operating units up in the same Member State by an electronic money institution whose real headquarters is in another Member State shall be regarded as a single branch.

Article 6


Any person who is not electronic money issuer within the meaning of art. 2 to issue electronic money.

Chapter II

authorization and prudential supervision of electronic money institutions
authorization and prudential supervision of electronic money institutions

Section 1

Minimum requirements for the activity
Minimum requirements for the activity

Article 7


(1) Any entity that intends to issue electronic money in Romania must have a permit, according to this chapter before starting this activity.


(2) The National Bank of Romania may grant an authorization only Romanian legal entities established under Law no. 31/1990, republished, as amended and supplemented.


Article 8


(1) The National Bank of Romania shall grant authorization to an entity only if, according to the information and supporting documents, that all the requirements of this chapter and the regulations issued in its application and evaluation presented is favorable.


(2) For the purposes of paragraph. (1) National Office for Preventing and Combating Money Laundering NBR provide, upon request, information on persons and entities at risk of money laundering and financing of terrorism.


(3) for a decision on the application for authorization, the National Bank of Romania may consult with other relevant competent authorities.


Article 9


The head office of electronic money institution licensed by the National Bank of Romania must lie in Romania.

Article 10


National Bank of Romania shall grant authorization only if it is satisfied that, against the need to ensure a sound and prudent management of the institution of electronic money, electronic money institution has a formal management business of issuing electronic money rigorously designed, which include a clear organizational structure with lines of responsibility clearly defined, transparent and consistent, effective procedures to identify, manage, monitor and report the risks it is or might be exposed and internal control mechanisms appropriate including sound administrative and accounting procedures. The arrangements, procedures and mechanisms shall be comprehensive and proportionate to the nature, scale and complexity of the provision of payment services and issuing electronic money provided by the electronic money institution.

Article 11


(1) The National Bank of Romania shall grant authorization only if it is satisfied that, against the need to ensure a sound and prudent management of the institution of electronic money, those responsible for managing and directing the activity of issuing electronic money have a good reputation and have knowledge and experience appropriate to the nature, size and complexity of the work involved.


(2) Persons responsible for managing and directing the activity of issuing electronic money, depending on the legal form and the type of activities:


A) directors, general partners, directors or, where applicable, supervisory board members and members of the directorate, electronic money institutions that are principally engaged in the issuing of electronic money; or


B) where electronic money institutions that have not engaged in the issuing of electronic money, those responsible for coordinating organizational structure that ensures the activity of issuing electronic money.



(3) Each of the persons referred to in para. (2) it must be approved by the National Bank of Romania before starting to exercise responsibilities.


Article 12


National Bank of Romania shall grant authorization only if it is satisfied that, against the need to ensure a sound and prudent management of electronic money institution, the quality of shareholders and members with qualifying holdings is appropriate.

Article 13


If between electronic money institution, Romanian legal entity, and other natural or legal person close links exist, National Bank of Romania shall grant authorization only if those times laws, administrative measures of a third State jurisdiction governing one or more individuals or legal entities with electronic money institution has close links, or difficulties in implementing the provisions or measures do not prevent the effective exercise of its supervisory functions.

Article 14


Conditions laid down in art. 10 to 13 is applied accordingly and payment service activity performed by the electronic money institution.

Article 15


If the electronic money institution is involved in other business activities other than issuing electronic money and payment services, National Bank of Romania may require a separate entity for the activity of issuing electronic money and the provision of payment services, if it considers the procedure for authorization or oversight process that other commercial activities prejudicial or could prejudice or soundness of the financial institution for electronic money or ability NBR to supervise the electronic money institution with all obligations imposed by this chapter and the regulations issued in its application.

Article 16


Authorization issued by the National Bank of Romania enables electronic money institution, Romanian legal person, to issue electronic money and provide payment services covered by the authorization in any Member State, as provided in Section 5 a.

Article 17


Without prejudice to the provisions of this Chapter, National Bank of Romania regulations established by documentation that must accompany the application for authorization and the criteria on which checks the fulfillment of the requirements of art. 11 para. (1) and art. 12.

Article 18


(1) electronic money institutions must have the date of authorization of the initial capital levels at least equivalent in RON of EUR 350,000.


(2) The National Bank of Romania set through regulations issued pursuant to this chapter items included in the calculation of initial capital, and other criteria on how to determine it.


Article 19


Electronic money institutions have to issue electronic money without delay the receipt of funds in return for which it is issued.

Article 20


(1) electronic money institutions may open and maintain accounts for customers paying their intended solely for execution of payment transactions.


(2) electronic money institutions are prohibited from attracting deposits or other repayable funds from the public within the meaning of Government Emergency Ordinance no. 99/2006, approved with amendments by Law no. 227/2007, as amended and supplemented.


(3) Receiving funds for issuing electronic money in compliance with art. 19, namely the provision of payment services is not considered taking deposits or other repayable funds from the public.


Article 21


(1) In addition to issuing electronic money, electronic money institutions may carry out the following activities:


A) providing payment services referred to in art. 8 of Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented;


B) the provision of operational and related services related to the issuance of electronic money and payment services, such as ensuring execution of payment transactions, foreign exchange services, safekeeping activities or storage and processing of data ;


C) management of payment;



D) business activities other than issuing electronic money and payment services, in compliance with applicable legal framework.


(2) The activities referred to in para. (1) may be made by electronic money institutions in Romania, in compliance with legislation.


Article 22


(1) electronic money institutions may grant credit related to payment services provided by art. 8 letters d), e) and g) of Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented, under the conditions set by that legislation.


(2) electronic money institutions grant loans other than those provided in par. (1) with the provisions of Law no. 93/2009 regarding non-banking financial institutions, as amended and supplemented.


(3) Loans for electronic money institutions can not be sourced funds received in exchange for electronic money issued.


Section 2

authorization of electronic money institutions
Authorization electronic money institutions

Article 23


In order to obtain authorization for the issuance of electronic money and payment services, the applicant must remit NBR, accompanied by the documentation and information set out in regulations issued by the National Bank of Romania under this chapter.

Article 24


(1) National Bank of Romania evaluates and notify the applicant of its decision on whether to grant authorization or refusal of authorization within 3 months of receipt of the request to fulfill the requirement of art. 23.


(2) No later than 10 working days from receipt of the request, the National Bank of Romania confirms the requirement laid down in art. 23 or, if that is not the condition of art. 23, notify the applicant of documents and information necessary to fulfill its deadline specified in para. (1) running from the receipt of documents and information.


(3) National Bank of Romania may, not later than 20 working days from receipt of the request to fulfill the requirement of art. 23, other relevant information for evaluation. The applicant must submit the required information within a maximum of 30 working days from the date the request, during which period provided in par. (1) shall be suspended.


(4) The applicant's own initiative can provide any further information and / or documents considered relevant, but they must be submitted no later than 30 days prior to expiry of the National Bank of Romania must adjudicate on the application authorization.


Article 25


(1) National Bank of Romania rejects a request for authorization if the assessment made under the terms of this chapter and the implementing regulations issued in the following circumstances:


A) the initial capital is below the minimum level set by the laws in force;


B) the assessment of the business plan and the business plan presented that electronic money institution can not ensure achievement of objectives in compliance with the requirements set out in this chapter and applicable regulations;


C) the management of the business of electronic money issuance of performance and payment procedures to identify, manage, monitor and report the risks it is or might be exposed electronic money institution and mechanisms internal control are not comprehensive and proportionate to the nature, scale and complexity of this activity;


D) persons responsible for the management and administration of the business of issuing electronic money and provide payment services have a good reputation or lack of knowledge and experience appropriate to the nature, size and complexity of the work involved;


E) the quality of shareholders and members with qualifying holdings is not appropriate;


F) the close links between electronic money institution and other natural or legal persons are liable to impede the effective exercise by the National Bank of Romania of its supervisory functions;



G) laws, administrative measures under the jurisdiction of a third country governing one or more natural or legal persons that electronic money institution has close links, or difficulties in applying these provisions or measures are likely to prevent the effective exercise by the National Bank of Romania of its supervisory functions;


H) are not other conditions provided in this chapter or in the regulations issued in implementation.


(2) If the National Bank of Romania shall reject the application for authorization includes the judgment and reasons underlying it.


Article 26


(1) National Bank of Romania may withdraw the authorization of electronic money institutions in the following situations:


A) electronic money institution has not begun the activity of issuing electronic money and payment services business within 12 months from the date of granting the authorization or ceased to conduct business for more than 6 months;


B) the authorization was granted based on false information or by any other unlawful means;


C) electronic money institution no longer meets that led to the granting of authorization or other requirements of this chapter and the regulations issued in implementation;


D) continuing work that has been authorized electronic money institution endangers the stability of the payment system;


E) as a penalty, according to art. 71 para. (1) e);


F) in any other circumstances stipulated by law.


(2) Judgment National Bank of Romania on the withdrawal of authorization shall be notified in writing electronic money institution, together with the reasons behind the decision, and published in the Official Gazette of Romania, Part IV and in at least two national daily newspapers.


(3) shareholders or associates of electronic money institution may decide waiver of authorization and, where appropriate, the dissolution of the entity only if the electronic money institution has not opened insolvency proceedings.


(4) In the situation provided in par. (3) money institution electronically notify the NBR decision general meeting of shareholders or members, accompanied by a plan to ensure full settlement of obligations to holders of electronic money and, where appropriate, to users payment services.


(5) The National Bank of Romania approved the request for waiver of authorization only if the conditions laid down in para. (3) and (4).


(6) The authorization of electronic money institutions shall cease to be valid in the following situations:


A) there has been a merger or division of electronic money institution after which it ceases to exist;


B) a court order triggering the bankruptcy of electronic money institution.


(7) Termination of authorization laid down in para. (5) and (6) published by the National Bank of Romania in the Official Gazette of Romania, Part IV, and in at least two national daily newspapers.


(8) Judgment National Bank of Romania regarding the withdrawal of authorization or on termination of the authorization of an electronic money institution in the case under par. (5) takes effect after its publication in the Official Gazette of Romania, Part IV, or at a later date provided in the judgment.


(9) the entry into force of the decision to withdraw the authorization or the termination of its entities can not issue electronic money and can no longer provide payment services.


Section 3
a

Operational requirements Operational requirements

Article 27


Electronic money institutions should have permanent equity to be at a level that can not be less than the greater of the minimum initial capital required for authorization and the amount resulting from the sum as determined pursuant to Art. 28 and 29.

Article 28


National Bank of Romania set through regulations issued pursuant to this chapter own funds requirements of an electronic money institution related activity eM on the method of determining the necessary elements entering into account other aspects of how determination.


Article 29


(1) own funds requirements of an electronic money institution for the activity of providing payment services other than those related to the issuance of electronic money shall be determined as per Chapter. IV "Minimum level, composition and reporting requirements for own funds" of NBR Regulation no. 21/2009 on payment institutions, as amended and supplemented.


(2) electronic money institutions should base the choice of method for determining the own funds requirements for the activity in para. (1) so that the NBR should be entrusted to the adequacy of the method to the concrete situation of electronic money institution. Otherwise, the National Bank of Romania may impose supervision or authorization process method for determining the necessary funds.


Article 30


(1) Based on the assessment of risk management procedures, databases on the risk of loss and internal control mechanisms of the electronic money institution, the National Bank of Romania may require an electronic money institutions have a level of own funds up to 20% higher than that resulting from the sum of the levels determined according to art. 28 and 29 or allow electronic money institution to have a level of own funds up to 20% lower than that resulting from the sum of the levels determined according to art. 28 and 29.


(2) The amount of own funds resulting from the application of paragraph. (1) can not be lower than the minimum initial capital required by art. 18.


Article 31


(1) The multiple use of elements eligible for the level of an institution's own funds of electronic money, if it belongs to a group which also includes another electronic money institution, an institution credit, a payment institution, an investment services company, a portfolio management company, an insurance company or reinsurance company.


(2) The use of multiple elements eligible for own funds level, where the electronic money institution provides payment services other than those related to the issuance of electronic money and / or other commercial activities.


Article 32


(1) electronic money institutions should protect the funds received in exchange for electronic money via one of the following methods:


A) funds are recorded and kept separate from funds destined for the activities of the electronic money institution other than issuing electronic money and, if the electronic money has not been redeemed / transferred to another electronic money issuer before the end of working day following the day on which they were received, shall be deposited in a separate account at a credit institution or invested in assets of high quality, as defined in regulations issued by the National Bank of Romania under this chapter ;


B) funds are properly secured through an insurance policy or other comparable guarantee provided by an insurance company or a credit institution which does not belong to the group of which the electronic money institution concerned for a sum equal to that which ought to be highlighted and preserved separately in the absence of the insurance policy or other comparable guarantee, payable in the event that electronic money institution can not meet its financial obligations.


(2) Notwithstanding the provisions of legislation, electronic money holders have priority over other creditors in the distribution of funds protected under par. (1) where an electronic money institution fails to fulfill its obligations, particularly in the event of insolvency of electronic money institution.


Article 33


(1) In application of art. 32, where payment of the value of electronic money issued is done through a payment instrument, the obligation to protect the funds in question comes from the time it is credited to the account of the issuing of electronic money or the funds are made available other institution eM.



(2) Protecting the funds in the case under par. (1) must be made no later than 5 working days from the issuance of electronic money.


Article 34


(1) Where only part of the monetary value is used as electronic money issued, and the rest is used for other purposes, electronic money institution must apply the provisions of art. 32 and 33 only for the funds received in exchange for electronic money that is used as electronic money.


(2) If weight is not known in advance what the monetary value is used as electronic money or it is variable, electronic money institutions may apply art. 32 and 33 only a representative part of the total funding, part of which is expected to be used as electronic money, provided reasonable estimate to be made based on historical data, the satisfaction of the National Bank of Romania.


Article 35


Electronic money institutions must safeguard funds for execution of payment transactions other than those related to the issuance of electronic money received from payment service users or through another payment service provider in accordance with art. 31-33 of Emergency Government Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented, and the regulations issued for their application.

Article 36


(1) For loans linked to payment services constitutes electronic money institutions, regulate and use of credit risk provisions, according to regulations issued by the National Bank of Romania.


(2) Reserves are thus constituted corporation tax deductible in accordance with Law no. 571/2003 regarding the Fiscal Code, as amended and supplemented.


Article 37


Electronic money institutions that grant credit related to payment services and whose activity is limited to issuing electronic money and payment services, will organize and lead accounting in accordance with Accounting Law no. 82/1991, as amended and supplemented, and with the specific regulations developed by the National Bank of Romania, the Ministry of Finance.

Article 38


The annual financial statements and consolidated financial statements of electronic money institutions referred to in Art. 37 are to be audited by statutory auditors or audit firms.

Article 39


(1) For purposes of surveillance, electronic money institutions NBR transmit information separate accounts, for the following activities:


A) issuing electronic money and payment services related to the issuance of electronic money, including operational and related services provided for by Article. 21 para. (1) b;


B) the provision of payment services other than those related to the issuance of electronic money, including operational services and related to them;


C) other activities of an electronic money institution.


(2) The accounting information provided in par. (1) must be accompanied by an audit report prepared pursuant to applicable regulations, and institutions of electronic money which are legally required to audit financial statements, the report must be drawn up by the statutory auditor or the audit firm of the institution issuing electronic money.


Article 40


Electronic money institutions are required to submit NBR accounting information referred to in art. 39 para. (1), and other data and information required deadline and in the manner established by regulations issued by the National Bank of Romania under this chapter.

Article 41


(1) The statutory auditor or audit firm / an electronic money institution must inform the National Bank of Romania as soon as in the exercise of its electronic money institution or where carrying out specific tasks in an entity that has close links resulting from a control relationship with the electronic money institution, has become aware of any fact or decision related to electronic money institution, fact or decision:



A) constitutes a material breach of the law and / or regulations or other acts issued for their application, which sets permit conditions or requirements for the activity of issuance of electronic money or the provision of payment services;


B) it is likely to affect the electronic money institution to continue operating;


C) may lead to a refusal by the statutory auditor or audit firm to express an opinion on the financial statements or to the expression of their opinion.


(2) At the request of the National Bank of Romania, the statutory auditor or audit firm / electronic money institution has an obligation to provide any details, clarifications, explanations on audit work performed.


(3) The fulfillment in good faith by the statutory auditor or audit firm / electronic money institution has the obligation to inform the National Bank of Romania according to para. (1) and (2) does not constitute infringement of the obligation of professional secrecy, which returns him / her by law or contract terms and can not attract liability of any kind to him / her.


(4) The National Bank of Romania has access to any documents drawn up by the statutory auditor or audit firm / electronic money institution on during the audit.


Article 42


Without prejudice to the provisions of law in preventing and combating money laundering and terrorist financing or other relevant legislation, electronic money institutions shall keep all records related to the activity of issuing electronic money and to provide services payment for at least 5 years after the operation.

Article 43


(1) electronic money institutions are required to ensure compliance with the requirements of this chapter and the regulations issued in the application, if the delegate to third parties carrying out operational functions.


(2) electronic money institutions are responsible for all acts of their employees and for the activity of branches, agents, distributors and other entities to outsourcing activities.


Section 4
a
Outsourcing electronic money institutions, Romanian legal persons, and conducting by working through the activity of providing payment services Outsourcing
electronic money institutions, Romanian legal persons, and conducting by working through the activity of providing payment services

Article 44


(1) electronic money institutions are prohibited from outsourcing all or part of issuing electronic money.


(2) electronic money institutions may use natural or legal persons for distribution and redemption of electronic money.


Article 45


(1) electronic money institutions shall inform the National Bank of Romania where it intends to outsource operational functions for issuing electronic money.


(2) The outsourcing of important operational functions, electronic money institution must ensure that this is achieved without significantly affecting the quality of internal control mechanisms of the electronic money institution and not hinder the effective exercise of the supervisory authority compliance checks on electronic money institutions established in this chapter and the regulations issued in implementation.


Article 46


(1) According to Art. 45, an operational function shall be considered significant if the failure thereof or achievement to improperly impair significantly the ability of the issuing of electronic money to comply permanent permit conditions imposed by the provisions of this chapter and the regulations issued in its application or other obligations assigned to it under this law or significantly affect the financial performance of electronic money institution stability or continuity of issuing electronic money.


(2) Outsourcing of important operational functions may be achieved only by respecting electronic money institution following conditions:



A) outsourcing does not result in the delegation of responsibility of governing bodies;


B) the relationship and obligations of electronic money institution in relation to electronic money holders in accordance with this law and regulations issued in the application are not affected;


C) shall not prejudice the compliance with conditions of electronic money institution for authorization under this chapter and the regulations issued in its application;


D) any of the conditions imposed on the authorization of electronic money institution is not removed or modified.


Article 47


Provisions of art. 45 and 46 shall apply accordingly, if the electronic money institution intends to outsource operational functions related to the provision of payment services.

Article 48


(1) electronic money institutions may provide payment services through agents applying properly the provisions of Section 4 of Title II and art. 56-58 and art. 60 Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented, the regulations issued in its application and present law.


(2) electronic money institutions shall ensure that agents acting on their behalf inform payment service users of this fact.


(3) In applying par. (1) the reference to the register of payment institutions shall be construed as a reference to electronic money institutions register provided for in art. 60.



A
Section 5 Notification procedure for their activities in other Member States by electronic money institutions, Romanian legal persons
notification procedure for their activities in other Member States by issuing institutions eM, Romanian legal persons

Article 49


(1) Any authorized electronic money institution, Romanian legal entity, which intends to issue electronic money for the first time in another Member State, by setting up branches or directly send a request NBR accompanied by the information provided in par. (2).


(2) Within 10 days of receiving the request, the National Bank of Romania shall inform the competent authority of the host Member State information on the name and registered electronic money institution, the type of activities they intend to undertake in the territory of the Member State host and, where applicable, names of persons responsible for the management of the branch and its organizational structure and seeking the opinion of the intention of electronic money institution to issue electronic money through a branch.


(3) No later than two months after the request for registration of the branch, the National Bank of Romania decided on this, taking into account the opinion of the competent authority of the host Member State.


(4) The National Bank of Romania may radiate branch register provided for in art. 60, where the competent authority of the host Member State communicated its negative opinion after the expiry provided in par. (3).


Article 50


(1) electronic money institutions may issue electronic money through a branch only after its entry in the register provided for in art. 60.


(2) electronic money institutions may issue electronic money directly after the National Bank of Romania effected according to art. 49 para. (2) and inform the applicant of this fact.


Article 51


(1) Any electronic money institution intending to use natural or legal persons for distribution and where applicable, redemption of electronic money in another Member State shall provide National Bank of Romania, accompanied by the information provided in par. (2).


(2) Within 10 days of receiving the request, the National Bank of Romania shall inform the competent authority of the host Member State information on the name and headquarters of the electronic money, name and registered distributor or name and address, type services it intends to provide in the host Member State and, where appropriate, the identity of persons responsible for the management and organizational structure of its distributor.



(3) electronic money institutions can distribute and redeem electronic money through distributors after the National Bank of Romania effected par. (2) and inform the applicant of this fact.


Article 52


Provisions of art. 49 and 50 shall apply accordingly when the electronic money institution intends to provide payment services for the first time in another Member State, by setting up branches or directly.

Section 6
a

Relations with third countries Relations with third countries

Article 53


(1) electronic money institutions, Romanian legal persons, may issue electronic money and / or provide payment services in third countries through the establishment of a branch, according to regulations issued by the National Bank of Romania under this chapter.


(2) electronic money institutions may use natural or legal persons for distribution and redemption of electronic money in third countries, according to regulations issued by the National Bank of Romania.


Article 54


National Bank of Romania regulates the conditions under which the Register referred to in Art. 60 branch established in a third country and documentation that must accompany their registration.

Article 55


National Bank of Romania may reject the application for registration under the provisions of art. 54, on the basis of information held and documentation submitted by electronic money institution, that:

A) electronic money institution lacks an adequate financial situation in relation to the proposed activity;


B) the arrangements, procedures and mechanisms laid down in Art. 10 in conjunction with art. 14 are inadequate;


C) the existing legislative framework in the third and / or the application impedes the exercise by the National Bank of Romania of its supervisory functions;


D) electronic money institution does not meet the other requirements of this chapter and the regulations issued for its implementation.


Article 56


(1) Entities that issue electronic money and established in third countries may not engage in activity issuance or distribution and / or redemption of electronic money and can not provide payment services in Romania only after the formation of a money institutions electronics, Romanian legal entity.


(2) An exception from para. (1) branches entities that issue electronic money and established in those third countries with which agreements have been concluded at EU level on the arrangements concerning the activity of issuing electronic money and services payment provisions of these agreements applying With priority.


(3) Pursuant to par. (2) The National Bank of Romania shall notify the Commission of any authorization granted to a branch of an electronic money institution established in a third country.




Section 7 of the notification procedure for the activity in Romania by electronic money institutions from other Member States
notification procedure for the activity in Romania by electronic money institutions in other Member States

Article 57


(1) An electronic money institution authorized in another Member State may issue electronic money in Romania by establishing a branch or directly, on the basis of the notification sent to the NBR by the competent authority of the Member State origin.


(2) The notification under par. (1) must include information on the name and registered electronic money institution, the type of services which it intends to perform in Romania and, where applicable, names of persons responsible for the management of the branch and its organizational structure.


(3) Subsequent notification of the opening of a branch made par. (1), at the request of the National Bank of Romania, the National Office for Preventing and Combating Money Laundering and other relevant authorities provide the information on the risk of money laundering or financing of terrorism that implicates the project which is the subject notification.



(4) Where the consultation made par. (3) resulting reasonable grounds to suspect that by opening branch could increase the risk of money laundering or financing of terrorism or related to the project of opening the branch is carried out, were carried out or attempted to carry out operations money laundering or financing of terrorism, the National Bank of Romania shall inform the competent authority of the home Member State.


Article 58


(1) An electronic money institution authorized in another Member State may use natural or legal persons for distribution and redemption of electronic money in Romania under the National Bank of Romania notification sent by the competent authority of the Member State origin.


(2) The notification under par. (1) must include information on the name and headquarters of the electronic money, name and registered distributor or name and address, the type of services it intends to provide in the territory of Romania and, where appropriate, the identity of persons responsible for managing the distributor and its organizational structure.


Article 59


(1) The provisions of art. 57 shall apply accordingly when the electronic money institutions authorized in other Member States intend to provide payment services for the first time in Romania, by setting up branches or directly.


(2) An electronic money institution authorized in another Member State can provide payment services in Romania through an agent, based on notification by National Bank of Romania by the competent authority of the Member State of origin, applying accordingly the provisions of art. 49, art. 50 para. (2) art. 51-53 of Emergency Government Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented.




Section 8 of electronic money institutions Register Register

electronic money institutions
Article 60


(1) National Bank of Romania organizes and manages electronic money institutions register which highlights the electronic money institutions, Romanian legal entities, their branches in other Member States and third countries and agencies money institutions electronic Romanian legal persons.


(2) The records referred to in para. (1) is publicly accessible online is constantly updated and provides information on the activities of each institution was authorized electronic money.




Section 9 of the competent authority supervising competent authority supervising


Article 61


(1) National Bank of Romania is the authority responsible for ensuring compliance with this chapter and the regulations issued in implementation.


(2) The National Bank of Romania ensures the prudential supervision of electronic money institutions authorized, Romanian legal entities, including the activity of issuing electronic money and payment services business conducted through subsidiaries and agents.


(3) Para. (1) and paragraph. (2) implies that the National Bank of Romania has supervisory powers over the commercial activities of the electronic money institution other than issuing electronic money, payment services and activities listed in art. 21 para. (1) b).


Article 62


(1) Supervision of electronic money institutions by the National Bank of Romania in order to verify compliance with requirements imposed by this chapter and the regulations issued in its application, must be proportionate, appropriate and adapted to the risks they are exposed electronic money institutions.


(2) checks at premises of the entities referred to in para. (3) b) is performed by the NBR staff were entrusted to or by financial auditors or experts appointed by the National Bank of Romania.


(3) In exercising its supervisory National Bank of Romania is empowered:


A) require that electronic money institution to provide any information necessary to verify compliance with requirements imposed by this chapter and the regulations issued in its application;



B) carry out checks at the premises of the electronic money institution, Romanian legal entity, its subsidiaries and any of his agent or entity to which it has outsourced activities, including distributors;


C) to issue recommendations and instructions and order measures;


D) suspend or withdraw the authorization.


(4) electronic money institutions will enable authorized personnel of the National Bank of Romania and the statutory auditors or experts appointed by the National Bank of Romania, to examine their accounts and operations, providing this purpose all documents and information relating administration, internal control and operations of electronic money institutions, as will be required by them.


(5) electronic money institutions are obliged to submit NBR any information it requires in order to achieve supervision.


Article 63


(1) The National Bank of Romania sets the rules for electronic money institutions regime that carries on lending to the quality of corporate reporting to the banking risks of the National Bank of Romania.


(1) The National Bank of Romania sets the rules for electronic money institutions regime that carries on lending to the quality of corporate reporting to the banking risks of the National Bank of Romania.


Article 64


Changes when authorized electronic money institutions shall be communicated to National Bank of Romania according to the regulations issued by it under this chapter.

Article 65


(1) Any natural or legal person who decided to acquire or dispose of an interest, directly or indirectly, ownership or operation resulting in the surrender of a qualifying holding in an electronic money institution, Romanian legal person, or increase or decrease respective holdings so that the proportion of voting rights or the ownership of shares in share capital exceed or fall below the levels of 20%, 30% or 50% or so that the institution of electronic money become, that cease to be a subsidiary of the person concerned, shall notify in advance and in writing, the National Bank of Romania in connection with this decision, according to regulations issued pursuant to this chapter.


(2) Notwithstanding the provisions of paragraph. (1) where electronic money institutions that carry on business activities other than issuing electronic money, payment services and their related activities, provided for under paragraph. (1) may notify the National Bank of Romania within 5 working days of the date of transaction.


(3) National Bank of Romania shall decide on the purchase of qualifying holding in the electronic money institution within 60 days of receipt of complete documents and information, according to regulations issued pursuant to this law.


(4) The National Bank of Romania opposes acquisition if the assessment carried out, notes that the influence of the acquirer is injured ensure a sound and prudent management of electronic money institution in accordance with the requirements of this chapter and the regulations issued implemented.


Article 66


(1) For procurement subject to the notification according to Art. 65 and made before delivery of the National Bank of Romania, the exercise of voting rights of shareholders or members in question linked to decisions regarding the activity of issuing electronic money and the provision of payment services is suspended.


(2) Suspension of voting rights ceases after the acquisition of the participation is approved as provided in this Law.


Article 67


(1) electronic money institutions, Romanian legal persons must inform the National Bank of Romania as soon as they become aware of any acquisition or disposal of holdings in their capital that exceeds or is below the levels provided for in Article . 65 para. (1).


(2) At least once a year, electronic money institutions, Romanian legal entities must notify the National Bank of Romania identity of qualifying holdings and their level, according to the information available.


Article 68



(1) The National Bank of Romania may decide against an electronic money institution, Romanian legal person, or against persons exercising administration and / or management of the business of issuing electronic money and the provision of services payment in electronic money institution that violates the provisions of this chapter and the regulations issued in its application necessary measures to remove the deficiencies and their causes and / or apply sanctions.


(2) Where the surveillance becomes aware of circumstances that could impair the business of electronic money institution, the National Bank of Romania may require prudent measures to conduct the activity.


Article 69


In application of art. 68, National Bank of Romania may decide to any electronic money institution, Romanian legal person, shall, without limiting them to be:

A) require the electronic money institution's own funds increase over that provided in Art. 27 and 30;


B) requiring the eM different method for determining the necessary funds for its business of providing payment services;


C) require electronic money institution compliance management framework, mechanisms and procedures to the requirements of art. 10 in conjunction with art. 14;


D) to restrict or limit the volume of activity, type of business carried or branch network of electronic money institution in the country and abroad;


E) restrict the distribution and / or redemption of electronic money through distributors;


F) restrict the activity of payment agents or prohibit the activity in this way;


G) to require the cessation of the provision of payment services where the provision of such services continued payment jeopardize the stability of the payment system;


H) requiring electronic money replacing statutory auditor or audit firm;


I) requiring the electronic money setting up a separate entity for the activity of issuing electronic money and provide payment services as provided for in art. 15.


Article 70


National Bank of Romania may impose sanctions in cases where it finds that an electronic money institution, Romanian legal entity, and / or any person exercising administration and / or management of the business of issuing electronic money and the provision of payment services in the electronic money institution are / guilty / guilty:

A) violation of a provision of this chapter or the regulations issued in implementation;


B) non-compliance with measures imposed by the National Bank of Romania;


C) breaching any conditions or restrictions stipulated in the authorization;


D) performance of fictitious operations without real coverage, in order to submit inaccurate financial standing;


E) failure to report or late reporting of inaccurate data by the National Bank of Romania.


Article 71


(1) In the cases provided for in art. 70, National Bank of Romania may apply the following sanctions:


A) written warning;


B) fine applicable to electronic money institution, from 5,000 to 50,000 RON;


C) fine applicable to persons exercising administration and / or management of the business of issuing electronic money and the provision of payment services in the electronic money institution, 1-6 average net salaries of the issuing institution electronic money under the salary situation existing in the month before the fact was found;


D) the withdrawal of the approval granted to persons exercising administration and / or management of the business of issuing electronic money and payment services business of electronic money institution;


E) the suspension or withdrawal of the authorization granted to electronic money institution.


(2) The penalty shall take into account the seriousness of the offense and the personal circumstances and the actual commission of the act.



(3) The penalties provided in par. (1) c) and d) shall apply to persons who may be guilty of the breach, as it would not be produced if these individuals would be properly exercised responsibilities arising from the duties of their office, established under the company law, this chapter and the regulations issued in its application and internal regulations.


(4) The penalties provided in par. (1) may be applied simultaneously with the measures laid art. 69, or independent of it.


Article 72


People who have not complied with the obligation to notify the acquisition of a qualifying holding under Art. 65 will carry out the notification deadline set by the National Bank of Romania.

Article 73


If people qualifying holdings electronic money institution does not meet the requirements of this chapter and the regulations issued for its implementation, National Bank of Romania has adequate measures for stopping this. In this sense, independent of other measures or sanctions that can be applied institution of electronic money or persons exercising administration and / or management thereof, the National Bank of Romania may suspend the exercise of voting rights attached to shares held by the shareholders or associations concerned in decisions related to the activity of issuing electronic money and payment service provision.

Article 74


(1) The facts described in this chapter and the regulations issued in the application, in breach of prudential regime is done by the staff of the National Bank of Romania, authorized for this purpose, based on reports submitted by money institutions electronic Romanian legal persons under the law or following the request of the National Bank of Romania times during checks carried out at the institution of electronic money, Romanian legal entity, of its subsidiaries and any agent or distributor for its or any other entity to which it has outsourced activities.


(2) acts on an electronic money institution, which are arranged measures or penalties are applied under this chapter and the regulations issued in its application, is issued by the Governor, Deputy Governor or Deputy Governors first National Bank Romania, except for the penalties provided in art. 71 para. (1) d) and e), whose application is for the Board of the National Bank of Romania.


Article 75


(1) The application of sanctions is prescribed within one year from the date of discovery of the offense, but not more than 3 years from the date the deed.


(2) The collected fines are revenues to the state budget.


(3) The imposition of sanctions does not remove the material, civil, administrative or criminal case.


Article 76


(1) Acts adopted by the National Bank of Romania according to the provisions of this chapter and the regulations issued in application on electronic money institution may be appealed within 15 days from notification, the Board of Directors of National Bank of Romania, who grounded decision within 30 days from the date of referral.


(2) Case Management Board of the National Bank of Romania may be appealed to the High Court of Cassation and Justice, within 15 days from notice.


(3) National Bank of Romania is the sole authority to decide on the criteria of timeliness, qualitative assessments and analyzes underlying its decisions.


(4) In case of appeal against acts National Bank of Romania, the court ruling on the legality of those acts.


Article 77


Provisions of art. 76 shall apply accordingly and if the National Bank of Romania has not made its limits prescribed by law on a request made under the provisions of this chapter and the regulations issued in implementation.

Article 78


Pending a decision by the Board of the National Bank of Romania, according to art. 76 para. (1), or until a final and irrevocable decision by the court, according to par. (2) EC, execution of documents issued by the National Bank of Romania shall not be suspended.

Article 79



(1) To exercise oversight function, the National Bank of Romania cooperate with the competent authorities of the host Member State or, where applicable, the Member State of origin in connection with work carried out by electronic money institutions, directly through branches or agents, distributors or other entities related to electronic money institutions have outsourced activities.


(2) For the purposes of par. (1) National Bank of Romania:


A) inform the competent authorities of the host Member State whenever they intend to carry out the office of the branch, agent or distributor for electronic money institution or other entity to which electronic money institution has outsourced activities in the territory host Member State;


B) notify the competent authority of the host Member State or, where applicable, the Member State of origin on request all relevant information and, on their own initiative, all essential information, especially if it is found or suspected an agent, a branch, distributor or another entity to which they have outsourced activities violate the legislation.


(3) National Bank of Romania may delegate the competent authority of the host Member State responsible for carrying out checks at the premises branches of electronic money institutions, their agents and distributors or other entities to which electronic money institutions have outsourced activities located in the territory of the host Member State.


Article 80


(1) Where electronic money institutions from another Member State which operates or outsourced activities in Romania, the Romanian National Bank cooperates with the competent authorities of the home Member State and in other Member States where institutions eM operates or where they are located entities to which electronic money institutions have outsourced activities.


(2) In order to exercise oversight function, the competent authority of the home Member State of an electronic money institution may carry out in Romania at the headquarters of branches of electronic money institutions, their agents and distributors or other entities to which electronic money institutions have outsourced activities. The check may be carried out directly or through persons appointed for this purpose and informing the National Bank of Romania.


(3) The competent authority of the home Member State may request the National Bank of Romania to carry out checks on the premises branches of electronic money institutions, their agents and distributors or other entities to which electronic money institutions have outsourced activities, located in Romania, where the National Bank of Romania shall carry out these checks, directly or through third persons empowered to do so. The requesting competent authority can participate in the verification question.


Article 81


Provisions of art. 79 and 80 are without prejudice to the obligations of competent authorities to supervise or monitor the compliance with the requirements established by Legislation preventing and combating money laundering and terrorist financing and Regulation (EC) no. 1.781 / 2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds.


A
Section 10 Professional secrecy and exchange of information
Professional secrecy and exchange of information

Article 82


(1) Members of the Board, National Bank of Romania employees and third parties authorized by the NBR for verifications under this law are obliged to professional secrecy regarding any confidential information which they receive in the their duties for the period of holding this position after leaving work within the bank or, where appropriate, of the relations with the bank.


(2) are not considered confidential information provided in summary or aggregate form so that the electronic money institution can not be identified.


(3) Exchange of information provided for in art. 79 shall be solely for the purpose of performing their tasks authorities.



(4) Para. (1) and (3) do not affect in any way the provisions of the criminal law, which may require the disclosure of confidential information in certain circumstances.


Article 83


(1) National Bank of Romania cooperates with relevant authorities in other Member States with responsibilities regarding the issuers of electronic money, and the European Central Bank and central banks of other Member States.


(2) The National Bank of Romania may exchange information:


A) the competent authorities of other Member States responsible for the authorization and supervision of electronic money institutions;


B) the European Central Bank and national central banks of the Member States, as monetary and oversight authorities, and, where appropriate, other public authorities responsible for overseeing payment and settlement systems;


C) other relevant authorities designated under this law, legislation on information and communications technology, protection of personal data, the legislation on preventing and combating money laundering and terrorist financing or other normative acts applicable to issuers of electronic money.


Article 84


This section is supplemented by provisions on professional secrecy and cooperation NBR other authorities provided by Law no. 312/2004 The National Bank of Romania, as amended.

Article 85


In exercising his powers provided by law, the National Bank of Romania collect and process any relevant data and information, including the nature of personal data.



Chapter III Issuance and redemption of electronic money, the competent authorities and their powers
issuance and redemption of electronic money, the competent authorities and their powers

Section 1


provisions on the issuance and redemption provisions on the issuance and redemption

Article 86


(1) electronic money issuers are obliged to issue electronic money in an amount equal to the funds it received in exchange for the receipt of funds.


(2) Notwithstanding the provisions of paragraph. (1), on receipt of funds, issuers of electronic money may issue electronic money before receiving the funds, if the payment of the value of electronic money issued is done through a payment instrument.


(3) inform holders of electronic money issuers of electronic money, distinctly on the value of electronic money issued and the purchase price thereof.


Article 87


It prohibited the granting of interest or any other benefit which / whose value is directly related to the period during which electronic money holder holds the electronic money.

Article 88


E-money issuers are obliged to redeem electronic money holder on request at any time, free and Take par, electronic money that he owns.

Article 89


Notwithstanding the provisions of art. 88 and 94, electronic money issuers can charge, the redemption fee only if this is specified in the contract and determined in accordance with art. 92 para. (3) only in the following cases:

A) where redemption is requested before the termination;


B) where the contract provides for a termination date and electronic money holder terminates the contract before that date;


C) where redemption is requested more than one year after the termination date.


Article 90


If the electronic money holder ransomware before termination, it may request redemption of the entire monetary value of the electronic money held or only part of it.

Article 91


(1) If the electronic money holder redeeming electronic money calls termination date or within up to one year after termination, shall be redeemed total monetary value of the electronic money held.



(2) Pursuant to paragraphs. (1) where an electronic money institution carries out one or more activities listed in art. 21 para. (1) (D) was not known in advance and share electronic money issued what was to be used as electronic money or it is variable, electronic money institution shall redeem all funds requested by the electronic money holder.


Article 92


(1) electronic money issuer must inform the electronic money holder, before the contract or acceptance of the offer by itself, the contractual conditions laid down in para. (2).


(2) The contract between the electronic money issuer and the electronic money holder must provide clear, complete and precise electronic money redemption conditions, including information on the levying of any ransom amount or method of calculation thereof.


(3) Any redemption fee shall be determined in proportion to the actual costs incurred by the electronic money issuer in connection with the redemption.


Article 93


Without prejudice to art. 89-91, redemption rights of persons other than consumers, accepting electronic money payment fixed in the contract between the electronic money issuer and that person.

Section 2


Termination Termination

Article 94


(1) The holder may terminate the contract of electronic money at any time, unless the parties have agreed on a period of notice. Such a period may not exceed 30 days.


(2) Termination unilaterally by the electronic money holder of a contract for a specified period exceeding 12 months or for an indefinite period shall be free of charge for electronic money holder after the expiry of 12 months.


Article 95


(1) In all cases that do not fall under Art. 94, the price charged by the electronic money issuer for the cessation of unilateral contract by the electronic money holder must match the actual costs of electronic money issuer, be confined to their coverage, does not lead to obtain additional income or deter holder eM to terminate the contract unilaterally.


(2) Before concluding the contract and in the contract, the electronic money issuer establish and communicate the electronic money holder total price for the unilateral termination of the contract or how it's calculated.


Article 96


(1) If agreed in the contract, the electronic money issuer may unilaterally terminate a contract concluded for an indefinite period by giving notice at least two months before.


(2) The notice is sent to the electronic money holder:


A) on paper or on another durable medium;


B) in a language easily understood in a clear, comprehensive and accurate;


C) in Romanian or any other language agreed between the parties.


Article 97


Price regularly charged for services is borne by the electronic money only in proportion to the period preceding the termination. If the price is paid in advance, it is refunded proportionately.

Article 98


The provisions of this Section shall not affect the legal provisions concerning the invalidity of contracts or the impossibility of their execution.

Article 99


If the electronic money holder is not a consumer, the parties may agree not to apply all or part of the provisions of this section.

Section 3
a
competence, sensing and control
competence, sensing and control

Article 100


(1) In order to ensure compliance with this law by issuers of electronic money, consumers, including consumer associations, may be to notify the National Authority for Consumers and corporate users may refer the Financial Guard of cases breaches by issuers of electronic money of art. 86-92 and 94-97 or undertake action against issuers of electronic money that violated the provisions of this law.



(2) National Consumer Protection Authority or the Financial Guard inform the applicant, the applicant, in reply to this, the existence of extra-judicial dispute resolution procedures.


(3) In order to settle any disputes amicably and without prejudice to the rights of consumers and users to initiate legal action against electronic money issuers who have violated the provisions of this law or their right of recourse National Consumer Protection authority or the Financial Guard, consumers or business users can resort to extrajudicial dispute resolution procedures.


Article 101


Provisions of art. 179 of Government Emergency Ordinance no. 113/2009, approved with amendments by Law no. 197/2010, as amended and supplemented, shall apply accordingly in respect of-court redress procedures adequate and effective dispute settlement under the present law.

------------- Art. Article 101 has been amended. II of the Emergency Ordinance no. 31 of 27 June 2012, published in Official Gazette no. 433 of 29 June 2012.

Article 102


(1) The following deeds are misdemeanors and are punishable as follows:


A) failure by the electronic money issuer of the obligation to issue electronic money at an amount equal to the funds received in exchange for it, according to Art. 86 para. (1) with a fine of 50,000 lei to 100,000 lei;


B) failure by the electronic money issuer of the obligation to issue electronic money on receipt of funds pursuant to Art. 86 para. (1) with a fine of 50,000 lei to 100,000 lei;


C) failing to inform the electronic money holder, issuers of electronic money, according to Art. 86 para. (3) with a fine of 50,000 lei to 100,000 lei;


D) the granting of interest or any other benefits whose value is directly related to the period during which electronic money holder holds electronic money, a fine of 50,000 lei to 100,000 lei;


E) failure by the electronic money issuer of the obligation to repurchase, at the request of electronic money holder, electronic money that he owns, as provided in Art. 88, a fine of 75,000 lei to 100,000 lei;


F) failure by the electronic money issuer has the obligation to inform the electronic money holder, before the contract or acceptance of the offer by it pursuant to Art. 92 para. (1) with a fine of 50,000 lei to 100,000 lei;


G) by not providing electronic money issuer in the contract between it and the electronic money holder elements provided in art. 92 para. (2) a fine of 75,000 lei to 100,000 lei;


H) failure to establish proportionate redemption fees to actual costs incurred by the electronic money issuer related to the redemption referred to in art. 92 para. (3) with a fine of 75,000 lei to 100,000 lei;


I) failure by electronic money issuers of electronic money holders the right to require redemption of electronic money before termination as provided in Art. 90, a fine of 50,000 lei to 70,000 lei;


J) failure by electronic money issuers of electronic money holders the right to require redemption of eM termination date or within one year after termination, as provided in Art. 91, a fine of 50,000 lei to 70,000 lei;


K) failure by electronic money issuers of electronic money holders the right to terminate the contract under the terms of art. 94 para. (1) with a fine of 90,000 lei to 100,000 lei;


L) non-compliance by the electronic money issuer of the obligation that, if agreed a notice period, this period can not exceed 30 days, according to Art. 94 para. (1) with a fine of 80,000 lei to 90,000 lei;


M) failure by the electronic money issuer of the obligation to terminate the contract, without charge, at the request of electronic money holder, under the terms of art. 94 para. (2) a fine of 75,000 lei to 100,000 lei;



N) failure by electronic money issuers requiring that, in cases not within the art. 94, the price charged to meet the conditions imposed by art. 95 para. (1) with a fine of 75,000 lei to 100,000 lei;


A) failure by the electronic money issuer of the obligation to communicate the total price for the unilateral termination of the contract or how it's calculated, according to Art. 95 para. (1) with a fine of 50,000 lei to 75,000 lei;


P) failure by issuers of electronic money unilateral contract termination procedure provided for in art. 96, a fine of 90,000 lei to 100,000 lei;


R) failure by electronic money issuers of electronic money holders the right price regularly charged for services rendered, according to Art. 97, a fine of 75,000 lei to 90,000 lei.


(2) If the offenses are committed by an individual distributor, as defined in Art. 4 para. (1) d) the maximum and minimum fine is reduced by half.


(3) The amount of the fines provided in par. (1) will be updated by Government decision.


Article 103


(1) The contraventions and penalties provided in Art. 102 are made by the appropriate representatives of the National Authority for Consumer Protection, upon notification to consumers, consumer associations or ex officio, where the violation of legal provisions are or may be affected consumer interests, namely the appropriate representatives of the Financial Guard upon notification corporate user or ex officio, if the violation of legal provisions or their interests may be affected.


(2) The National Authority for Consumer Protection and Financial Guard powers under par. (1) electronic money issuers whose home Member State is Romania in the case of agents, distributors or branches for which Romania is the host Member State acting under the right of establishment.


Article 104


Offenses provided in Art. 102 are applicable provisions of Government Ordinance no. 2/2001 on the legal regime of contraventions, approved with amendments by Law no. 180/2002, as amended and supplemented.

Chapter IV Final



Final
Article 105


Issue without law, electronic money is a crime punishable by imprisonment from 6 months to 3 years or a fine.

Article 106


Preventing without right to exercise under this law, the supervisory powers of the National Bank of Romania constitute a crime punishable by imprisonment from one month to one year or a fine.

Article 107


(1) Within 30 days from the date of entry into force of this law, the National Bank of Romania shall issue regulations pursuant head. II, which will be published in the Official Gazette of Romania, Part I.


(2) For the purposes of uniform application of the provisions of Chapter II and the regulations issued thereunder, the National Bank of Romania may issue instructions and guidelines to be published on the website of the National Bank of Romania.

*

This law transposes the provisions of art. 1, art. Two paragraphs 1-3, art. 3, paragraph 1 and paragraphs 3-5, art. 4 art. 5 paragraphs 1 and 2 and paragraphs 5-7, art. 6 art. 7, paragraph 1 and paragraphs 3 and 4, Art. 8-13, Art. 18 and art. 22 of Directive 2009/110 / EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of activities of institutions of electronic money, amending Directives 2005/60 / EC and 2006/48 / EC and repealing Directive 2000/46 / EC, published in the EU Official Journal No L series.
267 of 10 October 2009. This law was adopted by the Parliament of Romania, in compliance with art. 75 and Art. 76 para. (1) of the Romanian Constitution.
P. The Chamber of Deputies, Ioan Oltean


SENATE MIRCEA-DAN GEOANĂ
Bucharest, 20 June 2011.
No. 127. ---------

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