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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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LEGE no. 127 127 of 20 June 2011 (* updated *) on the activity of issuing electronic money ((updated until 29 June 2012 *)
ISSUER PARLIAMENT




The Romanian Parliament adopts this law + Chapter I Object, scope and definitions Object, scope and definitions + Article 1 This law regulates the conditions of access to the activity of issuing electronic money and carrying out this activity, the conditions for carrying out the payment service provision activity by the currency issuing institutions electronics, prudential supervision of electronic money institutions, as well as the regime on the redemption of electronic money. + Article 2 (1) The activity of electronic money issuance may be carried out by the following categories of electronic money issuers: a) credit institutions, within the meaning of art. 7 7 para. ((1) pt. 10 of Government Emergency Ordinance no. 99/2006 on credit institutions and capital adequacy, approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions; b) electronic money institutions, within the meaning of art. 4 4 para. ((1) lit. e); c) postal service providers issuing electronic money according to the applicable national legislative framework; d) the European Central Bank and the national central banks, where they do not act as monetary authorities or in another capacity involving the exercise of public authority; e) Member States and their regional or local authorities where they act in their capacity as public authorities. ((. Chapter II shall apply only to electronic money institutions. + Article 3 Do not fall within the scope of this law: a) the monetary value stored in the instruments referred to in art. 4 4 para. ((1) lit. k) of Government Emergency Ordinance no. 113/2009 on payment services, approved with amendments by Law no. 197/2010 , with subsequent amendments and completions; b) the monetary value for carrying out the payment transactions provided for art. 4 4 para. ((1) lit. l) of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions. ------------- Point b) art. 3 3 has been amended by RECTIFICATION no. 127 127 of 20 June 2011 , published in MONITORUL OFFICIAL no. 507 507 of 18 July 2011. + Article 4 (1) Within the meaning of the present law, the following terms and expressions have the following meanings: a) a natural or legal person providing payment services on behalf of and on behalf of an electronic money institution; b) consumer-natural person acting for purposes that are outside his commercial or professional activity; c) payment account-account held on behalf of one or more electronic money holders and payment service users and used for the execution of payment transactions; d) distributor-natural or legal person providing distribution services and, where applicable, electronic money repurchase at the expense of an electronic money institution; e) electronic money institution-legal person authorized in accordance with the provisions of the head. II to issue electronic money; f) electronic money-electronically stored monetary value, including magnetic, representing a claim on the issuer, issued upon receipt of funds for the purpose of payment transactions and which is accepted by a person other than the issuer of electronic money; g) Member State-any Member State of the European Union and any State of the European Economic Area; h) Member State of origin-Member State of the registered office of the electronic money issuer or, where, in accordance with national law, the electronic money issuer has no registered office, the Member State in which it is located its actual seat; i) host Member State-Member State other than the home Member State where an electronic money issuer has a branch, distributor, agent or electronic money or provides payment services; j) branch-operational unit, without legal personality, other than the actual establishment, which constitutes a part of the electronic money institution and which directly performs all or some of the activities of the currency issuing institution electronics. (2) For the terms and expressions contained in this Law and which were not defined in par. ((1) the definitions set out in the Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions. (3) For the purpose of determining the subsidiary status, the provisions art. 6 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions. + Article 5 All operational units constituted in the same Member State by an electronic money institution whose real establishment is in another Member State shall be considered as one branch. + Article 6 It is forbidden to any person who is not an electronic money issuer within the meaning of art. 2 to issue electronic money. + Chapter II Prudential authorisation and supervision of electronic money institutions Prudential authorisation and supervision of electronic money institutions + Section 1 Minimum requirements for access to activity Minimum requirements for access to activity + Article 7 ((1) Any entity intending to issue electronic money on the territory of Romania must have an authorization, according to this chapter, before the start of this activity. (2) The National Bank of Romania may grant authorization only to a Romanian legal person established on the basis of Law no. 31/1990 on companies, republished, with subsequent amendments and completions. + Article 8 (1) The National Bank of Romania shall grant authorization to an entity only if, according to the information and documents accompanying the application, all the requirements of this chapter and the regulations given in its application are complied with and evaluation of the submitted project is favourable (. For the purposes of paragraph 1. (1), the National Office for Prevention and Control of Money Laundering shall provide to the National Bank of Romania, at its request, information on persons and entities exposed to the risk of money laundering and financing of acts of terrorism. (3) In order to make a decision on the application for authorization, the National Bank of Romania may consult other authorities with relevant competences. + Article 9 The real headquarters of the electronic money institution authorized by the National Bank of Romania must be located on the territory of Romania. + Article 10 The National Bank of Romania grants the authorization only if it is entrusted that, in view of the need to ensure a prudent and healthy management of the electronic money institution, the electronic money institution has a formal framework for the management of the rigorously designed electronic money issuance activity, including a clear organizational structure, with well-defined, transparent and consistent lines of responsibility, effective identification procedures, administration, monitoring and reporting of the risks to which it is or could be exposed and appropriate internal control mechanisms, including rigorous administrative and accounting procedures. The management framework, procedures and mechanisms must be comprehensive and adapted to the nature, extent and complexity of the payment service provision and electronic money issuance activity provided by the issuing institution of currency. electronics. + Article 11 (1) The National Bank of Romania shall grant authorization only if it is entrusted that, in view of the need to ensure a prudent and sound management of the electronic money institution, the persons responsible for the management and the management of the electronic money issuance activity has a good reputation and has the knowledge and experience appropriate to the nature, extent and complexity of the activity concerned. (2) The persons responsible for the management and administration of the electronic money issuance activity are, depending on the form of legal organization and the type of activities carried out: a) administrators, associates, directors or, as the case may be, members of the supervisory board and members of the directorate, of electronic money institutions having as their main activity the issuance of electronic money; or b) in the case of electronic money institutions that do not have as main activity the issuance of electronic money, the persons responsible for coordinating the organizational structure that ensure the activity of currency issuance electronics. (3) Each of the persons referred to in par. (2) must be approved by the National Bank of Romania before the start of the exercise of responsibilities. + Article 12 The National Bank of Romania grants authorization only if it is entrusted that, from the perspective of the need to ensure a prudent and healthy management of the electronic money institution, the quality of the shareholders or associates who own Qualifying holdings shall be appropriate. + Article 13 If between the electronic money institution, the Romanian legal person, and other natural or legal persons there are close links, the National Bank of Romania shall grant authorization only if these links or legal provisions, the measures of the administrative nature of the jurisdiction of a third State governing one or more natural or legal persons with whom the electronic money institution has close links or difficulties in the application of those provisions or measures shall not prevent the effective exercise of its supervisory functions. + Article 14 The conditions provided in art. 10 10-13 shall also apply accordingly to the payment service activity provided by the electronic money institution. + Article 15 If the electronic money institution is also involved in other commercial activities, other than the issuance of electronic money and the provision of payment services, the National Bank of Romania may request the establishment of a separate entities for the activity of issuing electronic money and the provision of payment services, where they assess, in the authorisation procedure or in the supervisory process, that the other commercial activities prejudicial or would may be detrimental to the soundness of the financial situation of the currency institution electronic, or the capacity of the National Bank of Romania to supervise the compliance of the electronic money institution with all the obligations imposed by this chapter and the regulations given in its application. + Article 16 The authorization issued by the National Bank of Romania allows the electronic money institution, the Romanian legal entity, to issue the electronic money and to provide the payment services provided by the authorization in any Member State, under the conditions set out in section 5. + Article 17 Without prejudice to the provisions of this Chapter, the National Bank of Romania shall establish by regulations the documentation which must accompany the application for the authorisation and the criteria on which the fulfilment is verified. the requirements of art. 11 11 para. ((1) and in art. 12. + Article 18 (1) Electronic money institutions shall have at the date of authorization a level of initial capital of at least the equivalent in lei of 350,000 euros. (2) The National Bank of Romania shall establish by regulations issued in application of this chapter the elements that enter into the calculation of the initial capital, as well as other criteria regarding its determination. + Article 19 Electronic money institutions shall issue electronic money without delay upon receipt of funds in exchange for which it is issued. + Article 20 (1) Electronic money institutions may open and maintain payment accounts for their customers, intended exclusively for the execution of payment transactions. (2) Electronic money institutions shall be prohibited from attracting deposits or other repayable funds from the public in the sense of Government Emergency Ordinance no. 99/2006 , approved with amendments and additions by Law no. 227/2007 , with subsequent amendments and completions. (3) Receiving funds for issuing electronic money in compliance with the provisions of art. 19, namely the provision of payment services, is not considered to attract 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) provision of payment services provided for in art. 8 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions; b) the provision of operational and related services related to the issuance of electronic money and the provision of payment services, such as: ensuring the execution of payment transactions, foreign exchange services, safekeeping activities or data storage and processing; c) administration of payment systems; d) commercial activities, other than the issuance of electronic money and the provision of payment services, in compliance with the applicable legislative framework. (2) The activities provided in par. (1) can be carried out by electronic money institutions on the territory of Romania, in compliance with the legislation in the field. + Article 22 (1) Electronic money institutions may grant credit related to payment services specified in art. 8 lit. d), e) and g) of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions, under the conditions established by that regulation. (2) Electronic money institutions may grant loans, other than those referred to in par. ((1) in compliance with the provisions Law no. 93/2009 on non-banking financial institutions, with subsequent amendments and completions. ((3) Credits granted by electronic money institutions may not have the source of funds received in exchange for the electronic money issued. + Section 2 Authorisation of electronic money institutions Authorisation of electronic money institutions + Article 23 In order to obtain the authorization for the issuance of electronic money and the provision of payment services, the applicant must submit to the National Bank of Romania an application accompanied by the documentation and the information provided in the regulations issued by National Bank of Romania in application of this chapter. + Article 24 (1) The National Bank of Romania shall assess and communicate to the applicant its decision on granting the authorization or rejecting the application for authorization, within 3 months from the date of receipt of the request that meets the requirement provided for in art. 23. (2) Within a maximum of 10 working days from the date of receipt of the application, the National Bank of Romania confirms the fulfilment of the requirement provided for in 23 or, if the condition provided for in art. 23, shall communicate to the applicant the documents and information necessary for its fulfilment, the term specified in (1) from the date of receipt of the requested documents and information. (3) The National Bank of Romania may request, within a maximum of 20 working days from the date of receipt of the request that meets the requirement provided for in art. 23, other information relevant to the assessment. The applicant must submit the requested information within a maximum of 30 working days from the date of communication of the request, during which the period referred to in par. ((1) shall be suspended. (4) The applicant may provide from his own initiative any other information and/or documents considered relevant, but they must be presented no later than 30 days before the expiry date of the term in which the National Bank of Romania must rule on the application for authorisation. + Article 25 (1) The National Bank of Romania shall reject an application for authorization if the assessment carried out under the conditions provided for in this Chapter and the regulations issued in application results in one of the following situations: a) the initial capital is below the minimum level established by the legal provisions in force; b) from the evaluation of the activity plan and the presented business plan, it follows that the electronic money institution cannot ensure the achievement of the objectives proposed in compliance with the requirements set out in this chapter and applicable regulations; c) the framework for the management of the activity of issuing electronic money and the provision of payment services, the procedures for the identification, administration, monitoring and reporting of the risks to which the issuing institution is or could be exposed electronic money and internal control mechanisms are not comprehensive and adapted to the nature, extent and complexity of this activity; d) the persons responsible for the management and administration of the electronic money and payment service provision activity do not have a good reputation or do not have adequate knowledge and experience of nature, expansion and complexity targeted activity; e) the quality of the shareholders or associates holding qualifying holdings is not adequate; f) the close links between the electronic money institution and other natural or legal persons are likely to prevent the effective exercise by the National Bank of Romania of its supervisory functions; g) legal provisions, measures of an administrative nature in the jurisdiction of a third country governing one or more natural or legal persons with whom the 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) other conditions provided for in this Chapter or in the regulations issued in application are not complied with. (2) If the National Bank of Romania rejects the application for authorization, the decision also includes the reasons behind it. + Article 26 (1) The National Bank of Romania may withdraw the authorization granted to an electronic money institution in the following situations: a) the electronic money institution has not started its activity of issuing electronic money and payment service provision within 12 months from the date of granting of the authorization or has ceased to carry out more than 6 6 months; b) the authorization was obtained on the basis of false information or by any other illegal means; c) the electronic money institution no longer meets the conditions that were the basis for granting the authorization or other conditions provided for in this chapter and the regulations issued in application; d) the continuation of the activity for which the electronic money institution was authorised shall jeopardise the stability of the payment system; e) as a sanction, according to art. 71 71 para. ((1) lit. e); f) in any other situation provided by the legislation in force. (2) The decision of the National Bank of Romania on the withdrawal of the authorization shall be communicated in writing to the electronic money institution, together with the reasons for the decision, and shall be published in the Official Gazette of Romania, Part a IV-a, and in at least two national circulation dailies. (3) The shareholders or associates of the electronic money institution may decide to waive the authorization and, if necessary, to dissolve the entity, only if the insolvency procedure has not been opened for the electronic money institution. (4) In the situation referred to in par. (3), the electronic money institution shall communicate to the National Bank of Romania the decision of the general meeting of shareholders, respectively of the associates, accompanied by a plan to ensure the full settlement of the obligations to the currency holders electronic and, where applicable, payment service users. (5) The National Bank of Romania approves the request for waiver of authorization only if the conditions provided in par. ((3) and (4). (6) The authorization of an electronic money institution shall cease to be valid in the following situations: a) there has been a merger or division of the electronic money institution that ceases its existence; b) a decision has been made to trigger the bankruptcy procedure of the electronic money institution. (7) Cease the validity of the authorization in the situations provided in par. (5) and (6) shall be published by the National Bank of Romania in the Official Gazette of Romania, Part IV, and in at least two daily national circulation. (8) The decision of the National Bank of Romania on the withdrawal of the authorization or on the termination of the validity of the authorization of an electronic money institution in the situation referred to in par. (5) becomes effective on the date of publication in the Official Gazette of Romania, Part IV, or at a later date, provided for in the decision. (9) From the date of entry into force of the decision to withdraw the authorization, namely from the end of its validity, the entities can no longer issue the electronic money and can no longer provide payment services. + Section 3 Operational requirements Operational requirements + Article 27 Electronic money institutions shall have at all times their own funds to be at a level that may not be less than the maximum of the initial capital level provided for the authorisation and the resulting amount. from the summation of the levels determined according to art. 28 28 and 29. + Article 28 The National Bank of Romania shall establish by regulations issued in application of this chapter own funds requirements of an electronic money institution related to the electronic money activity, relating to the method of determination of the needs, the elements that take into account other aspects of the determination. + Article 29 (1) The own funds requirement of an electronic money institution related to the activity of payment services, other than those related to the issuance of electronic money, shall be determined according to the provisions of the head. IV "Minimum level, composition and reporting requirements of own funds" Regulation of the National Bank of Romania 21/2009 on payment institutions, with subsequent amendments and completions. (2) Electronic money institutions shall base the choice of the method of determining the own funds requirements related to the activity referred to in par. (1), so that the National Bank of Romania is entrusted with the adequacy of the method to the concrete situation of the electronic money institution. Otherwise, the National Bank of Romania may impose in the authorization or supervisory process the method of determining the own funds requirements. + 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 request an institution electronic money issuers shall have a level of own funds up to 20% higher than the amount resulting from the sum of the levels determined according to art. 28 28 and 29 or may allow the electronic money institution to have a level of own funds up to 20% lower than the amount resulting from the summation of the levels determined according to art. 28 28 and 29. (. The level of own funds resulting from the application of paragraph 1 ((1) may not be less than the minimum level of initial capital provided for in art. 18. + Article 31 (1) It is forbidden to use multiple elements eligible for the calculation of the level of own funds of an electronic money institution, if it belongs to a group of which another issuing institution belongs. of electronic money, a credit institution, a payment institution, a financial investment services company, a portfolio management company, an insurance undertaking or a reinsurance undertaking. (2) It is forbidden to use multiple elements eligible for the calculation of the level of own funds, if the electronic money institution provides payment services, other than those related to the issuance of currency electronic and/or other commercial activities. + Article 32 (. Electronic money institutions shall protect the funds received in exchange for electronic money by one of the following methods: a) the funds are highlighted and kept separate from funds for activities carried out by the electronic money institution, other than the issuance of electronic money, and, where the electronic money has not been repurchased/transferred to another electronic money issuer before the end of the working day following the day on which they were received, shall be deposited in a separate account with a credit institution or invest in very good quality assets, as defined in the regulations issued by the National Bank of Romania in application of the present chapter; b) funds are properly secured by an insurance policy or other comparable security provided by an insurance company or a credit institution that does not belong to the group to which the issuing institution of the currency belongs. that electronic, for an amount equivalent to that which should have been highlighted and kept separately in the absence of the insurance policy or other comparable guarantee, payable if the electronic money institution does not can meet its financial obligations. (2) By way of derogation from the provisions of the relevant legislation, electronic money holders shall have priority over other creditors to the distribution of protected funds according to par. ((1), if the electronic money institution no longer meets its obligations, in particular, in the event of insolvency of the electronic money institution. + Article 33 (1) In application of art. 32, where payment of the value of the electronic money issued is effected by means of a payment instrument, the obligation to protect the funds in question arises from the time at which the account of the currency institution is credited electronics or funds are made available in another way to the electronic money institution. (2) Protecting funds in the situation provided in par. ((1) must be carried out no later than 5 working days from the date of issue of the electronic money. + Article 34 (1) If only a part of the issued monetary value is used as electronic money, and the rest is used for other purposes, the electronic money institution shall have the obligation to apply the provisions of art. 32 32 and 33 only for the part of funds received in exchange for electronic money used as electronic money. (2) If the share of the monetary value that is used as electronic money is not known in advance, the electronic money institutions may apply the provisions of art. 32 32 and 33 only to a representative part of the total of the funds, which is estimated to be used as electronic money, provided that the estimate is reasonably achieved, on the basis of historical data, of a satisfactory manner for the Bank National of Romania. + Article 35 Electronic money institutions must protect funds for the execution of payment transactions, other than those related to the issuance of electronic money, received from payment service users directly or through of another payment service provider, in accordance with the provisions of art. 31-33 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions, and the regulations issued in their application. + Article 36 (1) For loans related to payment services electronic money institutions shall constitute, regularize and use specific credit risk provisions, according to the regulations issued by the National Bank of Romania. (2) Provisons thus constituted are deductible when calculating the corporate tax, in accordance with the provisions Law no. 571/2003 on the Fiscal Code, with subsequent amendments and completions. + Article 37 Electronic money institutions, which grant credits related to payment services and whose activity is limited to the issuance of electronic money and the provision of payment services, will organize and conduct the accounting in compliance with provisions Accounting Law no. 82/1991 , republished, with subsequent amendments and completions, and with specific regulations developed by the National Bank of Romania, with the opinion of the Ministry of Public Finance. + Article 38 Annual financial statements and consolidated annual financial statements of electronic money institutions referred to in art. 37 37 are subject to audit by statutory auditors or audit firms. + Article 39 (1) For the purposes of supervision, electronic money institutions shall transmit to the National Bank of Romania separate accounting information related to the following activities: a) the issuance of electronic money and the provision of payment services related to the issuance of electronic money, including the operational and related services provided for in art. 21 21 para. ((1) lit. b; b) the provision of payment services other than those related to the issuance of electronic money, including their operational and related services; c) the other activities carried out by the electronic money institution. (2) The accounting information provided in par. ((1) must be accompanied by an audit report drawn up in accordance with the applicable rules, and in the case of electronic money institutions which have a legal obligation to audit the financial statements, the report must be drawn up by the auditor statutory or by the audit firm of the electronic money institution. + Article 40 Electronic money institutions are obliged to submit to the National Bank of Romania the accounting information provided in art. 39 39 para. ((1), as well as other data and information requested, within the deadlines and in the form established by the regulations issued by the National Bank of Romania in application of this chapter. + Article 41 (1) The statutory auditor or the audit firm of an electronic money institution shall inform the National Bank of Romania as soon as, in the performance of its tasks at the electronic money institution, or in the situation in exercising specific tasks in an entity that has close links arising from a controlling relationship with the electronic money institution, has become aware of any fact or decision in relation to the issuing institution of currency electronic, fact or decision which: a) represent a significant violation of the law and/or regulations or other acts issued in their application, whereby the conditions of authorization or requirements regarding the conduct of electronic money issuance activity or the provision of payment services; b) is likely to affect the ability of the electronic money institution to continue to operate; c) may lead to a refusal by the statutory auditor or audit firm to express his or her opinion on the financial statements or their expression of an opinion with reservations. (2) At the request of the National Bank of Romania, the statutory auditor or the audit firm of the electronic money institution shall have the obligation to provide any details, clarifications, explanations regarding the audit activity carried out. (3) The performance in good faith by the statutory auditor or the audit firm of the electronic money institution of the obligation to inform the National Bank of Romania according to the provisions of par. (1) and (2) do not constitute a violation of the obligation to preserve the professional secrecy, which lies with him/her according to the law or contractual clauses, and cannot attract liability of any nature of his/her. (4) The National Bank of Romania shall have access to any documents drawn up by the statutory auditor or the audit firm of the electronic money institution during the audit action. + Article 42 Without prejudice to the provisions of legislation in the field of prevention and combating money laundering and financing of terrorist acts or other relevant provisions of the legislation in force, electronic money institutions shall keep all the records related to the activity of issuing electronic money and the provision of payment services for at least 5 years after the end of the operation. + Article 43 (1) Electronic money institutions shall be required to ensure compliance with the requirements of this Chapter and the regulations issued in application, where they delegate to third parties the carrying out of operational functions. (2) Electronic money institutions shall be responsible for all acts of their employees and for the work carried out by branches, agents, distributors and other entities to which they outsource activities. + Section 4 Outsourcing of the activities of electronic money institutions, Romanian legal entities, and their conduct through agents of the payment service provision activity Outsourcing of the activities of electronic money institutions, Romanian legal entities, and their conduct through agents of the payment service provision activity + Article 44 (1) Electronic money institutions shall be prohibited from outsourcing all or part of the electronic money issue. (. Electronic money institutions may use natural or legal persons for the distribution and redemption of electronic money. + Article 45 (1) The electronic money institutions shall inform the National Bank of Romania if they intend to outsource operational functions related to the issuance of electronic money. ((2) Upon outsourcing of important operational functions, the electronic money institution shall ensure that it is carried out without significant impairment of the quality of the internal control mechanisms of the currency issuing institution. the electronic money institutions set out in this Chapter and the regulations issued in application shall not prevent the supervisory authority from exercising its effectiveness. + Article 46 (1) In application of art. 45 45, an operational function is considered to be important if its failure or its misrealization significantly damages the ability of the electronic money institution to comply permanently with the conditions of authorization imposed by the provisions of this chapter and the regulations issued in its application or other obligations incumbent upon it in accordance with this law or significantly affect the financial performance, stability of the issuing institution of electronic money or business continuity of electronic money issuance . ((2) The outsourcing of important operational functions can be achieved only in compliance with the electronic money institution of the following conditions: a) outsourcing does not lead to the delegation of responsibility of the governing bodies; b) the relationship and obligations of the electronic money institution in relation to holders of electronic money in accordance with this law and the regulations issued in application are not affected; c) it is not prejudiced to comply with the conditions imposed on the electronic money institution for authorization in accordance with this chapter and the regulations issued in its application; d) none of the conditions imposed for the authorization of the electronic money institution shall be removed or modified. + Article 47 Art. 45 45 and 46 shall apply accordingly, where electronic money institutions intend to outsource operational functions relating to the provision of payment services. + Article 48 (1) Electronic money institutions may provide payment services with the appropriate application of the provisions of Section 4 of Title II and Art. 56 56-58 and art. 60 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions, the regulations issued in its application and the present law. (. Electronic money institutions shall ensure that agents acting on their behalf inform payment service users of this fact. (3) In application of the provisions of ((1), the reference to the register of payment institutions shall be construed as a reference to the register of electronic money institutions provided for in art. 60. + Section 5-a Notification procedure for the activity in other Member States by electronic money institutions, Romanian legal entities Notification procedure for the activity in other Member States by electronic money institutions, Romanian legal entities + Article 49 ((1) Any authorized electronic money institution, the Romanian legal entity, which intends to issue the electronic money for the first time in another Member State, by establishing a branch or directly, National of Romania a request accompanied by the information provided in par. ((2). ((2) Within 10 days from the receipt of the request, the National Bank of Romania shall communicate to the competent authority of the host Member State information on the name and headquarters of the electronic money institution, the type of activities intends to carry out on the territory of the host Member State and, where applicable, the names of the persons responsible for the management of the branch and its organisational structure and requests the opinion on the intention of the issuing institution of the currency electronics to issue electronic money via a branch. ((3) Within no more than two months after receipt of the application for registration of the branch, the National Bank of Romania shall decide on it, taking into account the opinion expressed by the competent authority of the host Member State. (4) The National Bank of Romania may radiate the branch of the register provided in art. 60, if the competent authority of the host Member State communicates its negative opinion after the expiry of the period referred to in paragraph 1. ((3). + Article 50 (1) Electronic money institutions may issue electronic money by means of a branch only after its registration in the register provided for in art. 60. (2) Electronic money institutions may issue electronic money directly from the date on which the National Bank of Romania makes the notification according to art. 49 49 para. ((2) and inform the applicant of that fact. + Article 51 ((1) Any electronic money institution that intends to use natural or legal persons for distribution and, as the case may be, the redemption of electronic money in another Member State shall send to the National Bank of Romania an application accompanied by by the information provided in par. ((2). ((2) Within 10 days of receipt of the request, the National Bank of Romania shall communicate to the competent authority of the host Member State the information on the name and headquarters of the electronic money institution, the name and the seat of the distributor, that name and address, the type of services it intends to provide on the territory of the host Member State and, where applicable, the identity of the persons responsible for the administration of the distributor and its organisational structure. (3) Electronic money institutions may distribute and redeem electronic money through distributors from the date on which the National Bank of Romania makes the notification according to par. ((2) and inform the applicant of that fact. + Article 52 Art. 49 49 and 50 shall apply accordingly where electronic money institutions intend to provide payment services for the first time in another Member State, by establishing a branch or directly. + Section 6 Relationship with third countries Relationship with third countries + Article 53 (1) Electronic money institutions, Romanian legal entities, may issue electronic money and/or provide payment services in third countries through the establishment of a branch, according to the regulations issued by the National Bank of Romania in application of this Chapter (2) Electronic money institutions may use natural or legal persons for the distribution and redemption of electronic money in third countries, according to the regulations issued by the National Bank of Romania. + Article 54 The National Bank of Romania regulates the conditions in which it can register in the register provided for 60 branch established in a third country and the documentation to accompany the application for registration. + Article 55 The National Bank of Romania may reject the application for registration made under the provisions of art. 54 if, on the basis of the information held and the documentation submitted by the electronic money institution, it considers that: a) the electronic money institution does not have an adequate financial situation in relation to the proposed activity; b) the management framework, the procedures and mechanisms provided for in art. 10 in conjunction with art. 14 14 are not adequate; c) the existing legislative framework in the third state and/or its application shall prevent the exercise by the National Bank of Romania of its supervisory functions; d) the electronic money institution does not meet other requirements of this chapter and the regulations issued in its application. + Article 56 ((1) Entities that issue electronic money and are based in third countries may not perform an activity of issuance or distribution and/or redemption of electronic money and may not provide payment services on the territory of Romania until after the establishment of a electronic money institutions, Romanian legal entity. (2) I am an exception to the provisions of para. ((1) branches of entities issuing electronic money and established in those third countries with which agreements have been concluded at European Union level with regard to the regime for the conduct of electronic money issuance and provision payment services, the provisions of these agreements applying as a priority. (3) In application of para. (2), the National Bank of Romania shall notify the European Commission of any authorization granted to a branch of an electronic money institution established in a third country. + Section 7 Notification procedure for the activity on the territory of Romania by electronic money institutions from other Member States Notification procedure for the activity on the territory of Romania by electronic money institutions from other Member States + Article 57 (1) An electronic money institution authorized in another Member State may issue electronic money on the territory of Romania by establishing a branch or directly, on the basis of the notification sent to the National Bank of Romania the competent authority of the home Member State. (2) The notification provided in par. (1) must include information on the name and headquarters of the electronic money institution, the type of services it intends to provide on the territory of Romania and, as the case may be, the names of the persons responsible for the management branch and its organisational structure. (3) Later the notification of the opening of a branch made according to (1), at the request of the National Bank of Romania, the National Office for Prevention and Control of Money Laundering and other relevant authorities provide it with information on the risk of money laundering or financing of terrorist acts on involving the project covered by the notification. (4) If from the consultation carried out according to par. (3) It follows good reasons to suspect that by opening the branch could increase the risk of money laundering or financing of terrorist acts or in connection with the opening project of the branch shall be carried out, or has been carried out. attempted to carry out money laundering or terrorist financing operations, the National Bank of Romania shall inform the competent authority of the home Member State accordingly. + Article 58 (1) An electronic money institution authorized in another Member State may use natural or legal persons for the distribution and redemption of electronic money on the territory of Romania on the basis of the notification sent to the National Bank of Romania by the competent authority of the home Member State. (2) The notification provided in par. (1) must contain information on the name and premises of the electronic money institution, the name and the premises of the distributor, namely its name and address, the type of services it intends to provide on its territory Romania and, where appropriate, the identity of the persons responsible for the administration of the distributor and its organizational structure. + Article 59 (1) Provisions art. 57 57 shall apply accordingly where electronic money institutions authorised in other Member States intend to provide payment services for the first time on the territory of Romania, by establishing a branch, or Direct. ((2) An electronic money institution authorized in another Member State may provide payment services on the territory of Romania through an agent, on the basis of the notification sent to the National Bank of Romania by the competent authority of the Member State of origin, with the proper application of the provisions of art. 49 49, art. 50 50 para. ((2), art. 51-53 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions. + Section 8 Register of electronic money institutions Register of electronic money institutions + Article 60 (1) The National Bank of Romania organizes and manages the register of electronic money institutions in which the electronic money institutions, Romanian legal entities, their branches from other Member States are highlighted and third countries, as well as agencies of electronic money institutions, Romanian legal entities. (2) The register provided in par. ((1) is public, accessible online, is constantly updated and provides information on the activities for which each electronic money institution has been authorized. + Section 9 Competent authority with supervision Competent authority with supervision + Article 61 (1) The National Bank of Romania shall be the authority responsible for the supervision of compliance with the provisions of this Chapter and of the regulations (2) The National Bank of Romania shall ensure the prudential supervision of authorized electronic money institutions, Romanian legal entities, including for the activity of electronic money issuance and payment service provision carried out through their branches and agencies. ((3) Alin. ((1) and para. (2) does not imply that the National Bank of Romania has powers to supervise the commercial activities of the electronic money institution, other than the issuance of electronic money, the provision of payment services and activities listed in art. 21 21 para. ((1) lit. b). + Article 62 (1) The activity of supervision of electronic money institutions by the National Bank of Romania, in order to verify compliance with the requirements imposed by this chapter and the regulations issued in its application, must be proportionate, appropriate and adapted to the risks to which electronic money institutions are exposed. ((2) Checks at the premises of the entities referred to in ((3) lit. b) shall be carried out by the staff of the National Bank of Romania empowered in this regard or by financial auditors or experts appointed by the National Bank of Romania. (3) For the exercise of the supervisory function, the National Bank of Romania shall be empowered: a) to require the electronic money institution to provide any information necessary to verify compliance with the requirements imposed by this chapter and the regulations issued in its application; b) carry out checks at the premises of the electronic money institution, the Romanian legal person, its branches and any of its agents or any entity to which it has outsourced activities, including distributors; c) issue recommendations, instructions and order measures; d) suspend or withdraw the authorisation. (4) Electronic money institutions shall allow the authorized personnel of the National Bank of Romania and financial auditors or experts appointed by the National Bank of Romania to examine their records, accounts and operations, providing for this purpose all documents and information on the administration, internal control and operations of electronic money institutions as requested by them. (5) Electronic money institutions shall be obliged to submit to the National Bank of Romania any information requested by the National Bank for the purpose of supervision. + Article 63 (1) The National Bank of Romania shall establish by regulations the regime of electronic money institutions that carry out credit activity, related to the quality of legal entities declared at the Central Bank's banking risks Romania. (1) The National Bank of Romania shall establish by regulations the regime of electronic money institutions that carry out credit activity, related to the quality of legal entities declared at the Central Bank's banking risks Romania. + Article 64 The changes in the situation of authorized electronic money institutions shall be communicated to the National Bank of Romania according to the regulations issued by this chapter. + Article 65 ((1) Any natural or legal person who has decided to acquire or cede a joint, directly or indirectly, an operation resulting in the holding or waiver of a qualifying holding at an electronic money institution, the Romanian legal person, or the increase or reduction of the qualifying stake so that the proportion of his voting rights or the holding of holdings in the share capital exceeds, respectively, to be below the levels of 20%, 30% or 50% or so that the electronic money institution becomes, respectively, to cease to the branch of the person concerned, must notify in writing, in writing, the National Bank of Romania in connection with this decision, according to the regulations issued in application of this chapter. (2) By way of derogation from the provisions of paragraph (1), in the case of electronic money institutions that carry out other commercial activities than the issuance of electronic money, the provision of payment services and related activities, the persons referred to in par. (1) may notify the National Bank of Romania within 5 working days from the date of operation. (3) The National Bank of Romania shall decide on the acquisition of qualifying holdings in the electronic money institution within 60 days from the date of receipt of the complete documents and information, according to the regulations issued in application of this law (4) The National Bank of Romania opposes the acquisition if, from the assessment carried out, it finds that the influence exerted by the acquirer is prejudiced to ensure a prudent and healthy management of the electronic money institution, in compliance with the requirements of this Chapter and the regulations issued in application + Article 66 (1) In the case of purchases subject to the notification obligation according to 65 and made prior to the pronouncement of the National Bank of Romania, the exercise of the voting rights of the shareholder or associate concerned related to the decisions on the activity of electronic money issuance and the payment service provision is suspended. (2) The suspension of the exercise of voting rights shall cease from the date on which the acquisition of the holding is approved under the conditions laid down in this Law + Article 67 (1) The electronic money institutions, Romanian legal entities, must inform the National Bank of Romania as soon as they become aware of any acquisition or alienation of the holdings in their capital, which exceeds, respectively, place below the levels provided in art. 65 65 para. ((1). (2) At least once a year, the electronic money institutions, Romanian legal entities, must communicate to the National Bank of Romania the identity of the persons holding the qualifying holdings and their level, according to the who have. + Article 68 (1) The National Bank of Romania may order the electronic money institution, the Romanian legal person, or the persons discharging responsibilities for the administration and/or management of the currency issuance activity. the electronic money institution and the provision of payment services within the electronic money institution and which infringes the provisions of this Chapter and of the regulations issued in its application for the purpose of removing the deficiencies and their causes and/or to apply sanctions. (2) If in the supervisory process it finds the existence of circumstances that could impiet on the activity of the electronic money institution, the National Bank of Romania may order measures aimed at prudently carrying out the activity. + Article 69 In application of art. 68, the National Bank of Romania may dispose of any electronic money institution, the Romanian legal person, the following measures, without them being limiting: a) to require the electronic money institution to increase the level of own funds above that provided in art. 27 27 and 30; b) to require the electronic money institution to use another method of determining the own funds requirements for the payment service provision activity; c) to request the electronic money institution to comply with the management framework, mechanisms and procedures to the requirements provided in art. 10 in conjunction with art. 14 14; d) restrict or limit the volume of the activity, the type of operations carried out or the network of branches of the electronic money institution in the country and abroad; e) restrict the distribution and/or redemption of electronic money through distributors; f) restrict the conduct of the payment activity through agents or prohibit the activity in this way; g) to request an end to the provision of payment services where the continuation of the provision of such payment services jeopardises the stability of the payment system; h) to require the institution of electronic money to replace the statutory auditor or audit firm; i) to request the electronic money institution to set up a separate entity for the activity of issuing electronic money and the provision of payment services, under the conditions provided in art. 15. + Article 70 The National Bank of Romania may apply sanctions in cases where it finds that an electronic money institution, the Romanian legal person, and/or any of the persons discharging responsibilities of administration and/or management of the electronic money issuance and payment service provision activity within the electronic money institution shall be made/guilty by: a) the breach of a provision of this Chapter or of the implementing regulations; b) non-compliance with the measures ordered by the National Bank c) violation of any conditions or restrictions provided for in the authorization granted d) performing fictitious and without real coverage operations, for the purpose of incorrect presentation of the financial position; e) non-reporting, late reporting or reporting of data and erroneous information to the National Bank of Romania. + Article 71 (1) In the cases provided in art. 70, the National Bank of Romania may apply the following sanctions: a) written warning; b) the fine applicable to the electronic money institution, from 5,000 lei to 50,000 lei; c) fine applicable to persons discharging responsibilities for the administration and/or management of the activity of electronic money issuance and payment service provision within the electronic money institution, between 1-6 salaries net average on the electronic money institution, according to the salary situation existing in the month preceding the date on which the deed was found; d) withdrawal of approval granted to persons discharging responsibilities for the administration and/or management of the activity of electronic money issuance and payment service provision within the electronic money institution; e) the suspension or withdrawal of the authorization granted to the electronic money institution. (2) The individualization of the sanction takes into account the seriousness of the act committed, as well as the personal and real circumstances of the act. (3) The sanctions provided in par. ((1) lit. c) and d) apply to persons to whom the act may be imputed, since it would not have occurred if those persons had properly exercised their responsibilities arising from the duties of their office, established according to the legislation applicable to companies, this chapter and the regulations issued in its application and the internal management framework. (4) The sanctions provided in par. (1) may be applied concurrently with the arrangement of measures according to art. 69 69 or independent of them. + Article 72 Persons who did not comply with the obligation to notify the purchase of a qualified stake according to the provisions of art. 65 will make the notification within the deadline set by the National Bank of Romania + Article 73 If the persons holding qualifying holdings in the electronic money institution do not meet the requirements of this chapter and the regulations issued in its application, the National Bank of Romania shall order appropriate measures to terminate this situation. In this regard, independently of other measures or sanctions that may be applied to the electronic money institution or to persons discharging responsibilities of administration and/or its management, the National Bank of Romania may order the suspension of the exercise of voting rights related to the shareholdings held by the respective shareholders or associates in respect of decisions relating to the activity of issuing electronic money and the provision of payment services. + Article 74 (1) The finding of the facts described in this chapter and in the regulations issued in application, which constitute violations of the prudential regime, shall be made by the personnel of the National Bank of Romania, empowered in this regard, based on the reports made by electronic money institutions, Romanian legal entities, according to the law or at the express request of the National Bank of Romania or during the checks carried out at the headquarters of the electronic money institution, person Romanian legal, branch offices and any agent or distributor of the or or any other entity to which it has outsourced activities. ((2) Acts with regard to an electronic money institution, by which measures are ordered or sanctions are applied according to this chapter and to the regulations given in its application, shall be issued by the Governor, the first deputy governor or deputy governors of the National Bank of Romania, except for the sanctions provided in art. 71 71 para. ((1) lit. d) and e), the application of which is the competence of the Board of Directors of the National Bank of Romania. + Article 75 (1) The application of sanctions shall be prescribed within one year from the date of the finding of the deed, but not more than 3 years after the date of the act. (2) The fines collected are made to the state budget. (3) The application of sanctions shall not remove material, civil, administrative or criminal liability, as appropriate. + Article 76 ((1) The acts adopted by the National Bank of Romania according to the provisions of this chapter and of the regulations issued in application with regard to an electronic money institution may be challenged, within 15 days from the communication, to The Board of Directors of the National Bank of Romania, which shall be pronounced by reasoned decision within 30 days from the date of referral. (2) The decision of the Council of Administration of the National Bank of Romania can be appealed to the High Court of Cassation and Justice, within 15 days of communication. (3) The National Bank of Romania is the only authority able to rule on the considerations of opportunity, of the qualitative assessments and analyses underlying the issuance of its acts. (4) In case of appeal in court of the acts of the National Bank of Romania, the court shall rule on the legality of these acts. + Article 77 Art. 76 shall also apply accordingly if the National Bank of Romania does not rule within the time limits provided by law on a request made according to the provisions of this chapter and the regulations issued in application. + Article 78 Until the adoption of a decision by the Board of Directors of the National Bank of Romania, according to art. 76 76 para. (1), or until the delivery of a final and irrevocable decision by the court, according to par. (2) of the same article, the execution of acts issued by the National Bank of Romania is not suspended. + Article 79 ((1) For the exercise of the supervisory function, the National Bank of Romania shall collaborate with the competent authorities of the host Member State or, as the case may be, of the home Member State, in relation to the activity carried out by the electronic money, directly, through branches or agents, distributors, or in relation to other entities to which electronic money institutions have outsourced activities. (2) In order to apply the provisions of para. (1), National Bank of Romania: a) inform the competent authorities of the host Member State whenever it intends to carry out checks on the premises of the branch, agent or distributor of the electronic money institution or other entity to which the institution the electronic money issuer has outsourced activities located in the territory of the host Member State; b) communicate to the competent authority of the host Member State or, where appropriate, the Member State of origin, upon request, all relevant information and, on its own initiative, all the essential information, in particular where it is found, or suspect that an agent, branch, distributor or other entity to which activities have been outsourced is in breach of the relevant legislation. (3) The National Bank of Romania may delegate to the competent authority of the host Member State the task of carrying out checks on the premises of the 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) In the case of electronic money institutions from another Member State carrying out activity or having outsourced activities in Romania, the National Bank of Romania shall collaborate with the competent authorities of the home Member State and from other Member States in which electronic money institutions operate or where entities are located to which electronic money institutions have outsourced activities. ((2) For the purpose of exercising the supervisory function, the competent authority of the home Member State of an electronic money institution may carry out checks on the territory of Romania at the premises of the branches of the issuing institutions electronic money, agents and distributors thereof or other entities to which electronic money institutions have outsourced activities. The verification can be carried out directly or through third parties empowered for this purpose and with the prior information of the National Bank of Romania. (3) The competent authority of the home Member State may require the National Bank of Romania to carry out checks on the premises of the branches of electronic money institutions, their agents and distributors or other entities to which electronic money institutions have outsourced activities, located on the territory of Romania, in which case the National Bank of Romania proceeds to carry out these checks, directly or through third parties empowered to do so. The requesting competent authority may participate in the verification. + Article 81 Art. 79 and 80 shall be without prejudice to the obligations of the competent authorities to supervise or control compliance with the requirements laid down by the legislation on the prevention and combating of money laundering and the financing of acts of terrorism and Commission Implementing Regulation (EU) No This appropriation is intended to cover the expenditure of the European Parliament and the 1.781/2006 of the European Parliament and of the Council. + Section 10 Professional secrecy and exchange of information Professional secrecy and exchange of information + Article 82 (1) The members of the board of directors, employees of the National Bank of Romania, as well as third parties empowered by the National Bank of Romania for carrying out checks under this law are obliged to keep professional secrecy on any confidential information they are aware of during the performance of their duties, during the period in which they hold this quality and after the cessation of activity within the bank or, as the case may be, of relations with the bank (. The information provided in summary or aggregate form shall not be considered as confidential information so that the electronic money institution cannot be identified. (3) The exchange of information provided for in art. 79 79 must be circumscribed solely for the purpose of carrying out the tasks of those authorities. (4) Provisions of para. ((1) and (3) do not in any way affect the provisions of criminal law according to which disclosure of confidential information may be required in certain situations. + Article 83 (1) The National Bank of Romania shall collaborate with the relevant authorities of other Member States with powers on electronic money issuers, as well as with the European Central Bank and central banks of other Member States. (2) The National Bank of Romania may exchange information with: a) competent authorities of other Member States responsible for the authorisation and supervision of electronic money institutions; b) the European Central Bank and the national central banks of the Member States, as monetary and supervisory authorities, and, where appropriate, with other public authorities responsible for the supervision of payment and settlement systems; c) other relevant authorities designated in accordance with this law, with legislation in the field of information and communication technology, protection of personal data, legislation in the field of prevention and combating money laundering and the financing of terrorist acts or other normative acts applicable to electronic money issuers. + Article 84 This section is completed with the provisions on professional secrecy and the collaboration of the National Bank of Romania with other authorities Law no. 312/2004 on the Statute of the National Bank of Romania, as amended. + Article 85 In the exercise of its powers provided by law, the National Bank of Romania collects and processes any relevant data and information, including the nature of personal data. + Chapter III Issuance and redemption of electronic money, competent authorities and their duties Issuance and redemption of electronic money, competent authorities and their duties + Section 1 Provisions on the issue and redemption Provisions on the issue and redemption + Article 86 (1) Electronic money issuers shall be obliged to issue electronic money at an amount equal to that of the funds received in exchange for it at the time of receipt of the funds. (2) By exception to the provisions of par. (1), regarding the time of receipt of funds, electronic money issuers may issue electronic money before receiving funds, where payment of the electronic money issued is made by means of a payment instrument. (3) Electronic money issuers shall inform the holders of electronic money, distinctly, of the value of the electronic money issued and the purchase price thereof. + Article 87 It is forbidden to grant interest or any other benefit whose value is directly correlated with the period in which the electronic money holder holds the electronic money. + Article 88 Electronic money issuers shall be obliged to redeem, at the request of the electronic money holder, at any time, free of charge and at the nominal value, the electronic money that it holds. + Article 89 By exception to the provisions of art. 88 88 and 94, electronic money issuers may charge, at redemption, a fee only if it is specified in the contract and established in accordance with art. 92 92 para. ((3) and only in one of the following cases: a) when the redemption is requested before the termination of the contract; b) when the contract provides for a cessation date and the electronic money holder has ceased the contract before this date; c) when the redemption is requested more than one year after the date of termination of the contract. + Article 90 If the electronic money holder requests the redemption before the termination of the contract, he may ask for the redemption of the entire monetary value of the electronic money held or only part of it. + Article 91 ((1) If the electronic money holder requests the redemption of the electronic money at the date of termination of the contract or within one year after the termination of the contract, the entire monetary value of the electronic money shall be redeemed Owned. (2) In application of para. ((1), if an electronic money institution carries out one or more of the activities listed in art. 21 21 para. ((1) lit. (d) and it was not known in advance the share of the electronic currency issued to be used as electronic money or this is variable, the electronic money institution has the obligation to repurchase all the funds requested by the holder of electronic money. + Article 92 (1) The electronic money issuer has the obligation to inform the electronic money holder, before the conclusion of the contract or the acceptance of the offer by him, on the contractual conditions provided in par. ((2). ((2) The contract between the electronic money issuer and the electronic money holder must clearly, completely and precisely provide for the redemption conditions of the electronic money, including information on the charging of any fees for redemption, value or method of calculation thereof. ((. 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 the provisions of art. 89-91, the redemption rights of persons other than consumers, who accept the payment of electronic money shall be established in the contract concluded between the electronic money issuers and those persons. + Section 2 Contract termination Contract termination + Article 94 (1) The electronic money holder may terminate the contract at any time if the parties have not agreed a period of notification. Such a period may not exceed 30 days. (2) The unilateral cessation by the electronic money holder of a contract concluded for a fixed term of more than 12 months or for an indefinite duration shall be made free of charge for the electronic money holder after the expiry of the 12 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 unilateral termination of the contract by the electronic money holder must correspond to the actual costs of the electronic money issuer, to be limited to the coverage to them, not to lead to additional income or to discourage the electronic money holder from unilaterally ceasing the contract. (2) Before the conclusion of the contract, as well as in the contract, the electronic money issuer shall establish and communicate to the electronic money holder the total price related to the unilateral termination of the contract or its calculation. + Article 96 ((. Where such contract is agreed, the electronic money issuer may unilaterally terminate a contract concluded for an indefinite period by giving notice at least two months before. (. The notice shall be sent to the holder of electronic money: a) on paper or other durable medium; b) in a language that is easy to understand, in a clear, complete and precise form; c) in Romanian or in any other language established by mutual agreement between the parties. + Article 97 The price charged periodically for the services rendered shall be borne by the electronic money holder only in proportion to the period preceding the termination of the contract. If the price is paid in advance, it is refunded proportionally. + Article 98 The provisions of this section are without prejudice to the legal provisions regarding the nullity of contracts or the impossibility of + Article 99 If the electronic money holder is not a consumer, the parties may agree not to apply, in whole or in part, the provisions of this section. + Section 3 Competence, referral and control Competence, referral and control + Article 100 (1) In order to ensure compliance with the provisions of this law by electronic money issuers, consumers, including consumer associations, may either refer the matter to the National Consumer Protection Authority and users legal persons may refer the matter to the Financial Guard in connection with the cases of violation by the electronic money issuers of the provisions of art. 86-92 and 94-97, or to initiate legal actions against electronic money issuers that have violated the provisions of this law. (2) The National Authority for Consumer Protection, namely the Financial Guard informs, as the case may be, the applicant, in its response, about the existence of extrajudicial dispute resolution procedures. ((3) For the amicable settlement of any disputes and without prejudice to the right of consumers and users to take legal action against electronic money issuers who have infringed the provisions of this law or their right to refer the matter to the National Authority for the Protection of Consumers or the Financial Guard, consumers or users of legal entities may appeal to the out-of-court procedures for resolving disputes. + Article 101 Provisions art. 179 of Government Emergency Ordinance no. 113/2009 , approved with modifications by Law no. 197/2010 , with subsequent amendments and completions, shall also apply accordingly with regard to the appropriate and effective out-of-court repair procedures for the settlement of disputes arising from this law. ------------- Article 101 has been amended by art. II of EMERGENCY ORDINANCE no. 31 31 of 27 June 2012 , published in MONITORUL OFFICIAL no. 433 433 of 29 June 2012. + Article 102 (1) The following facts constitute contraventions and are sanctioned as follows: a) non-compliance by electronic money issuers with the obligation to issue electronic money at an amount equal to that of the funds received in exchange for it, according to the provisions of art. 86 86 para. (1), with a fine of 50,000 lei per 100,000 lei; b) non-compliance by the electronic money issuers with the obligation to issue the electronic money at the time of receipt of the funds according to the 86 86 para. (1), with a fine of 50,000 lei per 100,000 lei; c) non-information of electronic money holders, by electronic money issuers, according to the provisions of art. 86 86 para. (3), with a fine of 50,000 lei per 100,000 lei; d) the granting of interest or any other benefits whose value is directly correlated with the period in which the electronic money holder holds the electronic money, with a fine of 50,000 lei per 100,000 lei; e) non-compliance by the electronic money issuers with the obligation to redeem, at the request of the electronic money holder, the electronic money that he holds, under the conditions provided in art. 88, with a fine of 75,000 lei per 100,000 lei; f) non-compliance by the electronic money issuer with the obligation to inform the electronic money holder, before the conclusion of the contract or the acceptance of the offer by him according to the provisions of art. 92 92 para. (1), with a fine of 50,000 lei per 100,000 lei; g) the non-provision by the electronic money issuer in the contract between him and the electronic money holder of the elements provided in art. 92 92 para. (2), with a fine of 75,000 lei per 100,000 lei; h) non-compliance with the obligation to establish repurchase fees proportional to the actual costs incurred by the electronic money issuer in connection with the redemption, provided in art. 92 92 para. (3), with a fine of 75,000 lei per 100,000 lei; i) non-compliance by the electronic money issuers with the right of electronic money holders to request the redemption of the electronic money before the termination of the contract under the conditions provided in art. 90, with a fine of 50,000 lei to 70,000 lei; j) non-compliance by electronic money issuers with the right of electronic money holders to request the redemption of the electronic money at the date of termination of the contract or within one year after the termination of the contract, under the conditions provided in art. 91, with a fine of 50,000 lei to 70,000 lei; k) non-compliance by the electronic money issuers with the right of electronic money holders to terminate the contract under the conditions provided by art. 94 94 para. (1), with a fine of 90,000 lei per 100,000 lei; l) non-compliance by the electronic money issuers with the obligation that, if a notification period has been agreed, this period should not exceed 30 days, according to the provisions of art. 94 94 para. (1), with a fine of 80,000 lei to 90,000 lei; m) non-compliance by the electronic money issuers with the obligation to terminate the contract, free of charge, at the request of the electronic money holder, under the conditions provided in art. 94 94 para. (2), with a fine of 75,000 lei per 100,000 lei; n) non-compliance by the electronic money issuers with the obligation that, in cases that do not fall under art. 94, the price charged to meet the conditions imposed by art. 95 95 para. (1), with a fine of 75,000 lei per 100,000 lei; o) non-compliance by the electronic money issuers with the obligation to communicate the total price related to the unilateral termination of the contract or the calculation of the contract, according to the provisions of art. 95 95 para. (1), with a fine of 50,000 lei to 75,000 lei; p) non-compliance by the electronic money issuers of the unilateral termination procedure of the contract, provided in art. 96, with a fine of 90,000 lei per 100,000 lei; r) non-compliance by electronic money issuers with the right of electronic money holders regarding the price periodically charged for services rendered, according to the provisions of art. 97, with a fine of 75,000 lei to 90,000 lei. (2) If the contraventions are committed by a natural person distributor, as defined in art. 4 4 para. ((1) lit. d), the maximum and minimum limits of the fine are reduced by half. (3) The amount of fines provided in par. (1) will be updated by Government decision. + Article 103 (1) The finding of contraventions and the application of sanctions provided in art. 102 are made by the authorized representatives of the National Authority for Consumer Protection, on the complaint of consumers, consumer associations or ex officio, if in violation of the legal provisions are or may be affected the interests of consumers, respectively by the authorized representatives of the Financial Guard, to the complaint of users legal entities or ex officio, if in violation of the legal provisions are or may be affected their interests. (2) The National Authority for Consumer Protection and the Financial Guard have competence according to par. ((1) in the case of electronic money issuers whose home Member State is Romania and in the case of agents, distributors or branches for which Romania is a host Member State and acting in accordance with the right of establishment. + Article 104 Contraventions provided for in art. 102 the provisions of Government Ordinance no. 2/2001 on the legal regime of contraventions, approved with amendments and additions by Law no. 180/2002 , with subsequent amendments and completions. + Chapter IV Final provisions Final provisions + Article 105 The issuance, without right, of electronic money constitutes a crime and is punishable by imprisonment from 6 months to 3 years or with a fine. + Article 106 The prevention, without right, of the exercise, according to the present law, of the supervisory powers of the National Bank of Romania constitutes a crime and is punishable by imprisonment from one month to one year or with 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 in the application of the head. II, which will be published in the Official Gazette of Romania, Part I. (2) For the purposes of a uniform application of the provisions of Chapter II and of the regulations issued on its basis, the National Bank of Romania may issue instructions and clarifications that are published on the website of the National Bank of Romania. * This law translates the provisions of art. 1 1, art. 2 paragraphs 1-3, art. 3 3 paragraph 1 and paragraphs 3-5, art. 4 4, art. 5 paragraphs 1 and 2 and paragraphs 5-7, art. 6 6, art. 7 7 paragraph 1 and paragraphs 3 and 4, art. 8-13 8-13, art. 18 18 and art. 22 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 the activity of electronic money institutions, amending Directives 2005 /60/EC and 2006 2006 /48/EC and repealing the Directive 2000 /46/EC ,, published in the Official Journal of the European Union L series no. 267 267 of 10 October 2009. This law was adopted by the Romanian Parliament, in compliance with the provisions of art. 75 75 and art. 76 76 para. (1) of the Romanian Constitution, republished. p. CHAMBER OF DEPUTIES PRESIDENT, IOAN OLTEAN SENATE PRESIDENT MIRCEA-DAN GEOANA Bucharest, June 20, 2011. No. 127. ---------