This royal decree develops the regulation contained in Law 21/2011, of July 26, of electronic money, in accordance with the enabling that to these effects establishes the final disposition twelfth of said law. With the approval of this royal decree the full transposition of Directive 2009 /110/EC of the European Parliament and of the Council of 16 September 2009 on the access to the activity of electronic money institutions and their exercise, as well as on the prudential supervision of those entities, amending Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC, which has already been incorporated for the most part into the Spanish legal order through the referred to Law 21/2011 of 26 July.

This royal decree marks the last normative milestone of an economic and social reality in development on the European Union market since the first electronic prepaid instruments that gave rise to the adoption of Directive 2000 /46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up and pursuit of the business of electronic money institutions and the prudential supervision of such entities. This Directive was incorporated in our order through Article 21 of Law 44/2002 of 22 November, of measures of reform of the financial system and of Royal Decree 322/2008, of 29 February, on the legal regime of the institutions of electronic money, which develops it. Both rules had as their main purpose to stimulate competition and to open up the electronic money issue to institutions other than banks and traditional credit institutions, allowing the creation of a new type of electronic money. of entities, electronic money institutions.

However, the accumulated experience with the passage of time and the development of the sector itself advised certain modifications of the legal regime of the electronic money institutions and the issuance of electronic money. Finally, they were implemented in the adoption of Directive 2009 /110/EC.

There are three fundamental objectives that can be identified in this royal decree, which complement those provided for in the Law:

First, it will help to increase the accuracy of the legal regime applicable to the issuance of electronic money, clarifying its definition and the scope of application of the standard. In this way, by increasing the legal certainty of market participants, access to the activity of electronic money will be facilitated and competition in this sector will be stimulated.

On the other hand the standard completes the design of a more proportionate legal regime of electronic money institutions. The legal regime of the electronic money institutions in force prior to the entry into force of Law 21/2011 of 26 July 2011 laid down requirements which were too onerous for the institutions and which were disclosed as inadequate in relation to the risks that their activity can potentially generate.

Finally, the rule helps to ensure consistency between the new legal regime of payment institutions and that applicable to electronic money institutions.

The royal decree regulates the legal regime of electronic money institutions and also provides some provisions regarding the general legal regime of the activity of issuing electronic money. It consists of 27 articles, distributed in seven chapters, a transitional provision, a derogation provision and three final provisions.

Chapter I, which consists of nine articles, contains the legal regime for the creation of electronic money institutions.

In particular, it is pointed out, as usual in the system of creation of other financial institutions, that it is up to the Minister of Economy and Competitiveness to authorize the creation of electronic money institutions, prior to report of the Banco de España and the Executive Service of the Commission on the Prevention of Money Laundering and Monetary Violations, in the aspects of its competence.

The request will also be presented, as usual, to the General Secretariat of the Treasury and Financial Policy, and the need for registration, as it was being done, of the electronic money institutions in a registry is foreseen. Special Bank of Spain, before starting its activity. Some particularities are also included for the case that the electronic money institution to be authorised is controlled by another entity of a non-EU Member State.

The requirements for obtaining and retaining the authorization of an electronic money entity are also established and must be tested at the time of the institution's request for the creation of the authorization. These requirements relate both to the legal form of the electronic money institution and to its initial capital or to the conditions to be met by the shareholders holding significant holdings and the directors of the institution.

This chapter also provides for the creation by the Banco de España of a Register of High Charges in which the administrators and directors-general of the electronic money institutions must register. To this is added the above obligation to register the payment institutions themselves before starting their activities in the Special Register of electronic money institutions created in the Banco de España.

Articles 6, 7 and 8 are dedicated to the regime applicable to different modifications that an electronic money institution can experience, both in its social statutes and in its activities, with a specific forecast for the merger case. A last article specifies that the use of the name of an electronic money institution or its abbreviation must be included in the name of the entity. The above is complete with two paragraphs aimed at ensuring that the user knows at all times the legal nature of the payment entity that his payment service provider holds.

Chapter II regulates the cross-border activity of electronic money institutions and consists of four articles.

The former regulates the opening of branches and the freedom to provide services in a Member State of the European Union by Spanish electronic money institutions and establishes, in particular, the obligation to communicate to the Bank of Spain and the information to accompany it.

The second details the communication system to the Banco de España to be completed by the supervisory authorities of those Community electronic money institutions who wish to provide their services on a permanent basis in Spain.

In the following two articles, the system of prior authorization of the Banco de España to which Spanish electronic money institutions that wish to provide payment services in a non-member State is subject to European Union, either by opening branches or in the freedom to provide services.

Chapter III is dedicated to the regime of the agents and delegation of functions, each contained in one of the two articles in this chapter.

With regard to the agents ' regime, Article 14 states that electronic money institutions cannot issue electronic money through agents. In the event that they provide payment services, this activity can be carried out through agents, for which the requirements laid down in Royal Decree 712/2010 of 28 May, of the legal status of the payment services and of the the payment entities.

With regard to the delegation of functions, a system of prior information to the Bank of Spain is established for those that are essential, while the communication will be carried out after the delegation in case that the functions to which it affects are not essential. This scheme is supplemented by a series of provisions aimed at ensuring that the delegation of essential operational functions does not result in a reduction in their quality or internal control, or in the detriment of responsibilities and obligations of the Member States. electronic money institutions in relation to users.

Warranty requirements and own resource requirements are regulated in the five articles that make up Chapter IV of the proposed rule.

The need for electronic money institutions to safeguard their users ' funds for the issuance of electronic money and the execution of payment transactions requires that these entities have one of the two the guarantee methods set out in Law 21/2011 of 26 July, the detail of which is specified in the proposed rule. In relation to the first method, the safe and low-risk assets in which the funds referred to in Article 10.1.a) of Law 16/2009 of 13 November of payment services may be invested are detailed. As regards the second method, the conditions to be met by the comparable insurance or guarantee policy are specified.

On the other hand, the method of calculation that the payment institutions will have to apply in order to determine their own resources requirements is detailed. In general, the sum of two amounts shall be: 1. In the case of the provision of payment services not linked to the issuance of electronic money, the amount provided for in the rules of payment services as own resources for the institutions of payment services; and 2. In respect of the activity of issuing electronic money, 2% of the average electronic money in circulation.

In addition to Chapter IV, a number of forecasts are contained in order to ensure the return to compliance with the own resources rules, if an entity presents a deficit of own resources. of the required. First of all, a reporting obligation is established for the Banco de España, which must be accompanied by a programme to return to compliance. It also establishes an obligation to submit the results application to the prior authorization of the Banco de España.

Chapter V introduces the concept of hybrid electronic money institutions, defined as those electronic money institutions that perform, in addition to the issuance of electronic money and the provision of payment services, any other economic activity. Some aspects of the standard are adapted for their special application to these entities, especially in relation to some requirements both for the exercise of the activity and for the purposes of the application, the Register of High Charges, the supervision and the accounting.

Finally, the procedure under which the Banco de España may require a hybrid electronic money institution to constitute a separate electronic money entity, when the conduct of the business is carried out, is detailed in this chapter. other economic activities other than the issuance of electronic money and the provision of payment services may affect their financial soundness or the ability of the authorities to perform their supervisory function.

Additional aspects relating to the legal regime for the issuance of electronic money, on the one hand, and the provision of payment services by electronic money institutions, on the other hand, are included in Chapter VI.

An exception is made to the application of the regulatory regulation for the issuance of electronic money. The monetary value stored in instruments whose use is limited to the issuer's establishments or within a limited network of suppliers are not subject to this regulation.

On the other hand, it is established that the payment accounts maintained by the electronic money institutions will apply the limitations contained in Royal Decree 712/2010, of May 28.

Finally, Chapter VII, which contains the last three articles of the proposed rule, includes the supervisory and sanctioning regime applicable to electronic money institutions. Both remain, in the main and with some adaptations, the regime applicable to credit institutions.

It is also the duty of professional secrecy for all persons who in the performance of a professional activity for the Banco de España or in the exchange of information with other authorities have known data of reserved character.

A transitional provision has been introduced into the project which develops the provision contained in Law 21/2011 of 26 July, which in turn comes from the Community Directive, which refers to money institutions. (a) electronic means that would have obtained authorisation under Article 21 of Law 44/2002 of 22 November of measures to reform the financial system. Law 21/2011, of July 26, does not require these entities to apply for a new authorization, although it requires that they demonstrate compliance with the requirements necessary for the development of this activity according to the law. The project for the purposes of such accreditation exonerates these entities from providing certain documentation, except for express requirements.

The project also has a derogation provision, and concludes with three final provisions, which contain, respectively, the relevant titles under which the Royal Decree is issued, the a reference to the incorporation of the European Union's right, as it completes the transposition of Directive 2009 /110/EC, and its entry into force.

In its virtue, on the proposal of the Minister of Economy and Competitiveness, with the prior approval of the Minister of Finance and Public Administrations, according to the State Council and after deliberation by the Council of Ministers in their meeting of May 4, 2012,

DISPONGO:

CHAPTER I

Legal framework for the creation of electronic money institutions

Article 1. Authorisation and registration of electronic money institutions.

1. It is the responsibility of the Minister of Economy and Competitiveness, prior to the report of the Bank of Spain and the Executive Service of the Commission on the Prevention of Money Laundering and Monetary Violations in the aspects of its competition, to authorize the creation of electronic money institutions, as well as the establishment in Spain of branches of electronic money institutions authorised or domiciled in a non-Member State of the European Union. The authorisation shall specify the activities to be carried out by the electronic money institution, in accordance with the programme presented by the institution.

2. The application for authorization must be resolved within three months of its receipt at the General Secretariat of the Treasury and Financial Policy or at the time the required documentation is completed. The authorisation shall be deemed to be rejected by administrative silence if no express resolution has been notified if the deadline has elapsed.

3. Once the authorization has been obtained and after registration in the Commercial Registry, the electronic money institutions must, before starting their activities, be registered in the Special Register of electronic money institutions of the Banco de España. This register shall include the activities for which the electronic money institution has been authorised and shall also include its branches and the agents it contracts for the provision of payment services. The registration shall be public and accessible through an electronic page which shall be updated regularly.

4. In the event that the control of the electronic money institution, in accordance with the terms of Article 42 of the Trade Code, is to be exercised by an electronic money institution, a credit institution, a payment institution, a business of investment services or an insurance or reinsurance undertaking authorised in another Member State of the European Union or by natural or legal persons who in turn controls one of them, the Banco de España, before issuing the report to which it is referred to in paragraph 1, it shall consult the authorities responsible for the supervision of those entities.

Where such control is to be exercised by a natural or legal person, whether or not it is a regulated entity, domiciled or authorised in a country that is not a member of the European Union, it shall require those who are control the provision of a guarantee that reaches the entire authorized activities of the entity that is intended to be created.

Article 2. Requirements for exercising the activity.

You will be required to obtain and retain the authorization of an electronic money entity:

a) Revestir any commercial corporate form. The shares, shares or shares in which the share capital is divided shall be nominative.

b) Having their registered office, as well as their effective administration and management in Spanish territory.

c) Dispose of a share capital not less than € 350,000.

(d) that shareholders or shareholders holding significant shares are suitable as provided for in Article 4 of Law 21/2011 of 26 July electronic money.

e) That the managers of the electronic money institution are persons of recognised good repute and possess, most of them, the knowledge necessary for the issuance of electronic money and the provision of services of payment. These requirements shall also be met in each of the general or equivalent directors of the institution.

Compete commercial and professional honorability in those who have been observing a personal trajectory of respect to the commercial laws or others that regulate the economic activity and the life of the business, as well as to the good commercial, financial and banking practices. In any case, unless proof to the contrary, it is understood that those who, in Spain or abroad, have a criminal record for criminal offences or are disabled for public or administrative charges are not such as to be of such good repute. the management of financial institutions or in accordance with Law 22/2003 of 9 July, Insolvency, while the period of disablement has not been completed, and those who have been broken and are not rehabilitated in pre-entry procedures prior to entry into The law is applicable. In the event of a criminal record or disqualification abroad, it will be necessary for countries that have the necessary guarantees of legal certainty comparable or reciprocal to those provided for in the Spanish order.

possess the knowledge necessary to perform their duties on electronic money institutions who have performed, for a period of not less than two years, senior management, control or advisory functions or functions of similar liability in electronic money institutions, public or private, with a dimension at least analogous to the entity for which authorisation is sought.

(f) To provide, for the purposes of ensuring sound and prudent management of the entity, appropriate corporate governance procedures, including a clear organisational structure, with well-defined lines of responsibility; transparent and consistent, as well as effective procedures for the identification, management, control and communication of the risks to which it is or may be exposed, together with appropriate internal control mechanisms, including procedures appropriate administrative and accounting officers. Such methods, procedures and mechanisms shall be exhaustive and proportionate to the nature, scale and complexity of the electronic money issuance activities and the payment services provided by that entity.

g) Establish internal control and communication procedures and bodies to prevent and prevent money laundering and terrorist financing.

Article 3. Requirements for the request.

1. The application for authorisation for the creation of an electronic money institution shall be addressed to the General Secretariat of the Treasury and Financial Policy, together with the following documents in triplicate:

(a) Project of a social statute, accompanied by a certificate of refusal of the proposed social denomination; in case the authorization is requested by an existing society it will be sufficient certification your registration registration.

(b) A programme of activities in which it is specific, in addition to the issuance of electronic money and, where appropriate, the type of payment service to be provided, ancillary or closely related services those that are intended to be carried out, as well as the other activities which, in accordance with Article 8 of Law 21/2011, of July 26, wishes, if any, to do so.

(c) A business plan referred to in the above letter that includes a calculation of the budget forecasts for the first three financial years of the electronic money institution.

d) Justification of having constituted in the General Deposit Box or in any of its branches, in the delegations of Economy and Finance, a deposit in cash or in Public Debt, equivalent to 20 percent of the minimum initial capital provided for in Article 2, at the disposal of the General Secretariat of the Treasury and Financial Policy.

This deposit shall be released, at the request of the person concerned, after the institution has been established and entered in the Special Register of the Banco de España, as well as, where appropriate, in the event of revocation of the authorization provided for in the Article 5 of Law 21/2011 of 26 July. The procedure, time and effect to release the deposit will be those provided for in the current regulations.

You will also proceed with the return of the deposit in the cases of waiver of the application or refusal of the request.

(e) a description of the measures taken to protect the funds received in exchange for the electronic money issued, or, where appropriate, from the provision of payment services, as provided for in Article 9 of the Law 21/2011, of July 26.

(f) A description of the applicant's business management methods and internal control mechanisms, including administrative, risk management and accounting procedures, demonstrating that such methods and mechanisms of business control are provided and appropriate.

(g) Internal control and communication procedures and bodies to be established to prevent and prevent money laundering and terrorist financing.

(h) A description of the structural organisation proposed by the applicant, including, where appropriate, a description of the use to be made of branches, distribution structures and reimbursement of money electronic or agents, for the provision of payment services, of the provisions on delegation of functions, as well as of their participation in a national or international payment system, provided that it is in accordance with the established in law 41/1999 of 12 November on payment and securities settlement systems.

(i) The identity of persons holding significant holdings in the electronic money institution, as set out in Article 4 of Law 21/2011 of 26 July, with an indication of the amount of their effective participation and evidence of its suitability.

Except for credit institutions subject to supervision of the Banco de España, shareholders or members having the consideration of legal persons, they shall also provide the annual accounts and the management report of the two years, with audit reports if any.

For the purposes of the definition of significant participation, the possibility of appointing or removing any member of the highest governing body of the electronic money institution shall be understood as a notable influence.

j) The identity of the managers of the electronic money institution and its directors-general or assimilated, as well as documentary evidence to prove that the requirement of good repute is met and that they have the experience and have the necessary knowledge for the issuance of electronic money.

k) Where appropriate, the identity of the auditors responsible for the audit of the electronic money institution.

l) A description of the services, instruments, or other means, including the Customer's Defense Regulation, that is available to address and resolve the complaints and complaints of their clients.

m) The address of the registered office or registered office in the applicant's Spanish territory.

n) For existing entities, audited annual accounts for the last financial year, and an explanatory note of the company's characteristics and situation.

For the purposes of points (e), (f) and (h), the applicant shall provide a description of its audit procedures and the organisational arrangements it has established in order to take all reasonable measures to protect the interests of its users and ensure the continuity and reliability of the issuance of electronic money and the provision of payment services.

2. The electronic money institution shall immediately report any changes affecting the accuracy of the information in accordance with this Article. In any case, it is possible for the promoters to require the promoters of any data or reports to be considered appropriate to verify compliance with the requirements set out in this royal decree.

Article 4. Authorisation of the establishment in Spain of branches of electronic money institutions authorised or domiciled in a non-EU Member State.

1. In the authorisation of the establishment in Spain of branches of foreign electronic money institutions authorised or domiciled in a non-Member State of the European Union, the provisions of the foregoing Articles shall be observed in so far as it is application, with the following particularities:

(a) The reference to the draft Statute referred to in Article 3.1.a) shall be understood as referring to the draft constitution of the branch and to the existing Statutes of the electronic money institution.

(b) By minimum social capital, the amount held by the institution in Spain of permanent and indefinite-duration funds, available for the loss coverage of the branch, shall be understood.

(c) You must have at least one person who is responsible for the management of the branch which they intend to establish in Spain and which determines in an effective manner the orientation of the branch. That person shall comply with the requirements of good repute, knowledge and experience referred to in Article 2 (e).

d) The social object of the branch may not contain activities not permitted to the electronic money institution in its country of origin.

(e) The documentation accompanying the application shall contain the information necessary for the accuracy of the legal status of the requesting foreign electronic money institution, the supervision to which it is subject, as well as its financial situation and a specific description of the measures taken by the institution to safeguard the funds received in exchange for the electronic money issued. A description of the organisational structure of the entity and of the group in which it is eventually integrated shall also be included. It shall also be established that it is in possession of the authorisations required by its country of origin to open the branch.

The authorization may be denied, in addition to the causes mentioned in article 4.2 of Law 21/2011, of July 26, for the application of the principle of reciprocity.

2. The Banco de España shall notify the European Commission of all authorisations for branches of electronic money institutions having their registered office outside the European Union, once they have been registered in the Special Register of money institutions. Bank of Spain.

Article 5. Registration of High Charges of electronic money institutions.

1. The Bank of Spain is responsible for the creation and management of a High Charge Register of electronic money institutions, where administrators must be registered, as well as their directors general or assimilated.

For registration in the Register of High Charges, such persons shall expressly declare in the document that they are accredited to the office that they meet the requirements of good repute referred to in Article 2 (e), and that are not present in any of the limitations or incompatibilities that apply to them.

2. The persons responsible for the management of branches in Spain of foreign electronic money institutions or the control and management of networks in Spain of agents to provide payment services or services will also be registered in this Register. distributors of foreign electronic money institutions.

In addition, the agents through which foreign electronic money institutions carry out payment services shall be entered in this Register.

Article 6. Amendment of the Social Statutes.

1. The amendment of the social statutes of electronic money institutions shall be subject to the authorisation and registration procedure laid down in Article 1, but the application for authorisation shall be settled within two months. following their receipt at the General Secretariat of the Treasury and Financial Policy or at the time of completion of the required documentation, which may be deemed to be granted.

2. They shall not require prior authorization, even if they must be communicated to the Banco de España, within a period of not more than 15 working days following the adoption of the corresponding agreement, the amendments to the social statutes which they have for object:

a) Change of the registered office within the national territory.

b) Increase in social capital.

c) Textually incorporate mandatory or prohibitive legal or regulatory precepts, or comply with judicial or administrative decisions.

(d) Those other changes in respect of which the General Secretariat of the Treasury and Financial Policy, in response to prior consultation made by the electronic money institution concerned, has considered unnecessary, due to its limited relevance, the processing of the authorization.

3. If the communication is received, the amendments go beyond what is provided for in the previous paragraph, the Banco de España shall inform the parties concerned within 30 days, to review them or, where appropriate, to comply with the authorization procedure. of paragraph 1.

Article 7. Extending activities.

When an electronic money entity intends to extend the activities for which it is authorized, the same procedure as for the modification of the Statutes will be followed. The authorisation may be refused, in particular, if the institution does not meet the solvency requirements corresponding to it, or does not have an administrative and accounting organisation and internal control procedures appropriate to the new ones. activities.

Article 8. Merging of electronic money entities.

1. The entity resulting from the merger in which at least one of the merging entities is an electronic money institution may perform the activities for which the merged entities are authorised.

2. The merger must be authorized by the Minister of Economy and Competitiveness, in accordance with the procedure laid down in Article 6 of this royal decree, although the time limit for the resolution will be three months after its receipt at the Secretariat. General Treasury and Financial Policy or at the time the required documentation is completed, which may be deemed to be granted for authorization.

Article 9. Use of the reserved name, organizational and transparency measures.

1. The name of an electronic money institution, as well as its abbreviation, EDE, is reserved for these entities, which may include them in their social denomination.

2. Electronic money institutions shall include a reference to their legal nature as an electronic money institution in all documents that they subscribe to or issue in the exercise of their electronic money issuance activity and, in their the case, the provision of payment services, or having legal effects vis-à-vis third parties.

3. Where electronic money institutions develop the operational or ancillary services referred to in Article 8 of Law 21/2011 of 26 July, or where electronic money is issued in the same premises where other activities are issued, They must have the necessary organisational and transparency measures to protect their customers and in particular to ensure that they clearly identify the issuer of electronic money.

The Banco de España may require the adoption of the necessary transparency measures to comply with this paragraph.

CHAPTER II

Cross-border activity of electronic money institutions

Article 10. Opening of branches and freedom to provide services in a Member State of the European Union by Spanish electronic money institutions.

1. Spanish electronic money institutions intending to issue electronic money or to provide payment services not linked to such issuance in another Member State of the European Union, either by the establishment of a branch or by a government freedom to provide services, they must inform the Bank of Spain in advance, accompanying the information provided for in Article 11.1 of Law 21/2011 of 26 July.

2. Any modification of the information referred to in this Article shall be communicated by the electronic money institution to the Banco de España with a view to its occurrence.

3. Where an electronic money institution wishes to distribute electronic money in another Member State by hiring a natural or legal person, the provisions of Articles 14 and 15 of Royal Decree 712/2010 of 28 May 2010 shall apply to it. the legal status of payment services and payment institutions.

Article 11. Action in Spain of electronic money institutions authorised in another Member State of the European Union.

1. The opening in Spain of branches of electronic money institutions authorised in another Member State of the European Union shall be conditional upon the Banco de España receiving a communication from the supervisory authority of the money institution. electronic containing at least the following information:

a) The name and address of the electronic money entity.

(b) A programme of activities indicating, in particular, the operations it intends to carry out and the structure of the organisation of the branch.

(c) The name and address of the branch in Spain where all necessary information may be required from the branch.

d) The name and resume of the managers responsible for the branch.

2. Received the communication, the Banco de España will notify the electronic money institution and is, after having registered the branch in the Commercial Registry, will also proceed to its registration in the Special Register of Money Entities Electronic Bank of Spain, communicating to this date the effective start of its activities.

Elapsed one year after the electronic money institution has been notified of the receipt of the communication by its supervisory authority, without the institution having started its activities, it shall start again the processing provided for in paragraph 1.

3. If, after the opening of the branch, the electronic money institution authorised in another Member State of the European Union intends to amend the content of any of the information referred to in paragraph 1, it shall communicate at least one of the information referred to in paragraph 1. the month in advance of the Bank of Spain, without prejudice to the communication from its supervisory authority, before making the change. The Bank of Spain must also be notified of the closure of the branch, at least three months in advance of the planned date.

4. The procedure laid down in this Article shall also apply, as appropriate, to communications received from the supervisors of an electronic money institution authorised in another Member State of the European Union. intends to provide payment services in Spain on a permanent basis through the use of a network of Spanish-based agents.

Agents hired for the provision of payment services by electronic money institutions authorized in another Member State of the European Union, shall respect in the exercise of their activity in Spain the same rules which are required to be observed by the agents of Spanish electronic money institutions in accordance with the provisions of Article 14.

5. Where an electronic money institution authorised in another Member State of the European Union intends to distribute electronic money in Spain by means of a natural or legal person acting on its behalf, it shall follow the procedure laid down in this article.

6. Received the communication from the supervisor of an electronic money institution authorised in another Member State of the European Union of its intention to establish a branch in Spain, to provide payment services in Spain on a permanent basis by The Bank of Spain will transfer the communication to the Executive Service of the Commission on the Prevention of the Laundering Of Capital And Infractions in Spain or to distribute electronic money in Spain through an intermediary. Monetary.

The Banco de España, in addition to the reporting obligation to which it is bound by the Spanish criminal procedural law, after reporting the Executive Service, will inform the competent authorities of the Member State of origin of the the electronic money institution where it has reasonable grounds to suspect that money laundering or terrorist financing has been or has already been perpetrated or has been perpetrated or has already been carried out or that the recruitment of the agents, the establishment of the branch or the distribution of electronic money through intermediaries could increase the risk of money laundering or terrorist financing.

Article 12. Opening of branches and free provision of services in a non-EU Member State by Spanish electronic money institutions.

1. The opening of a branch, the provision of payment services through agents or under the freedom to provide services, and the distribution of electronic money by Spanish electronic money institutions in a non-member State The European Union shall be subject to prior authorisation by the Banco de España.

2. An application for the authorization referred to in the preceding paragraph must accompany, together with the information of the State in whose territory it intends to carry out its activity and the programme of activities it wishes to carry out, the address provided for the branch, its organisational structure and the name and curriculum of the managers proposed for the branch or the equivalent information of the person responsible for the network of agents or distributors, where appropriate.

3. The Bank of Spain shall, by means of a reasoned decision, decide within a maximum period of three months from the receipt of all information. Where the application is not settled within the time limit, it may be deemed to be dismissed.

4. The Bank of Spain shall refuse authorisation where, in the light of the authorisation and the additional information referred to in paragraph 2, the administrative structures or financial situation of the electronic money institution are not appropriate, or where in the programme of activities, the carrying out of activities not authorised to the institution is contemplated. It shall also be refused where it considers that the activity of the branch is not to be subject to effective control by the supervisory authority of the host country, or that there are legal or other obstacles preventing or hindering the activity of the branch. control and inspection of the branch by the Banco de España.

5. Any modification of the information referred to in this Article shall be communicated by the electronic money institution, at least one month before it is made, to the Banco de España. A relevant amendment may not be made to the branch's programme of activities if the Bank of Spain, within a period of one month, objects to it, by means of a reasoned decision which shall be notified to the institution. Such opposition shall be based on one of the causes cited in this Article.

Article 13. Creation or acquisition of holdings in electronic money institutions of a non-EU Member State.

1. The creation by a Spanish electronic money institution of an electronic money institution in a non-Member State of the European Union and the acquisition of a significant stake or the acquisition of a significant share of the euro shall be subject to prior authorisation by the Banco de España. control, either directly or through entities controlled by the electronic money institution concerned, in an existing electronic money institution, where the electronic money institution is to be constituted or is is domiciled in a non-Member State of the European Union.

2. In the case of the creation, directly or indirectly, of an electronic money institution in a non-Member State of the European Union, the Spanish electronic money institution intending to create it shall accompany the application for authorisation which is present at the Banco de España, at least the following information:

(a) Amount of the investment and percentage of the share in the capital and the voting rights of the entity to be created, as well as indication, where appropriate, of the entities through which make the investment.

(b) The provisions of paragraphs (a), (b), (i) and (j) of Article 3.1 of this royal decree.

(c) a complete description of the rules applicable to electronic money institutions in the State in which the new entity is to be established, as well as the rules in force in the field of taxation and the prevention of money laundering capital and financing of terrorism.

3. In the event that a participation is to be acquired, understanding for such a participation that it has a significant character as provided for in article 4.2 of Law 21/2011, of July 26, of electronic money, and in the present royal decree, or The information referred to in the previous paragraph must be submitted, but the information referred to in paragraph (b) may be limited to those data which have a public character. It shall also indicate the time limit for the implementation of the investment, the annual accounts of the last two financial years of the participating institution and, where appropriate, the rights of the institution in order to designate representatives in the administration and management of that.

4. In any event, it shall be appropriate for applicants to require the applicants for any data, reports or records to be deemed appropriate for the Bank of Spain to be able to give an appropriate opinion on the application for authorisation, and in particular those for the exercise of the right of access. consolidated group monitoring.

5. The Banco de España will decide on the authorization within three months from the receipt of all the required information. Where the authorisation is not granted within the time limit, it may be refused.

The Bank of Spain will deny the authorization request when:

a) By taking into account the financial situation of the electronic money institution or its management capacity, consider that the project may adversely affect you.

b) View project location and characteristics, cannot ensure effective monitoring of the group, on a consolidated basis.

(c) The activity of the dominated entity is not subject to effective control by a national supervisory authority.

CHAPTER III

Agents ' regime and delegation of operational functions

Article 14. Agents.

1. For Spanish electronic money institutions and branches in Spain of foreign electronic money institutions which have the purpose of providing payment services through an agent, the provisions of Articles 13 shall apply to them. 14 and 15 of Royal Decree 712/2010, of 28 May.

2. Electronic money institutions will not be able to issue electronic money through agents.

Article 15. Delegation of functions.

1. Where an electronic money institution intends to outsource operational functions related to the issuance of electronic money or the provision of payment services, it shall inform the Banco de España.

2. In particular, the delegation of essential operational functions should be carried out in such a way as not to affect the quality of the internal control of these functions by the electronic money institution, nor the capacity of the Banco de España to control that the electronic money institution complies with all the obligations laid down by the existing legislation.

For these purposes, an operational function will be considered to be essential if a failure or deficiency in its execution may well affect, in a considerable way, the ability of the electronic money institution to comply with the permanently the conditions and obligations arising from its authorisation and the regime established by Law 21/2011 of 26 July, and in this royal decree, either to affect the financial results, their solvency or the continuity of their activity.

3. Where an electronic money institution intends to delegate essential operational functions related to the issuance of electronic money or the provision of payment services, it shall inform the Bank of Spain at least one month of in advance, accompanying detailed information on the characteristics of the delegation and the identity of the undertaking to be delegated. Within that period, the Banco de España may, in a reasoned manner, oppose the delegation, when it appreciates that the provisions of this Article are not satisfied.

In other operational function delegations, it will be sufficient to inform the Bank of Spain within one month of the time the delegation is effective.

4. In any event, where an electronic money institution delegates essential operational functions, such delegation shall:

(a) In no case shall the transfer of responsibility by the senior management, without prejudice to the liability of the entity responsible and enforceable to the entity in which the duties have been delegated, be liable.

(b) It shall not alter the relationships and obligations of the electronic money institution in accordance with the laws in force with respect to its users or with respect to the Banco de España.

c) It shall not prejudice the conditions to be met by the electronic money institution to receive and retain the authorization in accordance with this royal decree.

(d) It shall not result in the deletion or modification of any of the other conditions to which the authorisation of the electronic money institution has been subject.

(e) The delegation agreement between the electronic money institution and the third party shall be documented in a written contract setting out the rights and obligations of the parties.

CHAPTER IV

Warranty requirements, own resource requirements

Article 16. Warranty requirements.

1. The electronic money institutions shall safeguard the funds received in exchange for the electronic money issued or for the provision of payment services not linked to that issue, subject to one of the two procedures laid down in the Article 9 of Law 21/2011 of 26 July 2011 on electronic money, which prescribes the need for a separate account deposit or investment in safe and low-risk assets or, alternatively, to establish insurance cover or comparable guarantee of credit institution or insurer. The procedure adopted by each electronic money institution must be included in the Special Register of electronic money institutions of the Banco de España, as well as in the contracts that the electronic money institutions subscribe to with the users. Where institutions adopt the procedure referred to in Article 10.1.b) of Law 16/2009 of 13 November, payment services shall also include the nature of the security and the entity that provides it.

The electronic money institution must make the chosen safeguard system public in clear and accessible terms on its website.

2. Where institutions opt for the procedure referred to in Article 10.1.a) of Law 16/2009 of 13 November, they shall be considered as safe, liquid and low-risk assets:

(a) Deposits in view of credit institutions subject to prudential supervision and domiciled in Member States of the European Union or the Organisation for Economic Cooperation and Development. The denomination of these deposits must make express mention of their status as "customer balances of electronic money institutions".

(b) Acquisitions of fixed income securities having a zero weighting for the purpose of credit risk, and fixed income securities with an external credit rating granted by a recognised ECAI equivalent, to the less, at a credit quality level of 3 or better and which would receive a weighting of less than or equal to 50% by credit risk, in accordance with the provisions of Chapter III of Royal Decree 216/2008 of 15 February 2008 on own resources financial institutions, and their implementing rules.

(c) Participations in a collective investment undertaking in transferable securities (UCITS) which invests only in the assets referred to in the preceding paragraph.

In exceptional and duly justified circumstances, the Banco de España may, on the basis of an assessment of the risk elements of the assets specified in the preceding points, determine which of them is not constitute safe and low-risk assets for the purposes of paragraph 1.

3. If institutions opt for the procedure referred to in Article 10.1.b) of Law 16/2009 of 13 November, the insurance or the comparable guarantee of an insurance undertaking or a credit institution shall comply with all the requirements of Article 10 (1) (b) of the Treaty. Case the following conditions:

(a) The guarantee shall be direct and first required.

b) The scope of the guarantee or insurance shall be clearly defined.

c) The guarantee will reach all funds received in exchange for the issuance of electronic money.

(d) Without prejudice to Articles 10, 12 and 15 of Law 50/1980 of 8 October of the Insurance Contract, the guarantee or insurance agreement shall not contain any clause whose compliance with the direct control of the electronic money entity and which allows the supplier of the guarantee or insurer to unilaterally cancel or reduce the maturity of such guarantee or insurance.

e) The warranty or insurance shall be made effective in the event that the electronic money institution's declaration of competition has been issued. Declared the contest, and unless otherwise disputed by the competition bodies, the payment services which have been requested from the payment institution shall be immediately executed. The remaining funds shall be paid directly to the accounts in the view associated with the payment accounts.

(f) The credit institution or insurer providing the security or insurance referred to in this paragraph may not belong to the same group, in accordance with Article 42 of the Trade Code, which the money institution guaranteed or secured electronic.

g) The credit institution providing the guarantee shall, at the time of providing the guarantee, have a minimum credit rating for long-term exposures of A1, A + or assimilated to a credit rating agency risks, granted by a credit rating agency which would have been registered in accordance with the provisions of Regulation (EC) No 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit rating agencies credit rating. In the case of insurance, the insurance undertaking must have the corresponding administrative authorisation to operate in the insurance and insurance business and the insurance must be provided for an amount equivalent to that which would have been the insurance policy or other comparable guarantee does not exist.

Article 17. Own resources.

1. The own resources of the electronic money institution may not be less than the greater than the amount referred to in Articles 2 (c) and 18.

2. The Bank of Spain is authorised to take the necessary measures to prevent the multiple use of items which may be considered as own resources when the electronic money institution belongs to the same group of another money institution. electronic, credit institution, payment institution, investment firm, asset management company or insurance undertaking. This paragraph shall also apply where an electronic money institution develops other activities other than the issuance of electronic money and those activities directly related to the issuance of electronic money.

Article 18. Calculation of the own resources requirements.

1. Without prejudice to the capital requirements laid down in Article 2 (c) of this royal decree and the powers provided for in Articles 7.2 and 8.1.b.4. of Law 21/2011 of 26 July 2011, the Bank of Spain, the own resources of the institutions of the electronic money shall be at least equal to the sum of the amounts resulting from the following paragraphs:

(a) In respect of the activities referred to in Article 8.1.a) of Law 21/2011 of 26 July, which are not linked to the issuance of electronic money, the own resources requirements shall be calculated in accordance with the established in Article 19 of Royal Decree 712/2010 of 28 May.

(b) In respect of the activity of issuing electronic money, the requirements of own resources of electronic money institutions shall, at least, account for 2% of the average electronic money in circulation.

For the purposes of applying this royal decree, the average of the electronic money in circulation shall mean the average total amount of the related financial liability to the electronic money issued at the end of each calendar day during the preceding six months, calculated on the first calendar day of each month and applied to the month in question.

2. Where electronic money institutions carry out any of the activities set out in Article 8.1.a) of Law 21/2011 of 26 July 2011, which are not linked to the issuance of electronic money, or any of the activities set out in the Article 8.1 (b) to (e), and the volume of electronic money in circulation is not known in advance, electronic money institutions may calculate the own resources required on the basis of a representative percentage which is presumed to be shall be used for the issuance of electronic money, provided that such representative percentage can be reasonably calculated on the basis of historical data and to the satisfaction of the Banco de España. Where an electronic money institution has not completed a period of sufficient activity, the required own resources shall be calculated on the basis of the electronic money in circulation provided for in its business plan, unless the Bank of Spain requires any adaptation of such plan.

Article 19. Adoption of measures to return to compliance with the rules on own resources.

1. Where an electronic money institution presents a deficit of own resources in respect of those required under this royal decree, the institution shall inform the Bank of Spain immediately and shall submit within one month a the programme in which plans are put in place to return to compliance, unless the situation has been corrected in that period. The programme shall contain at least the aspects relating to the identification of the determining causes of the non-compliance, the plan to return to compliance which may include limitation to the development of activities involving risks high, divestiture in particular assets, or measures for raising the level of own resources and foreseeable deadlines for returning to compliance.

This program must be approved by the Banco de España, which may include any modifications or additional measures it deems necessary to ensure the return to the minimum levels of own resources required. The programme presented shall be deemed to have been approved if no express resolution has been produced within three months of its submission to the Bank of Spain.

2. When the Banco de España, in accordance with the provisions of Article 7.2.b) of Law 21/2011 of 26 July 2011, requires an electronic money institution to maintain its own resources in addition to those required under Article 17 of the Royal Decree of 26 July 2011, decree, and as a consequence of this additional obligation, the entity's own resources are insufficient, the entity will present within one month a program in which the plans to comply with the requirement are specified. additional, unless the situation has been corrected in that period. This programme must be approved by the Bank of Spain, which may include any amendments or additional measures it deems necessary. The programme presented shall be deemed to have been approved if no express resolution has been produced within three months of its submission to the Bank of Spain.

Article 20. Implementation of results in the event of non-compliance with own resources rules.

1. Where an electronic money institution presents a deficit of own resources exceeding 20% of those required under the provisions of this royal decree, the institution shall allocate to reserves all the profits or net surplus, unless otherwise authorised by the Bank of Spain, by approving the return programme to the fulfilment referred to in the previous Article.

2. Where the own resources deficit is equal to or less than 20%, the institution shall submit its distribution of results to the prior authorisation of the Banco de España, which shall establish the minimum percentage to be allocated to reserves on the basis of the programme submitted to return to compliance with Article 19.

The authorization of the Banco de España shall be deemed to have been granted if one month after the request has not been expressed by express resolution.

3. The Bank of Spain may establish the terms in which, where appropriate, the limits to the distribution of dividends referred to in paragraphs 1 and 2 of this Article may be applied to the financial or financial subsidiaries of an institution of electronic money.

4. The provisions of this Article and the foregoing shall be without prejudice to the application, where appropriate, of the penalties provided for in Law 26/1988 of 29 July on Discipline and Intervention of Credit Entities in accordance with the Article 20 of Law 21/2011 of 26 July 2011.

CHAPTER V

Hybrid electronic money entities and the duty to set up a separate electronic money entity

Article 21. Hybrid electronic money entities.

1. For the purposes of this Article, hybrid electronic money institutions shall be defined as those performing any other economic activity, in addition to the issuance of electronic money and those activities set out in Article 8.1.a. Law 21/2011 of July 26, which are not linked to the issuance of electronic money.

2. The following specific forecasts apply to hybrid electronic money institutions.

(a) In relation to the requirements for carrying out the activity, hybrid electronic money institutions shall have at least one senior manager with a category of director-general or equivalent, responsible for the issuance of electronic money and the payment services to which it is authorised.

This manager shall be in possession of the necessary knowledge referred to in Article 2.e) for the issuance of electronic money and for the provision of payment services. Where the institution has a collegiate body of administration, such knowledge shall also be required at least one of its members.

b) Regarding the requirements of the request:

i. The information on the Directors-General and assimilated persons referred to in Article 3.1.j. shall be presented by distinguishing between those who are to have direct responsibility for the issuance of electronic money and the provision of payment services. one side, and the others on the other.

ii. The information referred to in points (f), (g) and (h) of Article 3.1 shall specify the procedures and organisational structures intended to prevent the risks of the applicant's economic activities from affecting the interests of the applicant. electronic money holders or users of payment services or compliance with the applicable sectoral and prevention of money laundering and terrorist financing rules.

iii. The electronic money institution shall provide sufficient information on the economic activities that it is carrying out or intends to carry out and which determine its rating as a hybrid electronic money institution, as well as a forecast of its developments in the medium term.

The electronic money institution must also accompany information on the possible linkage or synergy, commercial, operational, or any other nature, between those activities and those of electronic money issuance. and payment services for which authorisation is sought, as well as the mechanisms to ensure the separation of the responsibilities acquired in the issuance of electronic money and the provision of payment services.

c) As far as the High Charge Register is concerned, it will only be necessary to register the administrators and senior managers who will have direct responsibility for the issuance of electronic money and the provision of payment services.

(d) As regards the amendment of the Social Statutes, only prior authorisation shall be required in accordance with Article 6, any changes affecting or likely to affect the activity of issuing money. electronic and payment service delivery.

e) Regarding monitoring:

i. In the exercise of the powers of control and inspection of the electronic money institutions that Article 20 of Law 21/2011, of July 26, attributes to you, the Banco de España will be able to request from the electronic money institutions hybrid information on the economic activities that it is carrying out or intends to carry out, which determine their qualification as such and which are relevant to the exercise of their supervisory function.

ii. The obligations of professional secrecy laid down in Article 22 of Law 21/2011 of 26 July 2011 shall also be observed in relation to the information referred to in the preceding point.

(f) As regards accounting, the separate information referred to in Article 10 of Law 21/2011 of 26 July 2011 must have sufficient detail, in the terms established by the Bank of Spain, to ensure its easy reconciliation with reserved states to be determined by the Bank, and allow an appropriate comparison with the public information provided by the other electronic money institutions.

Article 22. The obligation to set up a separate electronic money institution.

1. As provided for in Article 8.1 of Law 21/2011 of 26 July 2011, a hybrid electronic money institution shall constitute a separate entity for the issuance of electronic money and the provision of payment services, where the Bank of Spain thus requires it to assess that the other activities which the electronic money institution develops are detrimental or likely to impair the financial soundness of the electronic money institution or the capacity of the competent authorities. to monitor the completion of the obligations established for the money institution electronic.

2. The Banco de España will decide on the duty to constitute a separate electronic money institution after hearing the entity concerned. The resolution shall state the conditions for the establishment of the separate electronic money institution, determining which activities, other than the issuing of electronic money and the provision of payment services, are harmful or liable to prejudice the financial soundness of the electronic money institution or the ability of the Bank of Spain to monitor compliance with the obligations laid down in the applicable legislation, or any other end whose reform is considered necessary to ensure compliance with these obligations.

3. The constitution of the separate entity referred to in the preceding paragraphs shall be dealt with in accordance with Article 1, with the corresponding application to the General Secretariat of the Treasury and Financial Policy in the three months from the date of notification of such a requirement by the Banco de España. After that period without the application for a previous authorisation being submitted, or refused, and in the event that the hybrid electronic money institution does not cease its activities within three months, the authorisation granted to it shall be granted to the may be revoked pursuant to Article 5.3.e) of Law 21/2011 of 26 July.

Once the separate entity is established, the transfer of activities must be carried out within the maximum period of three months from the authorisation.

CHAPTER VI

Other provisions relating to the legal regime for the issuance of electronic money and the provision of payment services provided by electronic money institutions

Article 23. Limited networks.

By virtue of Article 1.3.a) of Law 21/2011 of 26 July 2011, the monetary value stored in instruments whose use is limited to:

shall not be subject to the electronic money rules.

a) To the institutions of the issuer, or;

(b) within a limited network of suppliers having concluded a direct trade agreement with the issuer of the instrument.

The use of an instrument shall be deemed to be limited to a limited network if it can only be used for the acquisition of goods and services in a particular chain of suppliers of goods or services, or for a series limited goods and services, whatever the location of the point of sale.

The suppliers of goods and services incorporated into one of these limited networks must have signed a contract under which the obligations common to all of them are recognised for the acceptance of the instrument and the rights of users of the same who, in any case, must be identical regardless of the supplier of the good or service.

However, if an instrument for specific purposes becomes an instrument for more general purposes, it will be understood within the scope of this royal decree. In addition, the instruments that can be used to purchase in affiliated merchant establishments are not excluded from the scope of this royal decree since they are usually intended for a network of suppliers of constantly growing services.

Article 24. Payment accounts.

When an electronic money entity maintains a payment account in the terms permitted by law, it must respect the following limitations:

(a) The opening of a payment account must necessarily be linked to the prior existence or simultaneous processing of a payment order whose payer or payee must be a third party other than the holder of the payment account. account.

(b) Any payment account shall, from its opening and at all times, be associated with an cash deposit account opened by one of its holders in a credit institution authorised in the European Union, to which the payment account shall be transferred. balance of the payment account when the payment account does not present any transactions in the last year. The entries and exits made by the account holder itself shall not be computed as an operation for these purposes.

When for some reason the associated account does not exist, the electronic money institution shall make available to the payment account holder the balance of the account, either in its own headquarters, or by depositing it in its name. in an account at the hearing of a credit institution authorised to raise repayable funds from the public subject to prudential supervision and domiciled in a Member State of the European Union or the Organisation for Economic Cooperation and Development.

All the payment account holders will be informed in a timely manner.

(c) The payment accounts of these entities may only present a debtor balance as a result of the provision of payment services initiated by the beneficiary of the payment services, but never for payment transactions initiated directly by the payer holder of the payment account.

The debtor balances of the payment accounts shall be returned within the maximum period of one month and their amount may not exceed, at any time, the amount of EUR 600.

d) The other limitations established by Royal Decree 712/2010 of 28 May.

CHAPTER VII

Electronic Money Entities Monitoring and Sanctioning Regime

Article 25. Information on the capital structure of electronic money institutions.

1. Without prejudice to Article 21 of Law 21/2011 of 26 July, electronic money institutions shall report to the Bank of Spain as soon as they are aware of any acquisition, increase or reduction of participation. significant, indicating, where appropriate, the identity of its new holder, in order to enable the Banco de España to assess the validity of the requirements required to preserve the authorisation.

2. The Bank of Spain may ask for the obligation to carry out the communication referred to in Article 21 of Law 21/2011 of 26 July, and of the electronic money institution itself, the referral of any information that may be appropriate to the Bank of Spain. assess the suitability of those as holders of significant participation in the electronic money institution.

3. Irrespective of the provisions of paragraph 1, electronic money institutions shall send to the Banco de España semestrally, in the form and conditions determined by it, information on the financial institutions which they hold, either directly or indirectly. indirectly, shares in its capital, as well as any person holding at least 2.5 percent of its capital.

Article 26. Professional secrecy.

All persons who perform an activity for the Banco de España and have had knowledge of data of a reserved nature are obliged to keep secret without prejudice to the obligations imposed by the procedural law Spanish penal, as provided for by the last paragraph of article 11 of this royal decree. Failure to comply with this obligation shall determine the criminal and other responsibilities provided for by the laws. Such persons shall not be able to provide a statement or testimony or to publish, communicate or display data or documents reserved, even after they have ceased their service, except for express permission granted by the competent authority of the Banco de España. If such permission is not granted, the person concerned shall keep the secret and shall be exempt from the responsibility of that person.

Article 27. Sanctioning regime.

1. To electronic money institutions, as well as to those who have administrative or management positions in them, the sanctioning regime laid down in Title I of Law 26/1988 of 29 July on discipline and intervention by the Credit Entities.

Such a scheme will also reach the natural or legal persons who hold a significant stake in the electronic money institution, as provided for in Article 4.2 of Law 21/2011 of 26 July 2011, and those of who have Spanish nationality, control an electronic money institution of another Member State of the European Union. The responsibility will also be met by those who have management or management positions in the responsible entities.

2. In accordance with the provisions of Article 4 (m) of Law 26/1988 of 29 July, the reiteration of the serious infringement by the electronic money institution shall be deemed to be a very serious infringement when during the five years preceding its the commission would have been imposed on the entity for the same type of infringement.

3. The non-performance of the rules of discipline referred to in Article 23.2 of Law 21/2011 of 26 July 2011, where this does not put the electronic money institution at serious risk, nor does it affect the users of its services or the payment system as a whole, will be sanctioned as a minor infringement.

4. The electronic money institutions, as well as those who have administrative or management positions in them, who violate the rules of ordination and discipline set out in Article 23.2 of Law 21/2011 of July 26, will commit an infringement. a serious penalty in accordance with Title I of Law 26/1988 of 29 July.

This liability shall also be met by natural or legal persons who hold a significant share in the electronic money institution, as provided for in Article 4.2 of Law 21/2011 of 26 July 2011, and those who have Spanish nationality, control an electronic money institution of another Member State of the European Union. The responsibility will also be met by those who have management or management positions in the responsible entities.

Single transient arrangement. Transitional arrangements for electronic money institutions authorised in accordance with Article 21 of Law 44/2002 of 22 November 2002 on measures to reform the financial system.

1. The electronic money institutions that would have been authorised for the issuance of electronic money by 30 April 2011, as set out in Article 21 of Law 44/2002 of 22 November 2011, of measures to reform the system They shall be obliged, in order to retain such authorisation, to comply with all the requirements laid down in Law 21/2011 of 26 July, and in this royal decree, except as provided for in the following paragraph.

2. For the sole purposes of the accreditation provided for in paragraph 2 of the transitional provision of Law 21/2011 of 26 July, the aforementioned electronic money institutions will not need to provide, except for the express requirement of the General Secretariat of the Treasury and Financial Policy, the documentation referred to in points (a), (c), (d), (f), (g), (h), (i), (j), (l) and (m) of Article 3.1 of this royal decree.

Single repeal provision. Regulatory repeal.

As many rules of equal or lower rank are repealed, the provisions of this royal decree and, in particular, Royal Decree 322/2008 of 29 February on the legal status of money institutions are repealed. electronic.

Final disposition first. Competence title.

This royal decree is dictated by the provisions of Article 149.1.6., 11. and 13. of the Constitution.

Final disposition second. Incorporation of European Union law.

By this royal decree, the incorporation into Spanish law of Directive 2009 /110/EC of the European Parliament and of the Council of 16 September 2009 on the access to the activity of money institutions is completed. electronic and its financial year, as well as on the prudential supervision of those entities, amending Directives 2005 /60/EC and 2006 /48/EC and repealing Directive 2000 /46/EC.

Final disposition third. Enable the Banco de España.

The Bank of Spain is enabled for:

a) The creation and management of the Registry of High Charges referred to in Article 5.1 of this royal decree.

b) To establish and develop the system of transparency, information and own resources, in accordance with Articles 9.3, 17.2, 19.2, 20 and 25 of this royal decree, and to exercise the powers provided for in those provisions.

(c) Authorising the opening of branches and the free provision of services by Spanish electronic money institutions in a non-EU Member State, and the creation or acquisition of holdings in institutions of electronic money of a non-EU Member State, in accordance with the provisions of Articles 12 and 13 of this royal decree.

d) Determine which items will be considered safe and low-risk assets, in accordance with the provisions of Article 16.2, last paragraph, of this royal decree.

e) Require the constitution of a separate entity for the issuance of electronic money and the provision of payment services, in accordance with the provisions of Article 22 of this royal decree.

Final disposition fourth. Entry into force.

This royal decree will enter into force on the day following its publication in the "Official State Gazette".

Given in Madrid, May 4, 2012.

JOHN CARLOS R.

The Minister of Economy and Competitiveness,

LUIS DE GUINDOS JURADO