Directive 2007/64/EC of the European Parliament and of the Council of 13 November 2007


This law sets out to define electronic money institutions (including credit and payment.) Along with definitions, scope, and negative scope, this law defines:

– Applications for, granting of, and withdrawal of authorization
– Minimum amounts of initial capital based on the payment services provided
– Minimum amount of the payment institutions own funds to be held and guidelines/calculations for determining this amount
– Safeguarding requirements for funds received from payment service users
– Regulations involving agents, branches or entities to which activities are outsourced
– Designation of competent authorities and supervision
– General rules applying to single payment transactions, framework contracts and payment transactions
– Rights and obligations of the use of payment services
– Allowance of the processing of personal data when this is deemed necessary when this is necessary to safeguard the prevention, investigation and detection of payment fraud
– Implementation of Measures and Payments Committee
– Amends to directives 97/7/EC, 2002/65/EC, 2005/60/EC, 2006/48/EC
– Repeal of Directive 97/5/EC