direct ec european parliament council septemb take pursuit prudenti supervis busi electron monei institut european parliament council european union regard treati establish european commun sentenc articl thereof regard propos commiss regard opinion econom social committe regard opinion european central bank act accord procedur laid articl treati credit institut mean articl point subparagraph direct ec limit scope activ account specif characterist institut provid measur coordin harmonis member state law regul administr provis relat take pursuit prudenti supervis busi electron monei institut purpos direct electron monei consid electron surrog coin banknot store electron devic chip card comput memori gener intend purpos effect electron payment limit amount approach adopt achiev essenti harmonis suffici secur mutual recognit authoris prudenti supervis electron monei institut make grant singl licenc recognis commun design ensur bearer confid applic principl home member state prudenti supervis wider context rapidli evolv electron commerc desir provid regulatori framework assist electron monei deliv full potenti benefit avoid hamper technolog innov direct introduc technolog neutral legal framework harmonis prudenti supervis electron monei institut extent ensur sound prudent oper financi integr credit institut virtu point annex direct ec allow issu administ mean payment includ electron monei carri activ commun wide subject mutual recognit comprehens prudenti supervisori system appli accord european bank direct introduct separ prudenti supervisori regim electron monei institut calibr prudenti supervisori regim appli credit institut direct ec titl chapter thereof differ regim justifi desir issuanc electron monei constitut view specif charact electron surrog coin banknot deposit take activ pursuant articl direct ec receiv fund immedi exchang electron monei receipt fund public exchang electron monei result credit balanc left account issu institut constitut receipt deposit repay fund purpos direct ec electron monei redeem ensur bearer confid redeem impli fund receiv exchang electron monei regard deposit repay fund purpos direct ec redeem understood par order respond specif risk issuanc electron monei prudenti supervisori regim target cumbersom prudenti supervisori regim appli credit institut notabl reduc initi capit requir applic direct eec titl chapter section ii iii direct ec preserv level plai field electron monei institut credit institut issu electron monei ensur fair competit wider rang institut benefit bearer achiev abovement cumbersom featur prudenti supervisori regim appli electron monei institut balanc provis stringent appli credit institut notabl restrict busi activ electron monei institut carri prudent limit invest aim ensur financi liabil relat outstand electron monei back time suffici liquid low risk asset pend harmonis prudenti supervis outsourc activ credit institut electron monei institut sound prudent manag control procedur view possibl oper ancilliari function relat issuanc electron monei perform undertak subject prudenti supervis essenti electron monei institut place intern structur respond financi financi risk expos issuanc electron monei affect stabil financi system smooth oper payment system close cooper assess integr electron monei scheme call afford compet author possibl waiv requir impos direct electron monei institut oper territori respect member state adopt direct constitut mean achiev desir object direct limit minimum achiev object purpos provis made review direct light experi develop market protect bearer electron monei bank advisori committe consult adopt direct adopt direct articl scope definit restrict activ direct appli electron monei institut appli institut refer articl direct ec purpos direct quot electron monei institut quot undertak legal person credit institut defin articl point subparagraph direct ec issu mean payment form electron monei quot electron monei quot monetari repres claim issuer store electron devic ii issu receipt fund amount monetari issu iii accept mean payment undertak issuer member state prohibit person undertak credit institut defin articl point subparagraph direct ec carri busi issu electron monei busi activ electron monei institut issu electron monei restrict provis close relat financi financi servic administ electron monei perform oper ancillari function relat issuanc issu administ mean payment exclud grant form credit store data electron devic behalf undertak public institut electron monei institut hold undertak undertak perform oper ancillari function relat electron monei issu distribut institut concern articl applic bank direct save expressli provid refer credit institut direct eec direct ec titl chapter thereof appli electron monei institut articl direct ec appli mutual recognit arrang provid direct ec appli electron monei institut busi activ issuanc electron monei receipt fund mean articl ii constitut deposit repay fund articl direct ec fund receiv immedi exchang electron monei articl redeem bearer electron monei period valid issuer redeem par coin bank note transfer account free charg strictli carri oper contract issuer bearer state condit redempt contract stipul minimum threshold redempt threshold exce eur articl initi capit ongo fund requir electron monei institut initi capit defin articl subparagraph direct ec eur million notwithstand paragraph fund defin direct ec fall amount electron monei institut time fund equal higher current amount averag preced month total amount financi liabil relat outstand electron monei electron monei institut complet month period busi includ dai start fund equal higher current amount month target total amount financi liabil relat outstand electron monei month target total amount institut financi liabil relat outstand electron monei evidenc busi plan subject adjust plan requir compet author articl limit invest electron monei institut invest amount financi liabil relat outstand electron monei asset asset item articl articl direct ec attract credit risk weight suffici liquid sight deposit held zone credit institut defin direct ec debt instrument suffici liquid ii cover paragraph iii recognis compet author qualifi item mean articl direct eec iv issu undertak undertak qualifi hold defin articl direct ec electron monei institut concern includ undertak consolid account invest refer paragraph exce time fund electron monei institut concern subject limit stringent appli credit institut accord titl chapter section iii direct ec purpos hedg market risk aris issuanc electron monei invest refer paragraph electron monei institut suffici liquid interest rate foreign exchang relat balanc sheet item form exchang trade otc deriv instrument subject daili margin requir foreign exchang contract origin matur calendar dai deriv instrument sentenc permiss full elimin market risk intend extent achiev member state impos limit market risk electron monei institut incur invest refer paragraph purpos appli paragraph asset valu lower cost market asset refer paragraph fall amount financi liabil relat outstand electron monei compet author ensur electron monei institut question take measur remedi situat promptli end temporari period compet author institut financi liabil relat outstand electron monei back asset refer paragraph amount exceed lower liabil institut total amount fund articl verif specif requir compet author compet author ensur calcul justifi complianc articl made year electron monei institut commun compon data requir compet author compet author data suppli electron monei institut articl sound prudent oper electron monei institut sound prudent manag administr account procedur adequ intern control mechan respond financi financi risk institut expos includ technic procedur risk risk connect cooper undertak perform oper ancillari function relat busi activ articl waiver member state compet author waiv applic provis direct applic direct ec electron monei institut case total busi activ type refer articl direct institut gener total amount financi liabil relat outstand electron monei exce eur million exce eur million electron monei issu institut accept mean payment subsidiari institut perform oper ancillari function relat electron monei issu distribut institut parent undertak institut subsidiari parent undertak electron monei issu institut accept payment limit number undertak distinguish locat premis limit local area ii close financi busi relationship issu institut common market distribut scheme underli contractu arrang provid electron storag devic dispos bearer purpos make payment subject maximum storag amount eur electron monei institut waiver grant paragraph benefit mutual recognit arrang provid direct ec member state requir electron monei institut applic direct direct ec waiv report period activ includ total amount financi liabil relat electron monei articl grandfath electron monei institut subject direct commenc activ accord provis forc member state head offic date entri forc provis adopt implement direct date refer articl whichev date earlier presum authoris member state oblig electron monei institut submit relev inform compet author order assess month date entri forc provis adopt implement direct institut compli requir pursuant direct measur order ensur complianc withdraw authoris complianc ensur month date refer articl electron monei institut benefit mutual recognit time articl implement member state bring forc law regul administr provis compli direct april immedi inform commiss thereof member state adopt measur refer direct accompani refer occas offici public method make refer laid member state member state commun commiss text main provis nation law adopt field cover direct articl review april commiss present report european parliament council applic direct measur protect bearer electron monei includ introduc guarante scheme capit requir waiver prohibit interest paid fund receiv exchang electron monei accompani propos revis articl entri forc direct enter forc dai public offici journal european commun articl direct address member state brussel septemb european parliament presid fontain council presid védrine oj oj oj opinion european parliament april oj confirm octob council common posit novemb oj decis european parliament april publish offici journal decis council june direct ec european parliament council march relat take pursuit busi credit institut oj direct amend direct ec page offici journal council direct eec march capit adequaci invest firm credit institut oj direct amend direct ec oj council direct eec june prevent financi system purpos monei launder oj