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[7&5]

Why is the Electronic = Money-Directive=20 Significant?

Simon Lelieveldt = (simonl@wxs.nl),=20 Amsterdam, the Netherlands

/EMI Directive/electronic = money/electronic=20 vouchers/regulation/competition/

The development of the = Directive on=20 electronic money institutions is discussed with a view to = understanding=20 some of its ambiguities and its significance for the market. It is = argued=20 that the Directive is most important as a signal to both current = players=20 and new entrants in the banking market. Given this signalling = function,=20 its practical relevance and application will most probably remain = limited=20 to the smaller niche players only.

In the early 1990s a number of = pre-paid=20 electronic payment products were developed. Products such as = Danm=C3=B8nt,=20 Mondex, Proton and E-cash received considerable attention, not = only=20 because of their technical design, but also as a result of the = fact that=20 some of those products were developed by non-bank organisations. = Both=20 existing market players (banks) and regulators (central banks, = ministries=20 of finance) reacted. Depending on the actual market threat banks = or groups=20 of banks decided to either buy a license for those products and = bring a=20 local version on the market or to build similar concepts on their = own.=20 This resulted in the introduction of a multitude of local = electronic money=20 schemes in Europe. European central banks, the institutions that = faced=20 direct competition between their bank notes and the electronic = purses,=20 reacted in 1994 by publishing the policy position that = organisations that=20 issued e-money could be considered to take deposits, which meant = that=20 those organisations would require supervision under banking = supervision=20 law.

Since then a string of research = and policy=20 reports has been produced in the course of a complex discussion = between=20 banks, central banks, the European Commission and non-bank = issuers. In=20 this discussion, it became clear (for example in a speech by a=20 representative of The European Financial Services Directorate at = an=20 IPTS-workshop in Amsterdam) that the European Commission felt that = limiting the issuance of e-money to banks only, would be too = narrow and=20 too restrictive for competition. It also became clear, through=20 publications in the Financial Times, that the European Central = Bank, while=20 formally only an observer to the legislatory process, was very = keen on=20 modifying important elements of the Directive. These = interventions,=20 especially with respect to the need for redeemability of e-money, = may have=20 been the reason for what could be called ?design ambiguities? with = respect=20 to the definition of e-money and the applicability of = redeemability in the=20 EMI-Directive.

The ECB Opinion on electronic = money stated=20 that the meaning of electronic money must be clearly defined. = Currently,=20 two definitions are available. One definition can be found in the = Council=20 Regulation concerning the collection of statistical information by = the=20 European Central Bank. E-money is defined as: "an electronic store = of=20 monetary value on a technical device, including prepaid cards, = that may be=20 widely used for making payments to entities other than the issuer = without=20 necessarily involving bank accounts in the transaction, but acting = as a=20 prepaid bearer instrument." The second definition is found in the=20 EMI-Directive and is essentially the same but it adds the = condition that=20 e-money should be issued on receipt of funds of an amount not less = in=20 value than the monetary value issued: "electronic money" shall = mean=20 monetary value as represented by a claim on the issuer which is: = (i)=20 stored on an electronic device; (ii) issued on receipt of funds of = an=20 amount not less in value than the monetary value issued; (iii) = accepted as=20 means of payment by undertakings other than the = issuer."

The consequence of the definition = in the=20 EMI-Directive is that if an organisation would issue 100 Euro of=20 electronic pre-paid value against a payment (or a load) of 99,9999 = Euro,=20 this would in a literal sense not fall under the definition of = e-money.=20 Although the reasoning would be that it would economically not = viable to=20 operate such an inflated e-money scheme given a redeemability = requirement,=20 it should be noted that the redeemability requirement as specified = in the=20 Directive is not applicable, as it uses the same definition of = e-money. As=20 a result e-money schemes in which the value loaded is higher than = the=20 value paid for (schemes in which the digital Euro is cheaper than = the=20 physical Euro) do not fall under the Directive. This consequence = is quite=20 interesting as it appeared that the ECB-interventions were mostly = driven=20 by the fear for the introduction of inflated digital Euros. =

The significance of the above = error in the=20 construction of the Directive is that apparently the regulators = involved=20 felt it wiser to stop discussing the issue in order to finish the=20 cumbersome political discussion and avoid the risk of disagreement = and=20 further delay. Yet, this implies that the national regulators, as = a part=20 of their implementation process, will have to decide on the best = way to=20 overcome the mentioned ambiguities of the Directive. The result = may be=20 that the definitions of e-money in the different national laws are = not all=20 the same and perhaps broader than the definition in the Directive. = Still,=20 the theoretic possibility remains that local regulators stick to = the=20 literal text and thus exempt all inflationary e-money schemes. = Whether or=20 not this Directive actually achieves minimum harmonisation is = therefore=20 determined by the quality of additional co-ordination between = local=20 implementers of the Directive.

Interestingly enough, the = EMI-Directive will=20 serve its function regardless of the definitions applied. Its main = significance is that it ends a long debate on the question of = supervision=20 of e-money. The Directive sends out the clear message that every = issuer of=20 electronic money will for prudential reasons be supervised (either = as a=20 credit institution or as an electronic money institution). So any=20 organisation that wants to enter the business somehow has to do = its=20 prudential homework. Meanwhile the Directive also sends out the = signal=20 that an organisation does not have to be a fully fledged credit=20 institution to be active in this market. Credit institutions may = take this=20 as a warning and may assume similar regulatory approaches in the = future.=20 They can no longer assume that the supervisory entry barrier will = remain=20 as high as it has been in the past.

Given the Directive, non-bank = issuers will=20 hardly be able to escape a supervisory regime in Europe and turn = to=20 establishing the most rational way to comply with regulation.=20 Investigating the options, non-bank market parties who want to = issue=20 electronic money on a global scale might choose to co-operate with = a=20 global bank or with a European bank if they intend to operate on a = European scale. By doing so, they outsource the regulatory = compliance=20 issues. Non-bank operators might also choose between becoming a = credit=20 institution, an electronic money institution or acting as an = intermediary=20 for credit institutions (resulting in a very mild supervision = regime). My=20 guess would be that of these options, the supervisory regime = originating=20 from the e-money Directive is the least attractive due to the = limitations=20 it imposes on the supervised organisation. I therefore expect = larger=20 organisations to choose for different regimes, and that, if any, = only some=20 smaller and local schemes will fall under the (waivers of the) = EMI-regime.=20

   

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To start discussion on this = article in the=20 ePSO-Forum just click the reply-button.

[info]

=C2=B7 Report = to the Council=20 of The European Monetary Institute on prepaid cards by the Working = Group=20 on EU Payment Systems. May 1994. http://www.iang.org/money/EU_prepaid_cards.html

=C2=B7Extract of Chapter III.2 (Opinion on = electronic money)=20 from 1997 Annual Report of the EMI. http= ://www.systemics.com/docs/papers//EMI_1998_opinion.html

=C2=B7Council Regulation (EC) No 2533/98 of 23 = November 1998=20 concerning the collection of statistical information by the = European=20 Central Bank http://europa.eu.int/eur-lex/en/lif/dat/1998/en_398R2533.html

=C2=B7 Informal notes of the IPTS-Round Table = Workshop on=20 e-money (31st March, 1999) in Amsterdam with explanation of = position of=20 European Commission http://www.iang.org/money/EQ_roundtable.html

=C2=B7 Commission proposal for European Parliament = and Council=20 Directives on the taking up, the pursuit and the prudential = supervision of=20 the business of electronic money institutions http://www.iang.org/money/1085en.html

=C2=B7 Financial Times reports of postponed = decision making on=20 the EMI-Directive (November 1999) http://globalarchive.ft.com/globalarchive/arti= cles.html?print=3Dtrue&id=3D991108015374=20 http://globalarchive.ft.com/globalarchive/arti= cles.html?print=3Dtrue&id=3D991109015358=20

=C2=B7 Financial Times comment on the = ECB-position
http://globalarchive.ft.com/globalarchive/arti= cles.html?print=3Dtrue&id=3D991110015458=20

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