On 23 June 2009, HM Treasury published a summary of the responses to its consultation on the European Commission’s proposals to amend the Electronic Money Directive and implement a revised Regulation on cross border payments in Euro.
HM Treasury reported that it received 12 responses to its consultation from a wide range of interested parties. Broadly respondents supported the approaches set out by the Government in its consultation. Respondents considered:
- The proposal to align the prudential regime for e-money issuers with the specific risks involved to be sensible.
- The Commission’s proposal should be refined by basing the definition of ‘outstanding e-money’ on float instead of payment volume and ensuring that a balance is achieved between user’s rights to redeem outstanding e-money balances and the costs associated with processing that right.
The document HM Treasury has produced sets out:
- An analysis of the responses received.
- A summary of the approach the Government has taken during negotiations or intends to take in implementing aspects of the new Regulation.
- An overview of certain key provisions in the agreed texts of the new Directive and new Regulation.
- A revised impact assessment based on the responses received.