Proposal for a European Parliament and Council Directive amending Directive 77/780/EEC on the co-ordination of laws, regulations and administrative provisions relating to the taking up and pursuit of the business of credit institutions
Date: 1998-09-21
Institutions: European Commission
Subjects: approximation of laws, banking, electronic money, financial institution, freedom to provide services

C  317/12

EN

Official  Journal  of  the  European  Communities

15.10.98

Proposal  for  a  European  Parliament  and  Council  Directive  amending  Directive  77/780/EEC  on
the  coordination  of  laws,  regulations  and  administrative  provisions  relating  to  the  taking  up  and
pursuit  of  the  business  of  credit  institutions

(98/C  317/07)

COM(1998)  461  final  -  98/0253(COD)

(Submitted  by  the  Commission  on  21  September  1998)

THE  EUROPEAN  PARLIAMENT  AND  THE  COUNCIL
OF  THE  EUROPEAN  UNION,

Having  regard  to  the  Treaty  establishing  the  European
Community,  and 
third
in  particular 
sentences  of  Article  57(2)  thereof,

first  and 

the 

Having  regard  to  the  proposal  from  the  Commission,

harmonises  suitable  specific  provisions  of  access  to  the
activity  and  its  exercise  as  well  as  the  prudential  super(cid:220)
vision  of  these  institutions,  defines  those  as  electronic
money  institutions,

HAVE  ADOPTED  THIS  DIRECTIVE:

Article  1

Having  regard  to  the  opinion  of  the  Economic  and
Social  Committee,

Article  1,  first 
replaced  by  the  following  text:

indent,  of  Directive  77/780/EEC 

is

Acting  in  accordance  with  the  procedure  referred  to  in
Article  189b  of  the  Treaty,

in  accordance  with 

Whereas, 
the  objectives  of  the
Treaty,  it  is  desirable  to  promote  harmonious  devel(cid:220)
opment  of  the  activities  of  credit  institutions  throughout
the  Community,  in  particular  as  regards  the  issuance  of
electronic  money;

Whereas  certain  institutions  limit  their  activity  primarily
to  the  issuance  of  electronic  money;  whereas  to  avoid
any  distortion  of  competition  between  electronic  money
issuers,  even  as  regards  application  of  monetary  policy
measures,  it  is  advisable  that  these  institutions,  subject  to
suitable  specific  provisions  taking 
into  account  their
special  characteristics,  are  brought  within  the  scope  of
Council  Directive  77/780/EEC(cid:216)(˛),  as  last  amended  by
Directive  96/13/CE(cid:216)(ˇ)  and  Council  Directive  89/646/
EEC(cid:216)(—);

Whereas  it  is  advisable,  consequently,  to  extend  to  these
institutions  the  definition  of  credit  institutions  provided
for  in  Article  1  of  Directive  77/780/EEC;

"(cid:216)""credit  institution’’  means:

(a)(cid:217)an  undertaking  whose  business 

is  to  receive
deposits  or  other  repayable  funds  from  the  public
and  to  grant  credits  for  its  own  account;

or

(b) an  electronic  money 

the
meaning  of  Directive  98/.(cid:216).(cid:216)./EC  of  the  European
Parliament  and  of  the  Council.’

institution  within 

Article  2

The  Member  States  shall  adopt  the  measures  necessary
to  comply  with  this  Directive  as  soon  as  possible  after  its
publication  in  the  Official  Journal.  They  shall  forthwith
inform  the  Commission  thereof.

When  Member  States  adopt  these  provisions  they  shall
contain  a  reference  to  this  Directive  or  be  accompanied
by  such  a  reference  at  the  time  of  their  official  publi(cid:220)
cation.  The  procedure 
for  such  reference  shall  be
adopted  by  Member  States.

Article  3

the  European
Whereas  Directive 
Parliament  and  of  the  Council,  which  coordinates  and

98/.(cid:216).(cid:216)./EC  of 

This  Directive  shall  enter  into  force  on  the  20th  day
following  its  publication  in  the  Official  Journal  of  the
European  Communities.

(˛)(cid:217)OJ  L  322,  17.12.1977,  p.  30.
(ˇ)(cid:217)OJ  L  66,  16.3.1996,  p.  15.
(—)(cid:217)OJ  L  386,  30.12.1989,  p.  1.

Article  4

This  Directive  is  addressed  to  the  Member  States.