CELEX: E2017J0009
Language: en
Date: 2018-05-30 00:00:00
Title: Judgment of the Court of 30 May 2018 in Case E-9/17 — Edmund Falkenhahn AG v The Financial Market Authority (Finanzmarktaufsicht) (Directive 2009/110/EC — Electronic money institutions — Redemption at par value — Safeguarding requirements)

20.9.2018   
            
            
               EN
            
            
               Official Journal of the European Union
            
            
               C 335/20
            
         
      JUDGMENT OF THE COURT
      of 30 May 2018
      in Case E-9/17
      Edmund Falkenhahn AG v The Financial Market Authority (Finanzmarktaufsicht)
      
      
         (Directive 2009/110/EC — Electronic money institutions — Redemption at par value — Safeguarding requirements)
      
      (2018/C 335/12)
      In Case E-9/17, Edmund Falkenhahn AG v The Financial Market Authority (Finanzmarktaufsicht) — REQUEST to the Court under Article 34 of the Agreement between the EFTA States on the Establishment of a Surveillance Authority and a Court of Justice by the Liechtenstein Appeals Board of the Financial Market Authority (Beschwerdekommission der Finanzmarktaufsicht) concerning the interpretation of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC, the Court, composed of Páll Hreinsson, President, Per Christiansen (Judge-Rapporteur) and Martin Ospelt (ad hoc), Judges, gave judgment on 30 May 2018, the operative part of which is as follows:
      
                  1.
               
               
                  It is incompatible with Article 11(1) and (2) of Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC if electronic money has a value different from par value on the receipt of funds at any time, including during the period between issuance and redemption.
               
            
                  2.
               
               
                  The first and second subparagraphs of Article 7(2) of Directive 2009/110/EC, read in conjunction with Table 1 of point 14 of Annex I to Directive 2006/49/EC of the European Parliament and of the Council of 14 June 2006 on the capital adequacy of investment firms and credit institutions, define exhaustively what assets constitute secure, low-risk assets for the purposes of Article 7(1) of Directive 2009/110/EC.