# Instrument Metadata
# Output tuned for LLM consumption -- deterministic parse of the
# EUR-Lex source, no LLM involved in generation.

instrument_id: emd2
celex: "32009L0110"
eli: "http://data.europa.eu/eli/dir/2009/110/oj"
full_title: E-Money Directive 2009/110/EC
short_title: EMD2
instrument_type: directive
document_type: directive
normative_weight: binding
jurisdiction: EU
effective_period:
  from: "2009-10-30"
  to: null
dates:
  adopted: "2009-09-16"
  entered_into_force: "2009-10-30"
status: in_force
structure_levels:
  - title
  - chapter
  - article
total_articles: 24
total_recitals: 28
definitions_article: 2
chunk_strategy: by_chapter
chunks:
  - /emd2/chunks/recitals.md
  - /emd2/chunks/emd2_t01_scope_and_definitions.md
  - /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
  - /emd2/chunks/emd2_t03_issuance_and_redeemability_of_electronic.md
  - /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md

generated_at: "2026-05-01T17:48:33.009Z"

articles:
  - article_number: 1
    article_title: Subject matter and scope
    chunk_file: /emd2/chunks/emd2_t01_scope_and_definitions.md
    path: "Title I > Article 1"
    applies_to_entities:
      - credit_institutions
      - member_states
      - european_central_bank
    topics:
      - electronic_money
      - payments
      - scope
      - definitions
    keywords:
      - supervision
      - transaction
      - electronic money
      - POS
      - branch
      - ITS
      - electronic money institution
      - electronic money issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
      - target: Article 38
      - target: Article 2
      - target: Article 8
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "2"
        note: Derived from PSR Annex III correlation table.
    recitals: []

  - article_number: 2
    article_title: Definitions
    chunk_file: /emd2/chunks/emd2_t01_scope_and_definitions.md
    path: "Title I > Article 2"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
      - scope
      - definitions
      - authorisation
    keywords:
      - authorisation
      - transaction
      - electronic money
      - POS
      - electronic money institution
      - electronic money issuer
      - average outstanding electronic money
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 1
        paragraph: "1"
      - target: Article 1
        paragraph: "3"
      - target: Article 9
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "3"
        note: Derived from PSR Annex III correlation table.
    recitals:
      - 17

  - article_number: 3
    article_title: General prudential rules
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 3"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - competent_authorities
      - information_requirements
    keywords:
      - API
      - sanction
      - electronic money
      - POS
      - agent
      - ITS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: true
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 5
      - target: Article 10
      - target: Article 11
      - target: Article 12
      - target: Article 13
      - target: Article 14
      - target: Article 15
      - target: Article 17
        paragraph: "7"
      - target: Article 18
      - target: Article 19
      - target: Article 20
      - target: Article 21
      - target: Article 22
      - target: Article 23
      - target: Article 24
      - target: Article 6
        paragraph: "1"
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals: []

  - article_number: 4
    article_title: Initial capital
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 4"
    applies_to_entities:
      - member_states
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - authorisation
    keywords:
      - API
      - authorisation
      - electronic money
      - electronic money institution
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals:
      - 9

  - article_number: 5
    article_title: Own funds
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 5"
    applies_to_entities:
      - payment_institutions
      - credit_institutions
      - member_states
      - competent_authorities
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - competent_authorities
      - own_funds
      - insurance
      - reinsurance
      - internal_control
    keywords:
      - supervision
      - electronic money
      - data
      - ITS
      - electronic money institution
      - average outstanding electronic money
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 57
      - target: Article 58
      - target: Article 59
      - target: Article 60
      - target: Article 61
      - target: Article 4
      - target: Article 6
        paragraph: "1"
      - target: Article 8
        paragraph: "1"
      - target: Article 8
        paragraph: "2"
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals:
      - 9
      - 27

  - article_number: 6
    article_title: Activities
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 6"
    applies_to_entities:
      - payment_systems
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
    keywords:
      - electronic money
      - POS
      - system
      - ITS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 16
        paragraph: "3"
      - target: Article 16
        paragraph: "5"
      - target: Article 28
      - target: Article 7
        paragraph: "1"
      - target: Article 16
        paragraph: "2"
      - target: Article 16
        paragraph: "4"
    external_references:
      - instrument_type: directive
        reference: "2007/64"
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals:
      - 9

  - article_number: 7
    article_title: Safeguarding requirements
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 7"
    applies_to_entities:
      - credit_institutions
      - member_states
      - competent_authorities
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - capital_requirements
      - investment_funds
    keywords:
      - API
      - transfer
      - electronic money
      - POS
      - security
      - ITS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 9
        paragraph: "1"
      - target: Article 9
        paragraph: "2"
      - target: Article 4
      - target: Article 6
        paragraph: "1"
    external_references:
      - instrument_type: directive
        reference: "2007/64"
      - instrument_type: directive
        reference: "2009/65/EC"
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals:
      - 9

  - article_number: 8
    article_title: Relations with third countries
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 8"
    applies_to_entities:
      - member_states
      - competent_authorities
      - european_commission
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - competent_authorities
    keywords:
      - authorisation
      - electronic money
      - ATM
      - branch
      - ITS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals:
      - 9
      - 23

  - article_number: 9
    article_title: Optional exemptions
    chunk_file: /emd2/chunks/emd2_t02_requirements_for_the_taking_up_pursuit_a.md
    path: "Title II > Article 9"
    applies_to_entities:
      - member_states
      - competent_authorities
      - european_commission
      - consumers
    topics:
      - electronic_money
      - payments
      - supervision
      - prudential
      - authorisation
      - competent_authorities
      - aml
    keywords:
      - authorisation
      - consumer
      - electronic money
      - data
      - ITS
      - electronic money institution
      - average outstanding electronic money
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 3
      - target: Article 4
      - target: Article 5
      - target: Article 7
      - target: Article 20
      - target: Article 22
      - target: Article 23
      - target: Article 24
      - target: Article 6
        paragraph: "1"
      - target: Article 10
        paragraph: "9"
      - target: Article 10
    external_references:
      - instrument_type: directive
        reference: "2007/64"
      - instrument_type: directive
        reference: "2007/64/EC"
      - instrument_type: directive
        reference: "2007/64/EC"
      - instrument_type: directive
        reference: "2005/60/EC"
    recitals:
      - 9

  - article_number: 10
    article_title: Prohibition from issuing electronic money
    chunk_file: /emd2/chunks/emd2_t03_issuance_and_redeemability_of_electronic.md
    path: "Title III > Article 10"
    applies_to_entities:
      - member_states
    topics:
      - electronic_money
      - payments
    keywords:
      - electronic money
      - electronic money issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 18
    external_references: []
    recitals: []

  - article_number: 11
    article_title: Issuance and redeemability
    chunk_file: /emd2/chunks/emd2_t03_issuance_and_redeemability_of_electronic.md
    path: "Title III > Article 11"
    applies_to_entities:
      - member_states
      - consumers
    topics:
      - electronic_money
      - payments
    keywords:
      - consumer
      - electronic money
      - electronic money institution
      - electronic money issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 6
        paragraph: "1"
    external_references: []
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "30"
        note: Derived from PSR Annex III correlation table.
    recitals: []

  - article_number: 12
    article_title: Prohibition of interest
    chunk_file: /emd2/chunks/emd2_t03_issuance_and_redeemability_of_electronic.md
    path: "Title III > Article 12"
    applies_to_entities:
      - member_states
    topics:
      - electronic_money
      - payments
    keywords:
      - electronic money
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "30"
        note: Derived from PSR Annex III correlation table.
    recitals: []

  - article_number: 13
    article_title: Out-of-court complaint and redress procedures for the settlement of disputes
    chunk_file: /emd2/chunks/emd2_t03_issuance_and_redeemability_of_electronic.md
    path: "Title III > Article 13"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
    keywords:
      - electronic money
      - settlement
      - electronic money issuer
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals: []

  - article_number: 14
    article_title: Implementing measures
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 14"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
      - final_provisions
      - implementing_acts
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 15
        paragraph: "2"
      - target: Article 1
        paragraph: "4"
      - target: Article 1
        paragraph: "5"
    external_references: []
    recitals: []

  - article_number: 15
    article_title: Committee procedure
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 15"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
      - final_provisions
      - committee_procedure
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 5a
        paragraph: "1"
      - target: Article 8
    external_references:
      - instrument_type: directive
        reference: "2007/64/EC"
    recitals: []

  - article_number: 16
    article_title: Full harmonisation
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 16"
    applies_to_entities:
      - member_states
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - electronic money
      - electronic money issuer
    contains:
      obligations: true
      prohibitions: true
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 1
        paragraph: "3"
      - target: Article 3
        paragraph: "3"
      - target: Article 5
        paragraph: "7"
      - target: Article 7
        paragraph: "4"
      - target: Article 9
      - target: Article 18
        paragraph: "2"
    external_references: []
    recitals:
      - 9

  - article_number: 17
    article_title: Review
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 17"
    applies_to_entities:
      - credit_institutions
      - european_commission
      - european_central_bank
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - electronic money
      - POS
      - ITS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "108"
        note: Derived from PSR Annex III correlation table.
    recitals:
      - 10

  - article_number: 18
    article_title: Transitional provisions
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 18"
    applies_to_entities:
      - member_states
      - competent_authorities
    topics:
      - electronic_money
      - payments
      - final_provisions
      - authorisation
      - competent_authorities
    keywords:
      - authorisation
      - electronic money
      - POS
      - electronic money institution
    contains:
      obligations: true
      prohibitions: true
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references:
      - target: Article 3
      - target: Article 4
      - target: Article 5
      - target: Article 9
    external_references:
      - instrument_type: directive
        reference: "2000/46/EC"
    recitals: []

  - article_number: 19
    article_title: Amendments to Directive 2005/60/EC
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 19"
    applies_to_entities:
      - credit_institutions
      - member_states
      - competent_authorities
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - supervision
      - transaction
      - electronic money
      - POS
      - electronic money institution
    contains:
      obligations: false
      prohibitions: false
      permissions: true
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 3
        paragraph: "2"
      - target: Article 11
        paragraph: "5"
    external_references:
      - instrument_type: directive
        reference: "2005/60/EC"
      - instrument_type: directive
        reference: "2009/110/EC"
      - instrument_type: directive
        reference: "2009/110/EC"
    recitals: []

  - article_number: 20
    article_title: Amendments to Directive 2006/48/EC
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 20"
    applies_to_entities:
      - credit_institutions
      - financial_entities
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - electronic money
      - POS
      - ITS
    contains:
      obligations: false
      prohibitions: false
      permissions: false
      definitions: true
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 4
    external_references: []
    recitals: []

  - article_number: 21
    article_title: Repeal
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 21"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords: []
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references:
      - target: Article 18
        paragraph: "1"
      - target: Article 18
        paragraph: "3"
    external_references:
      - instrument_type: directive
        reference: "2000/46/EC"
    recitals: []

  - article_number: 22
    article_title: Transposition
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 22"
    applies_to_entities:
      - member_states
      - european_commission
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - POS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []

  - article_number: 23
    article_title: Entry into force
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 23"
    applies_to_entities: []
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords:
      - ITS
    contains:
      obligations: true
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: true
    internal_references: []
    external_references: []
    successor:
      - document: psr
        title: Payment Services Regulation (Proposal)
        article: "112"
        note: Derived from PSR Annex III correlation table.
    recitals: []

  - article_number: 24
    article_title: Addressees
    chunk_file: /emd2/chunks/emd2_t04_final_provisions_and_implementing_measur.md
    path: "Title IV > Article 24"
    applies_to_entities:
      - member_states
    topics:
      - electronic_money
      - payments
      - final_provisions
    keywords: []
    contains:
      obligations: false
      prohibitions: false
      permissions: false
      definitions: false
      penalties: false
      delegated_powers: false
      implementing_powers: false
      rts_mandate: false
      its_mandate: false
      transitional: false
    internal_references: []
    external_references: []
    recitals: []