# PSD3 Article 45 — Transitional provision – electronic money institutions authorised under Directive 2009/110/EC

Textual state: amended_substantial. 167 words changed

- Current text: Council final compromise text (Council document 8222/26) — not yet law.
- Compared against: COM(2023) 366 final — superseded.
- Classification is mechanical; method: https://paymentslaw.eu/method/
- Editorial review state: not_assessed. Markers are curated and selective, not a complete assessment.

Word-level diff, proposal → compromise: `{+text+}` was inserted, `[-text-]` was deleted.

## Paragraph 1

1. Member States shall allow electronic money institutions [-which were -]{+as +}defined in Article 2, point [-1, -]{+(1), +}of Directive 2009/110/EC that have taken up, before [-[OP please insert the date = 18 -]{+... [21 +}months after the date of entry into force of this Directive], activities in accordance with national law transposing Directive 2009/110/EC as electronic money institutions in the Member State in which their head office is located in accordance with national law transposing Directive 2009/110/EC, to continue those activities in that Member State or in another Member State without having to seek {+a new +}authorisation in accordance with Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this [-Directive. -]{+Directive, until ... [27 months from the date of entry into force of this Directive].+}

## Paragraph 2

2. Member States shall require the electronic money institutions referred in paragraph 1 to submit to the competent authorities all information [-that -]{+necessary for +}those competent authorities [-need -]to assess, by [-[OP please insert the date = 24 -]{+... [27 +}months after the date of entry into force of this Directive], whether those electronic money institutions comply with [-this Directive. -]{+Article 3(3), points (c), (d), (e), (f), (h), (r) and (s). +}Where such assessment reveals that those electronic money institutions do not comply with those requirements, the competent authorities shall decide which measures need to be taken to ensure such compliance, or to withdraw the authorisation. Electronic money institutions as referred to in the first subparagraph which upon verification by the competent authorities comply with Title II shall be {+deemed to be +}authorised as payment institutions pursuant to Article 13 of this Directive, shall be entered in the registers referred to in Articles 17 and 18. Where those electronic money institutions do not comply with the requirements laid down in Title II by [-[OP please insert the date = 24 -]{+... [27 +}months after the date of entry into force of this Directive], they shall be [-prohibited -]{+suspended +}from providing [-electronic money services. -]{+payment services until they provide to the relevant competent authority the necessary information and that competent authority has verified and confirmed the accuracy of that information. Article 34(7) shall apply.+}

## Paragraph 3

3. {+By way of derogation from paragraph 2, first subparagraph, +}Member States [-may -]{+shall +}allow electronic money institutions as referred to in paragraph 1 to be authorised automatically as payment institutions and entered in the register referred to in Article 17 where the competent authorities have evidence that the electronic money institutions concerned comply with this Directive. The competent authorities shall inform the electronic money institutions concerned thereof before such automatic authorisation is granted.

## Paragraph 4

4. Member States shall allow legal persons that have taken up, before [-[OP please insert the date = 18 -]{+... [21 +}months after the date of entry into force of this Directive], activities in accordance with national law transposing Article 9 of Directive 2009/110/EC, to continue those activities within the Member State concerned in accordance with that Directive until [-[OP please insert the date = 24 -]{+... [27 +}months after the date of entry into force of this Directive], without being required to seek {+a new +}authorisation under Article 3 of this Directive or to comply with the other provisions laid down or referred to in Title II of this Directive. Electronic money institutions as referred to in paragraph 1 which, during that period, have been neither authorised nor exempted within the meaning of Article 34 of this Directive, shall be [-prohibited -]{+suspended +}from providing [-electronic money services. -]{+payment services, until they provide to the relevant competent authority the necessary information and that competent authority has verified and confirmed the accuracy of that information. Article 34(7) shall apply.+}