Law 4201/2011 (Articles 9-30) transposed into Greek legislation the provisions 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,
Law 4201/2011 (Articles 9-30) transposed into Greek legislation the provisions 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 above Law was amended by Article 107 of Law 4537/2018 ("Transposition into Greek legislation of Directive 2015/2366/EU on payment services and other provisions", "PSD2") which transposed into Greek legislation the provisions of Directive 2015/2366/EU (OJ L337/23.12.2015). FInally, Bank of Greece Executive Act 164/2/13.12.2019 has incorporated the Guidelines of the European Banking Authority on the information to be provided by applicants in order to be authorized as Electronic Money Institutions pursuant to the Article 5 (5) of the Directive (EU) 2015/2366 (EBA/GL/2017/9), while sets the framework for the supervision of the Electronic Money Institutions.
According to Article 12, para. 1, of Law 4021/2011, the Bank of Greece is responsible for the authorization and prudential supervision of Electronic Money Institutions. Pursuant to this authorization, the Bank of Greece issued the Executive Committee Act 164/2/ 13.12.2019 which designates the terms and conditions for the authorization of Electronic Money Institutions as per Article 10, par. 3 of Law 4021/2011 (Government Gazette A’ 218) and addressed to those applying for providing e-money services and potentially any of the payment services referred to in points (a)/(α) to (h)/(η) of Aricle 4 (3) of Law 4537/2018.
The Bank of Greece decides on the content of the application for authorization, the supporting documents and data necessary for this purpose, the specific requirements and the procedure for authorization, as well as any other relevant issue (Article 5 (6) of the Law 4537/2018).
The applicant provides the aforementioned information by submitting the "Application form for authorization as a Payment Institution" of Annex I of Bank of Greece Executive Committee Act 164/2/13.12.2019 along with the supporting documents, required to evaluate the application and must be true, comprehensive, accurate and up-to-date.
In order for an authorization to be granted to an Electronic Money Institution, the initial capital cannot be less than three hundred and fifty thousand euro (€350,000). Furthermore, pursuant to the Law 4021/2011 along with the Bank of Greece Executive Committee Act 164/2/13.2.2019, the abovementioned Law also defines the capital requirements and the method of calculation of own funds requirements for Electronic Money Institutions, and specifies the safeguarding requirements for funds received, the exempted institutions and the activities in which Electronic Money Institutions may engage in addition to issuing electronic money, either in Greece or on a cross-border basis.
Undertakings that apply inter alia for an authorization to provide payment initiation services (para. 3(g)/(ζ), Article 4 of Law 4537/2018) are entitled to hold a professional indemnity insurance covering the Greek territory and the territories of the Member States, in which they offer services or some other comparable guarantee against liability, in order to ensure that they can meet their liabilities as specified in Articles 73, 89 and 91 of PSD2 (Article 5, para. 4 of Law 4537/2018) and at Bank of Greece Executive Committee Act 164/2/13.12.2019.
Undertakings that apply inter alia for an authorization to provide account information services (para. 3(h)/(η), Article 4 of Law 4537/2018) are entitled, as a pre-condition of registration, to hold a professional indemnity insurance covering the Greek territory and the territories of the Member States in which they offer payment services, or some other comparable guarantee against their liability vis-à-vis the payment service provider resulting from non-authorized or fraudulent use of account information (Article 5, para. 5 of Law 4537/2018).
The authorization requirements along with the supervisory framework for Electronic Money Institutions are dictated pursuant to the:
- Law 4537/2018 (PSD2);
- Law 4021/2011 (Articles 9-30);
- Bank of Greece Executive Committee Act 164/2/13.12.2019;
- Bank of Greece Executive Committee Act 142/11.6.2018.
Issues related to the rights of informing the electronic money holders of their rights, as well as the review of complaints from electronic money holders do not fall within the scope of authority of the Bank of Greece, but of the General Secretariat for Consumers of the Ministry of Development and Investment (Article 97, Law 4537/2018).
The public register of the Bank of Greece, compiled pursuant to Article 14 of Law 4537/2018 and specialized in the Bank of Greece Executive Committee Act 164/2/13.12.2019 Chapter III. Record Keeping of Article 14 of Law 4537/2018, lists the exempted Electronic Money Institutions, the payment services they provide, the current status of the authorization granted to them (valid or revoked), the date the Electronic Money Institution was entered in the register, and the date the exempted electronic money was deleted from the register.