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Authorisation

Institutional Framework-Authorisation

In order for a leasing company to be established, it must obtain authorisation from the Bank of Greece, which is responsible for the supervision and audit of such companies.

The conditions of authorisation of leasing companies in Greece and the rules for the supervision of these companies by the Bank of Greece are laid down in Law 1665/1986 and in Bank of Greece Governor’s Act 2622/21.12.2009.

The minimum initial capital required for the establishment of a leasing company amounts to half (1/2) of the minimum initial capital required for the establishment of a credit institution.

Institutional Framework-Authorisation

In order for a factoring company to be established, it must obtain authorisation from the Bank of Greece, which is responsible for the supervision and audit of such companies.

The conditions of authorisation of factoring companies  in Greece and the rules for the supervision of these companies by the Bank of Greece are set out in Law 1905/1990 and Bank of Greece Governor’s Act 2622/21.12.2009.

The minimum initial capital required for the establishment of a factoring company amounts to a quarter (1/4) of the minimum initial capital required for the establishment of a credit institution.

Category-Activity

Electronic Money Institutions issue electronic money;

Electronic Money Institutions issue electronic money; in addition, they may engage in the provision of one or more of the payment services listed in Article 4, Para. 3 of Law 4537/2018, as well as of other ancillary and closely related services (according to Article 16 (1) Para. 1 point c (γ) of Law 4021/2011).

Institutional Framework - Authorization

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.

 

Regulatory framework - Authorization

The euro retail payments market is developing and offers innovative payment solutions.

The euro retail payments market is developing and offers innovative payment solutions.

This is expected to further accelerate in the coming years, due to the technological, social and economic changes associated with digitalization, and due to the fact that the EU regulatory framework allows non-standard service providers to enter the retail payment market.

Law 4537/2018, which transposed the 2nd Payments Directive (2015/2366/EU or PSD2), introduced the following payment services (with a focus on web payments).

Payment Initiation Service Providers (PISPs)

Category-Activity

The provision of payment initiation services, according to PSD2 (Law 4537/2018), requiring authorization from the Supervisory Authority, is based on the access of authorized Payment Initiation Service Providers to the payer’s account, and for this access the account servicing payment service providers need to have the customer's official consent. 

Category-Activity

The provision of payment initiation services, according to PSD2 (Law 4537/2018), requiring authorization from the Supervisory Authority, is based on the access of authorized Payment Initiation Service Providers to the payer’s account, and for this access the account servicing payment service providers need to have the customer's official consent. Payment initiation services allow customers to execute payments for the purchase of goods or services directly through their bank accounts by credit transfer, thus replacing other means of payment such as debit and credit cards.

Regulatory framework - Authorization

The Bank of Greece is the authority responsible for the authorization and prudential supervision of payment initiation services providers (Law 4537/2018, Article 23, para. 1, which transposed the provisions of Directive 2015/2366/EU (PSD2)).

As regards the authorization procedure, applicants interested to provide this service exclusively (Article 4, para. 3(g) of Law 4537/2018) are treated as Payment Institutions.

The required information is provided by the applicant upon 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 all supporting documents required to evaluate the application and must be true, comprehensive, accurate and up-to-date.

The principle of proportionality applies in this case since the exclusive provision of service (g)/(ζ) of Article 4, para. 3 of Law 4537/2018 entails that the provider does not hold the user’s funds.

Applicants that intend to provide additional payment services (Article 4, para. 3(a)/(α)-(f)/(στ) of Law 4537/2018) or e-money services (Article 10, para. 3 of Law must apply for the relevant full authorization from the Bank of Greece regarding these services.

Applicants authorized to provide payment initiation services (para. 3(g), 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 to ensure that they can cover their liabilities as specified in Articles 73, 89, and 91 of PSD2 (Article 5, para. 4 of Law 4537/2018).

The authorization requirements and the supervisory rules for Payment Initiation Service Providers are laid down in:

  • Law 4537/2018  (PSD2);
  • Law 4021/2011 (Articles 9-30)
  • Bank of Greece Executive Committee 164/2/13.12.2019;
  • Bank of Greece Executive Committee Act 142/11.6.2018.

It should be noted that, pursuant to Law 4537/2018, the General Secretariat for Consumers of the Ministry of Development and Investment is the authority responsible for ensuring compliance with transparency requirements.

Account Information Service Providers (AISPs)

Category-Activity

Account Information Service Providers, according to PSD2 (Law 4537/2018), offer a direct online connection to provide the customer with an overall view of his/her account balances (as well as the history of his/her transactions) maintained in one or more banks, Payment Institutions and Electronic Money Institutions (i.e. payment service providers).

Category-Activity

Account Information Service Providers, according to PSD2 (Law 4537/2018), offer a direct online connection to provide the customer with an overall view of his/her account balances (as well as the history of his/her transactions) maintained in one or more banks, Payment Institutions and Electronic Money Institutions (i.e. payment service providers). The Account Servicing Payment Service Provider needs the official consent of the customer to provide this service. Furthermore, the authorized Account Information Service Providers are registered in the relevant register of the Bank of Greece.

 Regulatory framework - Authorization

The Bank of Greece is the Authority responsible for the registration and prudential supervision of Account Information Service Providers (Law 4537/2018, Article 23, para. 1, which transposed the provisions of Directive 2015/2366/EU (PSD2)).

The authorization requirements and the supervisory rules for account information services providers are laid down in:

  • Law 4537/2018  (PSD2);
  • Law 4021/2011 (art. 9-30);
  • Bank of Greece Executive Committee 164/2/13.12.2019;
  • Bank of Greece Executive Committee Act 142/11.6.2018

In case interested parties intend to apply for authorization exclusively for this service (service h/η Article 4, par. 3 of Law 4537/2018), they shall follow the provisions of Article 5 of Law 4537/2018 as per authorization, in addition to those set forth in Chapter II. "Terms and Conditions for Registering Account Information Service Providers exclusively" of the Bank of Greece Executive Act 164/2/13.12.2019, where the terms and conditions for entering in the relative registries held by the Bank of Greece, pursuant to the Article 14 of the Law 4537/2018, are specified in further.

The required information is provided by the applicant upon 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 all supporting documents, required to evaluate the application and must be true, comprehensive, accurate and up-to-date.

Applicants that intend to provide additional payment services of Article 4 (3) of the Law 4537/2018 or e-money services of Article 10, para. 3 of the Law 4021/2011 have to apply to the Bank of Greece to obtain the full authorization, with regard to these services, by submitting relevant Application in line with Chapter I of the Bank of Greece Executive Act 164/2/13.12.2019.

Applicants authorized to provide account information services (para. 3(h), 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 payment services, or some other comparable guarantee against liability to ensure that they can cover 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).

It should be noted that, pursuant to Law 4537/2018, the General Secretariat for Consumers of the Ministry of Development and Investment is the authority responsible for ensuring compliance with transparency requirements.

 

Card-based Payment Instrument Issuers (CBPII)

Category - Activity

PSD2 (Law 4537/2018) permits authorized payment services providers, with the consent of their customers, to issue payment instruments (e.g. cards) and execute transactions using these instruments, and to connect them to their customers’ accounts that are held with other institutions and/or credit institutions.

Category - Activity

PSD2 (Law 4537/2018) permits authorized payment services providers, with the consent of their customers, to issue payment instruments (e.g. cards) and execute transactions using these instruments, and to connect them to their customers’ accounts that are held with other institutions and/or credit institutions. These accounts are accessible via online interfaces of the account servicing payment service provider with the official consent of the customer.

Regulatory framework - Authorization

The Bank of Greece is the authority responsible for the authorization and the prudential supervision of:

  • Payment Institutions under Law 4537/2018, Article 23, para. 1, which transposed the provisions of Directive 2015/2366/EU (PSD2)
  • Electronic Money Institutions (Law 4021/2011, Article 12, para. 1). In this capacity, the Bank of Greece issued the Executive Committee Act 164/2/13.12.2019.

For their authorization, the Payment Institution’s procedure is followed, as long as no e-money issue, distribution and redemption services are provided. 

If such services are provided, the authorization process for Electronic Money Institutions is followed.  

Card-based payment instrument issuer service providers (CISP) actually provide service (e)/(ε) of Article 4, para. 3 of Law 4537.

Category-Activity

Payment Institution: The legal entity authorized by the Bank of Greece (Article 11, Law 4537/2018) to provide and perform payment services in all Member States.

Payment Institution: The legal entity authorized by the Bank of Greece (Article 11, Law 4537/2018) to provide and perform payment services in all Member States. Payment services are defined in Article 4, paragraph 3 of Law 4537/2018 and include but are not limited to money remittance, issuing of payment instruments, payment initiation services, etc.

Institutional Framework-Authorization

The Bank of Greece is responsible for the authorization and prudential supervision of Payment Institutions, pursuant to Article 23 par. 1 of Law 4537/2018.

The Bank of Greece is responsible for the authorization and prudential supervision of Payment Institutions, pursuant to Article 23 par. 1 of Law 4537/2018.

This Law transposed into Greek legislation the provisions of Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC.

The authorization requirements and the supervisory rules for Payment Institutions are laid down in:

  • Law 4537/2018 (PSD2);
  • Bank of Greece Executive Committee Act 164/2/13.12.2019;
  • Bank of Greece Executive Committee Act 142/11.6.2018.

Pursuant to the Law 4537/2018, Bank of Greece has issued Bank of Greece Executive Committee Act 164/2/13.12.2019 which regulates the following:

  • the terms and conditions for the authorization of Payment Institutions and Electronic Money Institutions;
  • the evidence of initial capital of the Payment Institutions;
  • the calculation method and the minimum amount of own funds required by Payment Institutions;
  • the establishment of additional capital requirements for Payment Institutions providing credit equal to 10% of the outstanding amount of credit;
  • the criteria on how to stipulate the minimum monetary amount of the professional indemnity insurance or other comparable guarantee;
  • the assessment of acquisitions, disposals or further increases of qualifying holdings;
  • the documentation required for the fit and proper assessment of the persons referred to in para. 1(m)/(ιγ) and (n)/(ιδ) of Article 5 of Law 4537/2010 (members of the management body and persons that hold, directly or indirectly, qualifying holdings in Payment Institutions) as well as of the agents of Payment Institutions;
  • the requirements towards maintaining and updating the register of Payment Institutions authorized in Greece, their branches and agents operating in Greece and in other Member States of the EEA, as well as the data to be entered in this register.
  • the regulatory standards underpinning the operation of Payment Institutions, the data and information to be reported periodically to the Bank of Greece in this context and the reporting frequency.

Undertakings that apply for an authorization to provide payment initiation services (para. 3(g)/(ζ) of 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 to ensure that they can cover their liabilities as specified in Articles 73, 89, and 91 of PSD2 (Article 5, para. 4 of Law 4537/2018).

Undertakings that apply for an authorization to provide account information services (para. 3(h)/(η), Article 4 of Law 4537/2018) are entitled, as a 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 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.

The Bank of Greece public register, compiled under 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, records the exempted Payment Institutions, the payment services they provide, the current situation in relation to the authorization granted to them (valid or revoked), date of registration of the exempted Payment Institution in the register, and date of deletion of the exempted Payment Institution from the register. The public register compiled by the Bank of Greece also registers (based on the Article 34) the account information service providers based in Greece, their representatives in other Member States, as well as their branches providing services in another Member State.

Payment Institution based in another Member State

A Payment Institution authorized in another Member State can provide payment services in Greece for the first time

A Payment Institution authorized in another Member State can provide payment services in Greece for the first time, either under the freedom of establishment or the freedom to provide services, provided that these payment services are covered by the institution's authorization in the home Member State and that the competent authorities of the home Member State notify the Bank of Greece with the information referred to in para. 1 of Article 28 of the Directive 2015/2366/EU.

It is noted that, pursuant to Law 4537/2018, the General Secretariat for Consumers of the Ministry of Development and Investment is the authority responsible for ensuring compliance with transparency requirements.

Institutional Framework- Authorisation

In order for a credit company to be established, it must obtain authorisation from the Bank of Greece, which is responsible for the supervision and audit of such companies.

The conditions of authorisation of credit companies in Greece and the rules for the supervision of these companies by the Bank of Greece are defined in Law 4261/2014 and Bank of Greece Governor’s Act 2622/21.12.2009.

The minimum initial capital required for the establishment of a credit provision company amounts to one half (1/2) of the minimum initial capital required for the establishment of a credit institution.

Institutional framework-Authorisation

The framework on the establishment and operation of credit servicing firms, under the provisions of Law 4354/2015, as currently in force, is specified in Bank of Greece Executive Committee Act 118/19.05.2017 (Government Gazette B 1764/22.5.2017) "Framework of establishment and operation of credit servicing firms (Law 4354/2015) - Replacement of Executive Committee Act 95/27.5.2016".

The framework contains different provisions for companies that intend only to engage in  credit servicing and for those that they intend to also engage in loan refinancing.

Executive Committee Act 118/19.05.2017 includes the procedure and the data and documentation required for authorisation, as well as the supervisory framework applicable to the above companies as appropriate.

Category-Activity

Bureaux de Change sell and buy foreign currency.

Bureaux de Change sell and buy foreign currency. They can only engage in specific operations, such as buying and selling foreign banknotes and travelers’ cheques, promoting and intermediating in the provision of banking products and services (excluding any kind of commitment on behalf of credit institutions or the execution of collection or payment transactions on their behalf) according to the procedure described in Bank of Greece Governor’s Act 2541/27.2.2004.

Provided that they have been appointed as agents of Payment Institutions, according to the procedure set out in Bank of Greece Executive Act 164/2/13.12.2019, Bureaux de Change can provide payment services under the Law 4537/2018 after being specifically authorized by the Bank of Greece Governor's Act 2641/20.4.2011.

They must have the required governance, organizational and technical infrastructure. Moreover, persons responsible for their management, the members of their Boards of Directors and major shareholders must be fit and proper to exercise sound and prudent management.

Regulatory framework–Authorization

The Bank of Greece is the authority responsible for the authorization and supervision of the bureaux de change, according to Law 2515/1997.

The Bank of Greece is the authority responsible for the authorization and supervision of the bureaux de change, according to Law 2515/1997.

Bureaux de change may operate only as sociétés anonymes, subject to prior authorization by the Bank of Greece.

The minimum initial capital required is €200,000.00. Throughout their operation, the regulatory own funds must not fall below the above-mentioned minimum amount. The above mentioned minimum amount of capital will cover the establishment of up to six (6) branches and shall be increased by twenty-five thousand euro (€25.000) for each additional branch.

The regulatory framework for the authorization and supervision of the bureaux de change by the Bank of Greece is incorporated in the provisions of Bank of Greece Governor's Act 2541/27.2.2004 “Codification of, and amendment to, Bank of Greece Governor's Act 2440/11.1.1999, “Establishment and operation of bureaux de change in Greece by sociétés anonymes other than credit institutions” (Government Gazette A 87), as currently in force. The terms and conditions for the authorization of the establishment of bureaux de change in Greece by sociétés anonymes other than credit institutions are governed by the Laws and acts are listed below.

Exemptions in accordance with the Greek Law 4537/2018 and the Directive (EU) 2015/2366

By Law 4537/2018, the European Directive 2015/2366 on payment services (Second Payments Directive, PSD2) has been transposed into Greek legislation. Article 37(1) of respective Law states that “Individuals or legal entities that are neither payment service providers (as defined in Article 1 (2), or comprise individuals or legal entities, exempted as per Article 34 of respective Law) nor explicitly exempted from the scope of this Law are prohibited from providing payment services."

Article 3 of the Law 4537/2018 (“Exceptions”) explicitly sets out the cases of payment services to which aforementioned Law does not apply. Providers of exempted services as per Article 3 of the Law 4537/2018 are required to send a notification to the Bank of Greece containing a description of the services provided and specifying under which exemption referred to in Article 3, their activity is considered to be subject of exemption.

Article 37 lays down conditions and thresholds beyond which providers of excluded payment services are required to notify the Bank of Greece of the services offered and provide information to the Bank of Greece on an annual basis.

The content and the frequency of the required disclosures are specified by the Bank of Greece Executive Act 164/2/13.12.2019 (Chapter VIII. Par. 6 Application of contingent exceptions).

The Bank of Greece publishes the authorized providers of exempted services into its register of payment service providers and updates the respective register of the European Banking Authority.

Non-compliance with the aforementioned Articles entails the sanctions provided for in Article 59(4) of Law 4261/2014, as well as in Article 24(7) of Law 4537/2018.

 

Exemptions in accordance with the Greek Law 4021/2011 and the Directive 2009/110/EC

The provisions of the Directive 2009/110/EC pertinent to undertaking, operations and prudential supervision of an Electronic Money Institution operation have been transposed into the Greek Law 4021/2011 (Articles 9-30).

In specific, by virtue of the Article 19 (Article 9 of the Directive), upon Bank of Greece’s decision, legal entities may be exempted from the application (fully or partially) of the Law provisions related to prudential supervision general rules, initial capital, own funds of Electronic Money Institutions, as well as the requirements of the security control and mitigation measures (Articles 13, 14, 15 and 17 of Law 4021/2011). In any case, the provisions of Article 12 of Law 4021/2011 and Articles 22 and 23 of Law 3862/2010 are still in force (now Articles 25 and 27 of Law 4537/2018).

Paragraph 5 of Article 19 of Law 4021/2011 describes the disclosure requirements the exempted entities have to submit to Bank of Greece. Paragraph 6 of the aforementioned Article states that if the underlying conditions are no longer met, the legal entity is obliged to apply within 30 calendar days for the issuance of an Electronic Money Institution authorization in accordance with the procedure laid down in Article 13. The exempted legal entities that do not make a request as set out in Article 20, shall be prohibited from issuing electronic money.

The content and the frequency of the required disclosures, by the legal entities falling into the requirements of Article 19 par. 1 of the Law 4021/2011, to Bank of Greece are specified by the Bank of Greece Executive Act 164/2/13.12.2019 (Chapter VIII. Par. 6 Application of contingent exceptions).

Exempted institutions do not have the right of establishment and freedom to provide services on a cross-border basis under Law 4021/2011 (Article 19 (3)). In addition, they may provide only functional and closely related ancillary services linked to the issuance of electronic money or the provision of payment services as mentioned in Article 16 (1) (a)/(α) of Law 4021/2011, and other business activities, provided that they are not prohibited by any national or European Union Law (Article 19 (4)).

Bank of Greece shall inform the European Commission about: (a) the number of individuals and legal entities covered by Article 19; and (b) on an annual basis, the total amount of electronic money in circulation issued, with a cutoff date to 31 December (Article 19 (8)).

Exempted institutions and other individuals providing e-money services shall be registered in a relevant register. Bank of Greece shall publish its register and update the relevant register of the European Banking Authority on providers of exempted e-money services.

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