Regulatory Alerts2020-02-24
Royal Decree 778/2012 of 4 May on the legal regime of electronic money institutions (Modified by Royal Decree 256/2013)
The Spanish Ministry of Economy and Competitiveness issued Royal Decree 778/2012 to fully transpose EU Directive 2009/110/EC, establishing the comprehensive legal framework for the creation, authorization, and supervision of electronic money institutions. The decree mandates that entities obtain prior authorization from the Bank of Spain, maintain specific guarantee and own fund requirements, and adhere to strict rules regarding cross-border activities, operational delegation, and hybrid business models. It further defines the supervisory and sanctioning powers of the Bank of Spain, ensuring consistency with payment services regulations while protecting user funds and enhancing market competition.
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