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What it is

Rules for companies that issue electronic money

BOE step 7 of 7 · Passed

It is a government bill. Introduced by the Government. It was introduced on 10 January 2011. Introduced by: Gobierno.

Official title: Government bill on electronic money.

Follow this law

Source: Congreso de los Diputados, file 121/000105· updated 11 Nov

Automatic summary, not yet reviewed

  1. The law defines electronic money as monetary value stored electronically or magnetically that represents a claim on the issuer, is issued in exchange for funds to make payments, and is accepted by someone other than the issuer. The law does not apply to value stored on limited-use instruments, such as shopping or public transport cards.
  2. Only credit institutions, authorized electronic money institutions, Correos (the state postal company), the Bank of Spain when not acting as monetary authority, and public administrations acting as public authorities may issue electronic money professionally. Anyone else doing so will be sanctioned.
  3. Electronic money institutions need authorization from the Ministry of Economy and Finance, which must be decided within three months and is deemed denied by administrative silence if there is no answer. They must have minimum initial capital of €350,000 and keep sufficient own funds.
  4. These institutions may provide payment services, manage payment systems and carry out other economic activities, but they are banned from taking deposits or other repayable funds from the public. They must also safeguard the funds received in exchange for the electronic money they issue.
  5. Electronic money is issued and redeemed at its face value. Redemption is generally free of charge, though proportional fees may apply in some cases, and paying interest based on how long the holder keeps the electronic money is prohibited.
  6. The Bank of Spain supervises and inspects these institutions and records them in a public special register. Authorization can be revoked, for example if it is not used within twelve months or for very serious infringements.

Who it affects

  • Electronic money institutions: They must obtain authorization, hold €350,000 in minimum capital, safeguard the funds they receive and submit to Bank of Spain supervision.
  • Banks and other credit institutions: They can issue electronic money without needing new authorization as an electronic money institution.
  • Electronic money holders: They can get their money back at any time at face value and generally free of charge.
  • Correos and public administrations: They can issue electronic money within the limits of the law.

Words worth knowing

Silencio administrativo (administrative silence)
What is considered decided when the administration does not reply within the set period; here, if there is no answer within three months, the authorization is deemed denied.
Recursos propios (own funds)
The institution's own money and reserves, kept as a cushion to cover possible losses.
Fondos reembolsables del público (repayable funds from the public)
Money people give to an institution that must be paid back; electronic money institutions are banned from taking it as deposits.
Participación significativa (significant holding)
Owning at least 10% of an institution's capital or votes, or having a notable influence with a smaller stake.

It summarizes the law as published in the BOE. It is written by artificial intelligence and may contain mistakes: the official text is what counts. Read the official text · How we make summaries

Where it stands

How far did it get?

It took 7 of 7 steps. It reached BOE, and today it is passed.

  1. Introduced10 January 2011Someone registers the text in the Congreso.
  2. Admitted25 January 2011The Bureau of the Congreso accepts it and, for a members’ bill, the plenary decides whether to consider it.
  3. Amendments28 January 2011Groups propose changes.
  4. Committee30 March 2011A committee goes through the text in detail.
  5. Plenaryno dateAll 350 deputies vote.
  6. Senate10 May 2011The Senate can pass it, amend it or veto it.
  7. BOE14 July 2011It is published in the Official State Gazette (BOE) and comes into force.
See the 9 official steps on a timeline
Jan 2011Feb 2011Mar 2011Apr 2011May 2011Jun 201111. 10 January 2011: Presentación22. 25 January 2011: Comisión de Economía y Hacienda Publicación desde 25/01/2011 hasta 28/01/201133. 25 January 2011: Calificación44. 28 January 2011: Comisión de Economía y Hacienda Enmiendas desde 28/01/2011 hasta 30/03/201155. 30 March 2011: Comisión de Economía y Hacienda Informe desde 30/03/2011 hasta 04/05/201166. 4 May 2011: Comisión de Economía y Hacienda Aprobación con competencia legislativa plena desde 04/05/2011 hasta 10/05/201177. 10 May 2011: Senado desde 10/05/2011 hasta 22/06/201188. 22 June 2011: Pleno Enmiendas o veto del Senado desde 22/06/2011 hasta 14/07/201199. 14 July 2011: Concluido - (Aprobado con modificaciones) desde 14/07/2011 hasta 13/09/2011

Was there a plenary vote?

We have no plenary vote linked to this law in the Congreso’s data.

What happens next

What happens now?

It is law, or will be once published in the BOE. It comes into force on the date its own text sets.

Published in the BOE: Law 21/2011, of 26 July, on electronic money.

Sources

Where does all this come from?

  • The data comes from the open files of the Congreso, the Senate and the BOE, unaltered.
  • Each deputy’s province is the one of their seat on the day of the vote.
  • We only say “passed” or “rejected” when the majority needed is certain; otherwise we say which side had more votes.

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