The European Commission announced that transfers between eMoney accounts would have regulatory requirements that would differ from the existing SEPA requirements for payment account transfers, according to a report by Out-Law.com.
“Since [the SEPA Regulation] refers to payment accounts, it is not applicable in the context of specific accounts used for the storage of electronic money,” the Commission said.
The Commission said that the way that eMoney has been defined and referred to in its Electronic Money Directive means that what constitutes an eMoney account is different to what constitutes a payment account, and that therefore the rules impacting on transactions to payment accounts do not need to be complied with for transfers between specific e-money accounts.
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