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Regulation of the European Central Bank (EU) No 883/2011 (repealed)Show full title
Regulation of the European Central Bank (EU) No 883/2011 of 25 August 2011 amending Regulation (EC) No 25/2009 concerning the balance sheet of the monetary financial institutions sector (ECB/2008/32) (ECB/2011/12) (repealed)
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Regulation of the European Central Bank (EU) No 883/2011
of 25 August 2011
amending Regulation (EC) No 25/2009 concerning the balance sheet of the monetary financial institutions sector (ECB/2008/32)
(ECB/2011/12) (repealed)
THE GOVERNING COUNCIL OF THE EUROPEAN CENTRAL BANK,
Having regard to Article 5 of the Statute of the European System of Central Banks and of the European Central Bank,
Having regard to Council Regulation (EC) No 2533/98 of 23 November 1998 concerning the collection of statistical information by the European Central Bank(1), and in particular to Articles 5(1) and 6(4),
Having regard to the opinion of the European Commission(2),
Whereas:
(1) 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(3) allowed legal persons to issue electronic money without needing to obtain the status of credit institutions.
(2) As a consequence and in order to continue the collection of statistics in the monetary financial institutions (MFI) sector on electronic money institutions that are principally engaged in financial intermediation in the form of issuing electronic money, it is necessary to adjust the definition of MFIs, and therefore also to update the definitions of ‘electronic money institution’ and ‘electronic money’ in this Regulation. Electronic money institutions within the MFI sector should be classified under the category of ‘other MFIs’.
(3) The amendments to the definition of and the requirements placed on electronic money institutions pursuant to Directive 2009/110/EC have made the provisions of Regulation (EC) No 25/2009 of the European Central Bank (ECB/2008/32)(4) on the granting of derogations from reporting requirements to electronic money institutions obsolete and therefore the respective provisions of Regulation (EC) No 25/2009 (ECB/2008/32) should be deleted.
(4) The guidelines on a common definition of European money market funds (MMFs) issued on 19 May 2010 by the Committee of European Securities Regulators (CESR), the predecessor of the European Securities and Markets Authority, aim to improve investor protection by setting out criteria to be applied by any fund that wishes to market itself as an MMF and serve as a recommendation for European national legislators for supervisory purposes. In light of this, it is appropriate to introduce into Regulation (EC) No 25/2009 (ECB/2008/32) corresponding new identification criteria for MMFs for European System of Central Banks statistical purposes so that the population of MMFs is aligned with the identification criteria expected to apply for supervisory purposes following the abovementioned CESR Guidelines. At the same time, this change aims to increase market transparency and facilitate management reporting on funds,
HAS ADOPTED THIS REGULATION:
(2)
C(2011) 5090 final.
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