What does EMI stand for?

The draft law establishes the regime for payment institutions, which generally speaking are institutions other than banks and electronic money institutions that may provide payment services with the prior authorisation from the relevant authority, and designates the Central Bank of Cyprus as the competent authority responsible for the authorisation and prudential supervision of payment institutions.

It is possible for the national supervisor of an electronic money institution to impose technology-specific rules, but the general practice in financial supervision is for these regulations to be technology-neutral as well.

INTERNET BUSINESS NEWS-(C)1995-2006 M2 COMMUNICATIONS LTD The PayPal Mobile service from PayPal (Europe) Ltd, a UK-based Electronic Money Institution (ELMI) and part of eBay-owned PayPal Inc, is to be launched in the UK.

For the first time in the Estonian legal system there is now a law that provides a legal bases for electronic money institution operations, including the conditions of electronic money issue and supervision over the operations of electronic money institutions.

PayPal (Europe) Limited is regulated by the Financial Services Authority in the United Kingdom as an electronic money institution.

According to the new act an electronic money institution must be granted an activity licence by the Financial Supervision Authority that then exercises supervision over the activities of the institution.

PayPal France is provided by PayPal (Europe) Limited, a UK regulated entity authorized by the Financial Services Authority as an electronic money institution.

Further, the consolidated banking supervision will extend over the mixed consolidated group and mixed subconsolidated group to the extent of intragroup trades between a bank or an electronic money institution and a holding company with mixed activities and its subsidiaries.