Electronic money institutions
Electronic money institutions are companies established for the purpose of issuing electronic money, and in addition to issuing electronic money they may also provide payment services or other commercial transactions, including the service of operating a payment system (hybrid electronic money institutions). Electronic money may be issued by other entities in addition to electronic money institutions. Alongside banks that have obtained an authorisation to issue electronic money in accordance with the Banking Act and the Bank of Slovenia, they include the Public Payments Administration of the Republic of Slovenia and other government bodies and local authority bodies in Slovenia.
For the purposes of obtaining a Bank of Slovenia authorisation in accordance with the Payment Services and Systems Act (in Slovene), companies that want to pursue the activity of issuing electronic money must meet requirements relating to initial capital and minimum capital, the holders of qualifying holdings and the protection of the funds of electronic money holders, and other requirements related to requirements for payment institutions.
The Payment Services and Systems Act also regulates electronic money institutions with a waiver, whom the Bank of Slovenia may in individual cases authorise to pursue these activities under more lenient conditions. This possibility is envisaged only for cases where the average amount of electronic money in circulation does not exceed EUR 200,000. Electronic money institution with an exemption can issue electronic money only in a way that allows the holder to store electronic money on a payment instrument or a payment account up to a maximum amount of EUR 150.
The Bank of Slovenia is a supervisory authority and misdemeanours body in connection with the functioning of electronic money institutions and in connection with persons providing electronic money issuance services without an authorisation.
Electronic money institutions may also provide electronic money issuance services in another Member State of the EU or a signatory state of the Agreement on the European Economic Area or in a third country, via a branch or directly, with due prior notification of such intention or at the time of registration of such provision of services. In this case the electronic money institution is responsible for the legality and proper conduct of the branch or the agent.
Electronic money issuance services in Slovenia may also be provided by electronic money institutions of Member States, either directly or via a branch, and these institutions may also distribute and redeem electronic money via an agent. The Bank of Slovenia is notified of the issuance (or distribution and redemption) of electronic money by electronic money institutions of Member States by the competent supervisory authority of the electronic money institution’s home country (notification of electronic money institutions).
Under the Payment Services and Systems Act, the Bank of Slovenia administers a register of electronic money institutions and electronic money institutions with a waiver, including their agents and branches, and a list of notifications of electronic money institutions.