Electronic Money Institutions Act Came Into Force

The Electronic Money Institutions Act entered into force on 1 January 2006. 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.

This constitutes direct transposition of the European Union acquis, since this Act harmonises the European Parliament and Council directives 2000/46/EC on electronic money institutions and 2000/28/EC relating to the pursuit of the business of credit institutions. The Act also adds to the provisions under the Law of Obligations that regulate the use of electronic payment instruments.