COMMISSION DEFERS ELECTRONIC MONEY SURVEILLANCE PROPOSAL.
The European Commission has deferred until September its proposal for a regulatory framework for electronic money. It had originally scheduled the subject for the July 29 meeting of the Commission, the last before the Summer, but at the eleventh hour it was dropped. Financial Services and Consumer Policy Commissioners Mario Monti and Emma Bonino are understood to have agreed on two proposals for Directives which would amend existing EU rules in relation to the activities of credit institutions and issuers of electronic money, and set minimum supervisory rules. The Commission has already committed itself to action in this field in its April 1997 Communication on electronic commerce and in its June 1997 Communication on consumers and financial services.
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|Date:||Jul 29, 1998|
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