The European Commission sent to Belgium, Spain, France, Cyprus, Poland and Portugal a easoned opinion which asks to those countries to notify within the next two months the measures they are taking to update their national legislation in conformity with the latest Directive on e-money. Electronic money is a digital equivalent of cash, stored on an electronic device or remotely at a server.

A majority of the Member States have fully implemented the Directive 2009/110/EC on e-money. However in Belgium, Spain, France, Cyprus, Poland and Portugal some of the Directive's provisions still have to be implemented and the transposition process is very slow. The European Commission therefore asked to those countries to notify within the next two months the measures they are taking to update their national legislation in conformity with the latest Directive on e-money. Recently, the European Central Bank endorsed a public consultation on recommendations for the security of internet payments.

Electronic money is a digital equivalent of cash, stored on an electronic device -such as the 'electronic purse', or remotely at a server. The directive focuses on modernising EU rules on electronic money, especially bringing the prudential regime for electronic money institutions.

The Commission expects a response within two months. On the contrary, the Commission may refer the Member States to the Court of Justice of the European Union and may request the Court to impose financial penalties. If the Directive is not fully implemented in all Member States, companies can not reap the benefits of a clear legal framework designed to strengthen the internal market while ensuring an adequate level of prudential supervision.