The novelties of the new BoG Act on payment and e-money institutions Bank of Greece – Executive Committee Act no.164/13.12.2019

The proliferation of fintech companies in the global and local markets and the reform of the relevant legal framework from the European Union urged the Bank of Greece (“BoG”) to revisit the existing supervisory framework. As a result, the Executive Committee of BoG issued Act no.164/13.12.2019 (the “New Act”) regarding the requirements for payment institutions, e-money institutions and for account information service providers to become authorized in Greece, as well as the acquisition of qualifying holdings in such institutions, and the creation of a relevant registry, where all the authorized institutions will be registered for compliance and transparency purposes. The New Act harmonizes the Greek legal framework for payment and e-money institutions with Directive 2015/2366/EU (“PSD2”) and Directive 2009/110/EU (“E-money Directive”), which have already been implemented into the Greek legal order by virtue of Greek Law 4537/2018 (the “PSD2 Law”) and Greek Law 4022/2011 (the “E-money Law”), respectively.

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