The definition of electronic money should cover electronic money whether it is held on a payment device in the electronic money holder’s possession or stored remotely at a server and managed by the electronic money holder through a specific account for electronic money.

49. On the basis of an evaluation of the risk-management processes, of the risk loss data bases and internal control mechanisms of the electronic money institution, the competent authorities may require the electronic money institution to hold an amount of own funds which is up to 20% higher than the amount which would result from the application of the method chosen in accordance with paragraph 2, or permit the electronic money institution to hold an amount of own funds which is up to 20% lower than the amount which would result from the application of the method chosen in accordance with paragraph 2.

5. On the basis of an evaluation of the risk-management processes, of the risk loss databases and internal control mechanisms of the electronic money institution, the competent authorities may require the electronic money institution to hold an amount of own funds which is up to 20 % higher than the amount which would result from the application of the relevant method in accordance with paragraph 2, or permit the electronic money institution to hold an amount of own funds which is up to 20 % lower than the amount which would result from the application of the relevant method in accordance with paragraph 2.

This includes the authorisation procedure of Directive 2007/64/EC, following which e-money institutions have to submit an application to the competent authorities of the home Member State, including, inter alia , the programme of operations, a business plan and evidence of initial capital and governance arrangements.

They say their coin recognition machines must be highly reliable because if they fail to recognize legitimate coins their machines are subject to a lot of vandalism (2110) We would not want to impose that on people who depend upon the Canadian government's coinage system.

3. Promoting access to employment This priority centres on schemes to re-integrate people into working life organized together with local employers (groupement d'employeurs pour l'insertion et la qualification - GEIQ) and on designing local transport systems to provide access to jobs and training facilities for the long-term unemployed.