Electronic money institutions shall have sound and prudent management, administrative and accounting procedures and adequate internal control mechanisms. These should respond to the financial and non-financial risks to which the institution is exposed including technical and procedural risks as well as risks connected to its cooperation with any undertaking performing operational or other ancillary functions related to its business activities.
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New version applies from 30/04/2011 — introduced by Directive 2009/110/EC.
32 provisions change.
Article 7 is deleted from 30/04/2011.