Recital 7

(7)In accordance with Article 6(1)(a) of Directive 2009/110/EC of the European Parliament and of the Council ³ , electronic money institutions, in addition to issuing electronic money, are entitled to engage in the provision of payment services. Further, in accordance with Article 3(1) of that Directive, the procedures for supervision of payment institutions exercising the right of establishment and freedom to provide services, including any periodical reporting required from payment institutions, apply mutatis mutandis to electronic money institutions. Article 3(4) of Directive 2009/110/EC also establishes that the provisions for supervision of payment institutions exercising the right of establishment and freedom to provide services apply mutatis mutandis to electronic money institutions distributing electronic money in another Member State through natural or legal persons that act on their behalf, with the exception of the appointment of central contact points in accordance with Article 29(4) of Directive (EU) 2015/2366. Article 3(5) of Directive 2009/110/EC provides that electronic money institutions may not issue electronic money through agents, while they are allowed to provide payment services through agents subject to the conditions laid down in Article 19 of Directive (EU) 2015/2366. Cross-border cooperation among competent authorities in relation to electronic money institutions having branches, agents or distributors within the territory of a host Member State should be facilitated with regard to the content and the format of the reports to be submitted. Nevertheless, information for monitoring compliance with the provisions of national law transposing Titles III and IV of Directive (EU) 2015/2366 should be submitted only by electronic money institutions providing payment services via branches or agents that are establishments in the host Member States.