Article 20 Amendments to Directive 2006/48/EC

Directive 2006/48/EC is hereby amended as follows:

1. 1..

   Article 4 is amended as following:

   1. (a)

      point 1 is replaced by the following:

      1. 1..

         ‘“credit institution” means an undertaking the business of which is to receive deposits or other repayable funds from the public and to grant credits for its own account;’

   2. (b)

      point 5 is replaced by the following:

      1. 5..

         ‘“financial institution” means an undertaking other than a credit institution, the principal activity of which is to acquire holdings or to pursue one or more of the activities listed in points 2 to 12 and 15 of Annex I.’;

2. 2..

   the following point is added to Annex I:

   1. 15..

      ‘Issuing electronic money.’.