BRUSSELS – The European Commission has issued a reasoned opinion requesting from Cyprus, Belgium, Spain, France, Poland and Portugal to conform with the latest Directive on e-money.

The Directive aims at facilitating market entry, as well as at the taking up and pursuit of the business of electronic money issuance.

The six member states have to notify the Commission within the next two months of the measures they are taking to update their national legislation.

If they do not do so, then the Commission may refer the Member States to the Court of Justice of the European Union and request the imposition of financial penalties.

The deadline for implementing the rules in question was April 30, 2011.

While the majority of the Member States have fully implemented the Directive, the six member states in question have still to implement some of the provisions and the transposition process is very slow.