Distribution and Redemption of E-Money through E-Money Agents

(1) E-money institutions may use an e-money agent for the distribution or redemption of e-money. Section 25(1) applies correspondingly, save that evidence of reliability and professional suitability need not be submitted.
(2) BaFin may prohibit an e-money institution that has not properly carried out the selection or monitoring of its e-money agents from engaging e-money agents. The prohibition may relate to the distribution or redemption of e-money, or to the engagement of e-money agents as a whole.
(3) Where an e-money institution intends to distribute or redeem e-money through e-money agents in a Member State or another state party to the Agreement on the European Economic Area, section 25(4) in conjunction with section 38(1) applies correspondingly.