The law on the implementation of the Second Electronic Money Directive was adopted on 1 March 2011 and published on 8 March 2011 in the Federal Gazette. Therewith electronic money business is taken out of the Banking Act (KWG) and the licensing requirements have been regulated in the Payment Services Act (ZAG). Also under this law, a licensing procedure must be conducted at the Federal Financial Supervisory Authority, if the establishment of an electronic money institution is planned. For already existing electronic money institutions, which have got a license under the Banking Act, there exist certain transitional provisions. Electronic money institutions, which previously had an exemption under the Banking Act, may continue issuing electronic money until 30 April 2012 without permission according to the Payment Services Act.