PSD2 implementation: new payment institutions law adopted in Belgian Parliament
On 8 March 2018, the Belgian Parliament adopted the Act implementing directive (EU) 2015/2366 on payment services in the internal market.
The new Act[i] repeals and replaces the Act of 21 December 2009 on payment institutions and electronic money institutions[ii].
As 'gold-plating' (i.e. providing for stricter or more specific rules) is not allowed by the directive, the government did not have much room to manoeuvre in respect of the transposition.
A separate law, amending Book VII of the Economic Law Code, will be drafted to implement various other provisions of the directive, which relate to consumer protection and codes of conduct.
In the months following the entry into force of the new Act, all existing registrations and licenses will be reviewed by the National Bank of Belgium, in order to verify that all new obligations are complied with.
The transposition deadline of directive (EU) 2015/2366 was 13 January 2018. The better part of the new Act will enter into force on the day of its publication in the Belgian Official Journal.
Footnotes:
[i] Act on the legal status and the supervision of payment institutions and electronic money institutions, the access to the activity of payment service provider and the issuance of electronic money, and access to payment systems.
[ii] Act of 21 December 2009 on the legal status of payment institutions and electronic money institutions, the access to the activity of payment service provider and the issuance of electronic money, and access to payment systems.
Relevant texts:
- New Payment Institutions Act (adopted text)
- Procedural law accompanying the New Payment Institutions Act - creating room for appeal of decisions taken on the basis of the new rules (adopted text)
- PSD2: Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC
This article was co-written by Sarah De Dijn in her capacity as an associate at Stibbe.
