PSD2: New Payment Services Law in Belgium

On Monday 26 March 2018, a new transposition law was published in the Belgian Official Gazette: the Law of 11 March 2018 on the statute and supervision of payment institutions and electronic money institutions, access to the business of payment service provider and to the activity of issuing electronic money, and access to payment systems.

PSD2 law in Belgium

This law implements the Directive 2015/2366 of the European Parliament and of the Council of 25 November 2015, more commonly known as the PSD2. This was urgently needed, as Member States had until 13 January 2018 to implement the Directive into national law.

The new law replaces the Law of 21 December 2009 on the status of payment institutions and electronic money institutions, access to the business of payment service provider and to the activity of issuing electronic money and access to payment systems.

Payment Initiation and Access to the Account

The transposition law consists of five parts:

• The first book lists a number of definitions.
• Secondly, the transposition law describes the regulations surrounding the payment service providers.
• The third book regulates access to payment systems in Belgium and interoperability.
• The fourth part deals with access to the business of issuing electronic money and the statute of electronic money institutions.
• The last part, book V, lists the transitional, amending and lifting provisions.

PISP & AISP 

One of the main innovations of the Directive worth mentioning is the introduction of two new payment services providers: the Payment Initiation Services Provider (PISP) and the Account Information Services Provider (AISP).

More information about the PSD2 can be found in the following previous blogs:

• PSD2: Can you feel the buzz?
• PSD2: Access to the account
• Prepare for new payment security guidelines. Political Agreement on new Payment Services Directive
• FinTech Lawyers Network officially launched at Money20/20 Europe

And the following blogs in Dutch:

• PSD2: Toegang tot de rekening
• Payment Services Directive (PSD2) gestemd in Europees Parlement. Wat nu?

For further information on this legal development please contact Edwin Jacobs at edwin.jacobs@timelex.eu. We will cover more details about the new payment legislation soon.

In the meantime check out the overview of the PSD2 legislation in the EU by our colleagues of the Fintech Lawyers (www.fintechlawyers.com)