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.
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.
The transposition law consists of five parts:
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:
And the following blogs in Dutch:
In the meantime check out the overview of the PSD2 legislation in the EU by our colleagues of the Fintech Lawyers (www.fintechlawyers.com)