In the world of Payments and FinTech, PSD2 has been a hot topic for several years now. Last year was already a crucial year with the transposition deadline of this directive scheduled for 13 January 2018. This transposition gave rise to significant (and by now very well-known) changes such as the introduction of regulation on Account Information Services Providers (AISPs) and Payment Initiation Services Provers (PISPs), commonly referred to as Third Party Payment Service Providers (TPPs).
The most important promise of PSD2, i.e. the instalment of an actual ‘open banking’ payment culture in Europe, was, however, not yet realised by this 2018 implementation.
Een aantal amendementen op het wetsontwerp werden ingediend tijdens de plenaire vergadering van de Kamer op 18 december 2018. Een nieuw advies van de Raad van State wordt binnenkort verwacht.
Hier vindt u een overzicht van de voornaamste wijzigingen door Paul Alain Foriers, een van de vier deskundigen benoemd door het Ministerie van Justitie:
La réforme du Code des sociétés - Quelques questions importantes (alleen beschikbaar in het Frans).
On 19 December 2018, the Council of the EU and the Parliament reached an agreement on the proposal for a directive on “preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures”. The main objective of the directive is to enhance the rescue culture across EU. To do so, each Member State will be required to introduce into its substantive law effective preventive restructuring frameworks in order to help debtors experiencing financial difficulties to restructure at an early stage, with the objective to avoid insolvency and to improve the return for the creditors.
Since the late 1990s, the Belgian legislator has been referring to the notion of ‘durable medium’ in order to indicate a bearer of information. The concept of ‘durable medium’ originally stems from European consumer law. However, various definitions as well as different use cases, often in combination with a link to paper, could be found spread across a variety of Belgian laws.
The Law of 20 September 2018, harmonising the concept of durable medium, should end this double shortage of legal coherence, with regard to the definition of a durable medium on the one hand and regarding its coexistence with paper on the other.
It happens that traders, operating in one EU Member State, block or limit access to their websites and applications by customers from other member states who would like to engage in cross-border transactions (a practice called ‘geo-blocking’). This, together with the practice of traders applying different general conditions of access to their goods and services or with regard to the means of payment, based on the customer’s nationality, place of residence or place of establishment, forms a barrier to the free movement of goods and services throughout the EU internal market.
De Commissie voor handels- en economisch recht van de Kamer heeft in tweede lezing het ontwerp van het nieuwe Wetboek van vennootschappen en verenigingen aangenomen.
Hier vindt u een overzicht van de voornaamste wijzigingen door Paul Alain Foriers, een van de vier deskundigen benoemd door het Ministerie van Justitie: La réforme du Code des sociétés - Quelques questions importantes (alleen beschikbaar in het Frans).
Although the Insurance Distribution Directive (“IDD”) was supposed to be implemented on 1st October 2018 at the latest, the Belgian transposition law was only adopted on 14 November 2018. This implementation law is characterised by an expected dose of gold-plating together with a few surprising good news for the industry. In this news, we give our two-cent on the upcoming changes we thought were the most interesting to the industry – and hopefully the less boring to read about.
The public offer of investment instruments and their admission to trading on a regulated market used to be governed by the law of 16 June 2006 implementing the Directive 2003/71/EC of 4 November 2003 (the “Law of 2006”).
While mandatory disclosure of information is vital to protect investors and constitutes a necessary step towards completion of the so-called ‘EU Capital Markets Union’, the rules laid down in the Directive 2003/17/EC led to divergent approaches across Europe and resulted in significant impediments to cross-border offers of securities, multiple listings on regulated markets and to EU consumer protection rules.
On Tuesday 23 October, Sandrine Hirsch, Partner in our Corporate M&A department, gave a lecture on the obligations related to the new UBO Register at a workshop organised by the association “Avocats en droit boursier et financier/Advocaten in het beurs- en financieel recht”, in the presence of Mrs Annika Agemans from the SPF Finances/FOD Financiën.
Sandrine’s presentation is available here (in French).