Act of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions and on access to the activity of payment service provider, to the issuance of electronic money and to payment systems

Titel

2018030643

11 MARCH 2018. - Act concerning the status of and supervision over payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money, and access to payment systems (NOTE: Consultation of previous versions from 26-03-2018 and text update until 24-12-2025)

Source: Finance

Publication: 26 March 2018

Number: 2018030643

page: 29444

File number: 2018-03-11/07

Entry into force: 26 March 2018

Erratum: Publication of 6 April 2018, number 2018030723, page 32331 image of the official publication

This text has modified the following texts:

2009003476 1998003158 2016003373 2014003194

11 archived versions

11 implementing decrees

BOOK I. - OBJECT - DEFINITIONS - GENERAL PROVISIONS TITLE I. - General provision and objective Art. 1 TITLE II. - Definitions Art. 2 TITLE III. - General provisions Art. 3-4 BOOK II. - PAYMENT SERVICE PROVIDERS TITLE I. - Monopoly in favor of payment service providers Art. 5-8 TITLE II. - Payment institutions under Belgian law CHAPTER I. - Licensed payment institutions Section I. - Access to the business Subsection 1. - Licensing requirement Art. 9 Subsection 2. - Procedure Art. 10-14 Section II. - Licensing conditions Subsection 1. - General provisions Art. 15 Subsection 2. - Company form Art. 16 Subsection 3. - Share capital Art. 17 Subsection 4. - Professional liability insurance Art. 18 Subsection 5. - Shareholders or partners Art. 19 Subsection 6. - Management Art. 20 Subsection 7. - Organization Art. 21-22 Subsection 8. - Board of Directors Art. 23 Section III. - Conditions for carrying on business Subsection 1. - General provision Art. 24 Subsection 2. - Changes in capital structure Art. 25-31, 31/1, 32 Subsection 3. - Minimum own funds Art. 33 Subsection 4. - Management and leaders 4.1. Supervision and assessment by the statutory management body Art. 34-35 4.2. Measures to be taken by the persons responsible for effective management Art. 36 4.2./1 [1 Requirements regarding the composition of the statutory management body and the composition of the effective management]1 Art. 36/1 4.3. Appointments and dismissals Art. 37, 37/1 Subsection 5. - Outsourcing Art. 38 Subsection 6. - Specific transactions 6.1. Mergers, splits, transfers and other transactions requiring consent Art. 39, 39/1 6.2. Holdings Art. 40 Subsection 7. - Prohibition on the use of and protection of funds Art. 41-42 Subsection 8. - Exercise of other activities 8.1. Operational or ancillary activities closely linked to payment services and management of payment systems Art. 43 8.2. [1 Other activities]1 Art. 44 8.3. Prohibited activities Art. 45 Subsection 9. - Management of payment data of payment service users 9.1. Principle Art. 46 9.2. Authentication - general obligations Art. 47 9.3. Protection of certain data in the event of payment initiation by a payment institution providing payment initiation services Art. 48 Subsection 10. - Secure communication Art. 49 Subsection 11. - Security policy 11.1. Analysis of operational and security risks Art. 50 11.2. Measures to protect users against security risks Art. 51 11.3.
Management of security risks and operational risks Art. 52 Subsection 12. - Management and reporting of security incidents Art. 53 Subsection 13. - Provision of statistical data Art. 54 Subsection 14. - Issuance of card-based payment instruments - specific obligations of payment institutions issuing card-based payment instruments Art. 55 Subsection 15. - Specific obligations of account-holding payment institutions Art. 56-58 Subsection 16. - Exercise of activities abroad 16.1. Exercise of the right of establishment abroad via a branch Art. 59-64, 64/1 16.2. Exercise of the right to freely provide payment services in another Member State Art. 65-69 16.3. Exercise of activities in another Member State via an agent Art. 70 Subsection 17. - Service provision via an agent Art. 71-74 Subsection 18. - Retention of data Art. 75 Section IV. - Periodic information provision and accounting rules Art. 76-80 CHAPTER II. - Registered payment institutions Section I. - Limited payment institutions Subsection 1. - Conditions for eligibility for the status Art. 81 Subsection 2. - Access to registration Art. 82-85 Subsection 3. - Conditions for obtaining a registration Art. 86 Subsection 4. - Conditions for exercise Art. 87 Subsection 5. - Periodic and accounting information, supervision and rules for institutions in difficulty or in an irregular situation Art. 88 Section II. - Payment institutions providing account aggregation services Subsection 1. - Obligation to register and procedure Art. 89-93 Subsection 2. - Conditions for obtaining a registration Art. 94-95 Subsection 3. - Conditions for exercise Art. 96-98 Subsection 4. - Periodic information provision and accounting rules Art. 99 CHAPTER III. - Supervision of payment institutions, payment institutions in difficulty or in an irregular situation and termination of the license or registration Section I. - Supervision of payment institutions under Belgian law Subsection 1. - Supervision by the Bank 1.1. Principles Art. 100-101 1.2. Prerogatives Art. 102-103 Subsection 2. - Supervision by the Bank on activities exercised in another Member State 2.1. Definitions and principle Art. 104-105 2.2. On-site inspections Art. 106 2.3. Cooperation Art. 107 2.4. Extraordinary measures by the Bank Art. 108 Subsection 3. - Audit supervision Art. 109-110, 110/1, 111-115 Section II. - Payment institutions in difficulty or in an irregular situation Subsection 1. - Compulsory measures Art. 116 Subsection 2. - Exceptional recovery measures Art. 117, 117/1 Section III. -
Termination of the license and registration Art. 118-119, 119/1 TITLE III. - Payment institutions subject to foreign law CHAPTER I. - Branches, agents and activities exercised in Belgium in the framework of the free provision of services by payment institutions subject to the law of another Member State Section I. - Access to the business in Belgium Subsection 1. - Branches Art. 120-123 Subsection 2. - Free provision of services Art. 124-126 Subsection 3. - Agents Art. 127-128 Section II. - Business conduct Art. 129-132 Section III. - Periodic information provision, statistics and accounting rules Art. 133 Section IV. - Supervision of activities Subsection 1. - Definition and principle Art. 134-135 Subsection 2. - Cooperation Art. 136-137 Subsection 3. - Prerogatives Art. 138-139 Section V. - Extraordinary measures Art. 140-143, 143/1 CHAPTER II. - Branches in Belgium of payment institutions subject to the law of a third country Art. 144 TITLE IV. - Provisions applicable to other payment service providers under Belgian law than payment institutions Art. 145-146, 146/1 TITLE V. - Penalty payments, other coercive measures and sanctions CHAPTER I. - Penalty payments, other coercive measures and administrative sanctions Art. 147-148 CHAPTER II. - Criminal sanctions Art. 149-153 BOOK III. - ACCESS TO PAYMENT SYSTEMS IN BELGIUM AND INTEROPERABILITY TITLE I. - Access to payment systems in Belgium Art. 154 TITLE I/1. [1 Conditions for participation in designated payment systems ]1 Art. 154/1, 154/2, 154/3, 154/4, 154/5, 154/6 TITLE II. - Interoperability Art. 155-156 TITLE III. - Separation between payment card schemes and processing entities Art. 157 TITLE IV. - Supervision Art. 158-160 TITLE V. - Penalty payments and sanctions Art. 161-162 BOOK IV. - ACCESS TO THE ACTIVITY OF ISSUING ELECTRONIC MONEY AND STATUS OF ELECTRONIC MONEY INSTITUTIONS TITLE I. - Issuers of electronic money Art. 163-166 TITLE II. - Electronic money institutions under Belgian law CHAPTER I. - Licensed electronic money institutions Section I. - Access to the business Art. 167-170 Section II. - Licensing conditions Subsection 1. - General provisions Art. 171 Subsection 2. - Company form Art. 172 Subsection 3. - Share capital Art. 173 Subsection 4. - Shareholders or partners Art. 174 Subsection 5. - Management Art. 175 Subsection 6. - Organization Art. 176 Subsection 7. - Board of Directors Art. 177 Section III. - Conditions for carrying on business Subsection 1. - General provision Art. 178 Subsection
2. - Management and leaders 2.1. Supervision and assessment by the statutory management body Art. 179 2.2. Measures to be taken by the persons responsible for effective management Art. 180 2.2./1 [1 Requirements regarding the composition of the statutory management body and the composition of the effective management]1 Art. 180/1 2.3. Appointments and dismissals Art. 181, 181/1 Subsection 3. - Minimum own funds Art. 182 Subsection 4. - Changes in capital structure Art. 183 Subsection 5. - Specific transactions 5.1. Mergers, splits, transfers and other transactions requiring consent Art. 184 5.2. Holdings Art. 185 Subsection 6. - Exercise of activities abroad 6.1. Exercise of the right of establishment abroad via a branch Art. 186 6.2. Issuance of electronic money in the framework of the free provision of services in another Member State Art. 187 6.3. Remittance of electronic money to another Member State via a distributor Art. 188 6.4. Exercise of the payment services business in another Member State via an agent Art. 189 Subsection 7. - Service provision via a distributor and/or an agent Art. 190 Subsection 8. - Exercise of other activities 8.1. Payment services, operational or ancillary activities closely linked to payment services and management of payment systems Art. 191 8.2. Other hybrid activities Art. 192 8.2/1. [1 Activities related to crypto-assets]1 Art. 192/1 8.3. Prohibited activities Art. 193 Subsection 9. - Protection of funds Art. 194 Subsection 10. - Outsourcing Art. 195 Subsection 11. - Retention of data Art. 196 Section IV. - Accounting rules and periodic information provision Art. 197-198 CHAPTER II. - Limited electronic money institutions Section I. - Conditions for eligibility for the status Art. 199 Section II. - Access to registration Art. 200-201 Section III. - Conditions for obtaining a registration Art. 202 Section IV. - Conditions for exercise Art. 203 Section V. - Periodic and accounting information, supervision and rules for institutions in difficulty or in an irregular situation Art. 204 CHAPTER III. - Supervision of electronic money institutions, electronic money institutions in difficulty or in an irregular situation and termination of the license or registration Section I. - Supervision of electronic money institutions under Belgian law Subsection 1. - Supervision by the Bank 1.1. Principles Art. 205-206 1.2. Prerogatives Art. 207-208 Subsection 2. - Supervision by the Bank on activities exercised in another Member State 2.1. Definitions and principles Art. 209
2.2. On-site inspections Art. 210 2.3. Cooperation Art. 211 2.4. Extraordinary measures by the Bank Art. 212 Subsection 3. - Audit supervision Art. 213 Section II. - Electronic money institutions in difficulty or in an irregular situation Subsection 1. - Compulsory measures Art. 214 Subsection 2. - Exceptional recovery measures Art. 215, 215/1 Section III. - Termination of the license or registration Art. 216-217, 217/1 TITLE III. - Electronic money institutions subject to foreign law CHAPTER I. - Branches, agents, distributors and activities exercised in Belgium in the framework of the free provision of services by electronic money institutions subject to the law of another Member State Section 1. - Access to the business in Belgium Subsection 1. - Branches Art. 218 Subsection 2. - Free provision of services Art. 219 Subsection 3. - Agents Art. 220 Subsection 4. - Distributors Art. 221 Section II. - Business conduct Art. 222 Section III. - Periodic information provision, statistics and accounting rules Art. 223 Section IV. - Supervision of activities Subsection 1. - Definitions and principle Art. 224 Subsection 2. - Cooperation Art. 225 Subsection 3. - Prerogatives Art. 226 Section V. - Extraordinary measures Art. 227 CHAPTER II. - Branches in Belgium of electronic money institutions subject to the law of a third country Art. 228 TITLE IV. - Penalty payments and sanctions CHAPTER I. - Penalty payments and administrative sanctions Art. 229-230 CHAPTER II. - Criminal sanctions Art. 231-236 BOOK IV/1. [1 - SPECIAL RULES IN THE EVENT OF A COLLECTIVE PROCEDURE]1 Art. 236/1, 236/2, 236/3 BOOK V. - TRANSITIONAL, AMENDING AND REPEALING PROVISIONS TITLE I. - Transitional provisions CHAPTER I. - Payment institutions Art. 237-240 CHAPTER II. - Electronic money institutions Art. 241 TITLE II. - Amending provisions CHAPTER I. - Amendments to the Act of 22 February 1998 establishing the organic statute of the National Bank of Belgium Art. 242-244 CHAPTER II. - Amendments to the Act of 25 April 2014 on the status of and supervision over credit institutions and investment firms Section I. - Various amendments Art. 245-246 Section II. - Amendments for the transposition of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEG and Directives 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU and 2013/36/EU and Regulations (EU) No 1093/2010
and (EU) No 648/2012, of the European Parliament and of the Council Art. 247-255 CHAPTER III. - Amendments to the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over asset management companies and investment advisory firms Art. 256-257 TITLE III. - Repealing provision Art. 258 BOOK VI. - ENTRY INTO FORCE Art. 259 ANNEX. Art. N

Text

BOOK I. - OBJECT - DEFINITIONS - GENERAL PROVISIONS

TITLE I. - General provision and objective

Article 1.§ 1. This Act regulates a matter as referred to in Article 74 of the Constitution.
§ 2. This Act regulates the establishment and activities of, and supervision over, payment institutions and electronic money institutions operating in Belgium, as well as certain obligations applicable to the different categories of payment service providers and access to payment systems [1, in order to ensure the safety of payment services and to protect their users appropriately, thereby not only contributing to the proper functioning of the payment services market, but also promoting the efficiency of the payment system as a whole and better protecting the financial system]1. § 3. The provisions of Book II of this Act, which aim to transpose the provisions of Titles I and II and of Articles 65 to 67 and 95 to 98 of Title IV of Directive (EU) 2015/2366, regulate the activities of payment service providers, the status of payment institutions and the supervision of compliance with the rules comprising this status. Book III of this Act aims in particular to transpose Article 35 of Directive (EU) 2015/2366 and regulates access to and interoperability of payment systems in Belgium and the separation between payment card schemes and processing entities. Book IV of this Act aims to transpose Directive 2009/110/EG. Book IV therefore regulates the activity of issuing electronic money, the status of electronic money institutions, as well as the supervision of compliance with the rules comprising this status. Finally, the provisions of Book V, Title II, Chapter II, Section II provide in particular for the partial transposition of Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 establishing a framework for the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEG and Directives 2001/24/EG, 2002/47/EG, 2004/25/EG, 2005/56/EG, 2007/36/EG, 2011/35/EU, 2012/30/EU and 2013/36/EU and Regulations (EU) No 1093/2010 and (EU) No 648/2012, of the European Parliament and of the Council. These articles aim in particular to transpose Articles 2, points 48, 82 and 84, 4, paragraph 7, 65, paragraph 2, 74, paragraph 2 and paragraph 3 and 86, paragraph 3 of the aforementioned directive. ---------- (1)<W 2022-07-20/40, art. 385, 008; Entry into force : 06-10-2022>

TITLE II. - Definitions

[Art. 2]. For the purposes of this Act, the following terms shall mean:

1° "payment service": the payment services referred to in Annex I.A;

2° "execution of a credit transfer": a payment service for crediting the payment account of a beneficiary with a payment transaction or a series of payment transactions from a payer's payment account by the payment service provider managing the payer's payment account, based on an instruction given by the payer;

3° "acceptance of payment transactions": a payment service offered by a payment service provider whereby an agreement is concluded with a beneficiary for the acceptance and processing of payment transactions, resulting in a funds transfer to the beneficiary;

4° "money remittance": a payment service whereby, without opening accounts in the name of the payer or the beneficiary, funds are received from a payer with the sole purpose of transferring the corresponding amount to a beneficiary or to another payment service provider acting on behalf of the beneficiary, and/or whereby funds are received on behalf of the beneficiary and made available to the beneficiary;

5° "payment initiation service": a service for initiating a payment order, at the request of the payment service user, to debit a payment account held by that user with another payment service provider, [2 and to credit another account]2;

6° "account information service": an online service for providing consolidated information about one or more payment accounts held by the payment service user with another payment service provider or with more than one payment service provider;

7° "issuance of payment instruments": a payment service offered by a payment service provider whereby an agreement is concluded to provide a payer with a payment instrument for initiating and processing the payer's payment transactions;

8° "payment institution": an institution as referred to in Book II, Title II;

9° "registered payment institution": a payment institution as referred to in Book II, Title II, Chapter II;

10° "licensed payment institution": a payment institution as referred to in Book II, Title II, Chapter I;

11° "payment service provider": the institutions, authorities and entities referred to in Article 5;

12° "account-holding payment service provider": a payment service provider that offers and manages a payment account for the benefit of a payment service user;

13° "account-holding payment institution": a payment institution that offers and manages a payment account for the benefit of a payment service user;

14° "payment initiation service provider": a payment service provider that carries out the activities referred to in Annex I.A, point 7;

15° "payment institution providing payment initiation services": a payment institution that carries out the activities referred to in Annex I.A, point 7;

16° "account information service provider": a payment service provider that carries out the activities referred to in Annex I.A, point 8;

17° "payment institution providing account aggregation services": a payment institution that carries out the activities referred to in Annex I.A, point 8;

18° "payment account": an account held in the name of one or more payment service users that is used for the execution of payment transactions;

19° "payment service user": a natural or legal person who uses a payment service as a payer, a beneficiary, or both;

20° "payer": either a natural or legal person who holds a payment account and authorizes a payment order from that payment account, or, in the absence of a payment account, a natural or legal person who gives a payment order;

21° "beneficiary": a natural or legal person who is the intended recipient of the funds subject to a payment transaction;

22° "payment transaction": an act initiated by or on behalf of the payer or by the beneficiary whereby funds are deposited, transferred or withdrawn, regardless of whether there are underlying obligations between the payer and the beneficiary;

23° "remote payment transaction": a payment transaction initiated via the internet or with a device suitable for remote communication;

24° "payment order": an instruction given by a payer or beneficiary to his payment service provider to execute a payment transaction;

25° "funds": banknotes and coins, script money and electronic money as defined in item 77°;

26° "payment instrument": personalized instrument(s) and/or a set of procedures, agreed between the payment service user and the payment service provider, which the payment service user uses for initiating a payment order;

27° "third country": a state that is not a party to the Agreement on the European Economic Area;

28° "Member State": a state that is a party to the Agreement on the European Economic Area;

29° "home Member State": the Member State where a payment institution has been granted a license;

30° "host Member State": a Member State other than the home Member State where a payment institution has a branch or agents, or provides services;

31° "payment system": a system for the transfer of funds with formal and standardized arrangements and common rules for the processing, clearing and/or settlement of payment transactions;

32° "retail payment system": a payment system that is mainly intended for the processing, clearing or settlement of credit transfers or direct debits which are generally bundled for transmission purposes and mainly concern small amounts and have low priority, and which is not a large-value payment system;

33° "branch": a business establishment that is not the head office and which forms a part without legal personality of a payment institution and directly carries out all or certain of the acts inherent in the activities of a payment institution; all business establishments of a payment institution with its head office in another Member State located in the same Member State shall be considered together as one branch;

34° "agent": a natural or legal person who acts on behalf of a payment institution in the provision of payment services;

35° "close links":
a) a situation where a participation relationship exists, or b) a situation where undertakings are connected undertakings, or c) a link of the same kind as referred to in a) and b) above between a natural person and a legal person;

36° "outsourcing": an agreement of any form between a payment institution and a service provider on the basis of which this service provider carries out a process, service or activity that would otherwise be carried out by the payment institution itself;

37° "regulated undertaking": an undertaking with the status of:
- credit institution as defined in Article 1, § 3 of the Banking Act;
- insurance or reinsurance undertaking as defined in Article 5 of the Act of 13 March 2016 on the status and supervision of insurance or reinsurance undertakings;
- investment firm as defined in Article 3, § 1 of the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision of asset management companies and investment advice;
- management company of collective investment undertakings as defined in Article 3, 12° of the Act of 3 August 2012 concerning collective investment undertakings that meet the conditions of Directive 2009/65/EC and investment undertakings in debt claims;
- manager of alternative investment funds as defined in Article 3, 13° of the Act of 19 April 2014 concerning alternative investment funds and their managers; and
- any other undertaking incorporated under foreign law that, if it had its seat in Belgium, would need to obtain a license for the exercise of the business of an investment firm;

38° "electronic communications network": a network as defined in Article 2, point a), of Directive 2002/21/EC of the European Parliament and of the Council of 7 March 2002 on a common regulatory framework for electronic communications networks and services;

39° "electronic communications service": a service as defined in Article 2, point c), of Directive 2002/21/EC;

40° "digital content": goods or services produced and supplied in digital form that can only be used or consumed within a technical device, and whereby no physical goods or services are used or consumed in any way;

41° "own funds": capital as defined in Article 4, paragraph 1, point 118, of Regulation (EU) No 575/2013, provided that at least 75% of tier 1 capital consists of tier 1 core capital as referred to in Article 50 of that Regulation and that tier 2 capital amounts to at most one third of tier 1 capital;

42° "group": a group of undertakings that are connected to each other by a relationship as referred to in Article 22, paragraphs 1, 2 or 7 of Directive 2013/34/EU, or undertakings as referred to in Articles 4, 5, 6 and 7 of Commission Delegated Regulation (EU) No 241/2014 (1), which are connected to each other by a relationship as referred to in Article 10, paragraph 1, or in Article 113, paragraph 6 or 7, of Regulation (EU) No 575/2013;

43° "qualified holding": a qualified holding as defined in Article 3, 28°, of the Banking Act;

44° "authentication": a procedure by which a payment service provider can verify the identity of a payment service user or the validity of the use of a specific payment instrument, including the use of the user's personal security data;

45° "strong customer authentication": authentication using two or more factors that are regarded as knowledge (something only the user knows), possession (something only the user has) and inherence (something the user is) and which are mutually independent, in that the compromise of one does not undermine the reliability of the others, and which are set up in such a way that the confidentiality of the authentication data is protected;

46° "sensitive payment data": data with which fraud can be committed, including personal security data. For the activities of payment initiation service providers and account information service providers, the account holder's name and account number do not constitute sensitive payment data;

47° "remote communication technique": a means that can be used for concluding a payment service agreement without the payment service provider and the payment service user being physically present at the same time;

48° "strategic decision": a decision that has a certain importance and therefore may have a broader impact on the institution, insofar as it affects various functions of the institution, and which relates to any investment, divestment, participation or strategic cooperation relationship of the institution, in particular a decision to purchase or establish another institution, to establish a joint venture, to establish itself in another state, to conclude a cooperation agreement, to bring in or purchase a business sector, to enter into a merger or a split. By regulation established pursuant to Article 12bis, § 2, of the Act of 22 February 1998, the Bank may determine further which decisions should be considered strategic within the meaning of this provision, taking into account in particular the risk profile and the nature of the activities of the institutions. It shall make that regulation public;

49° "personal security data": personalized data provided for the purposes of authentication by the payment service provider to a payment service user;

50° "independent control function": the compliance function, the risk management function or the internal audit function as referred to respectively in Article 21, § 1, 5°, 6° and 7°, and in Article 176, § 1;

51° "operator": entity or entities that are legally liable for the operation of a system;

52° "direct debit": a payment service for debiting the payment account of a payer, whereby a payment transaction is initiated by the beneficiary on the basis of consent granted by the payer to the beneficiary, to the payment service provider of the beneficiary, or to the payment service provider of the payer;

53° "the Financial Services and Markets Authority": the institution referred to in Article 44 of the Act of 2 August 2002, hereinafter referred to as "the FSMA";

54° "the Bank": the National Bank of Belgium, as referred to in the Act of 22 February 1998;

55° "Directive 2009/110/EC": Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC;

56° "Directive 2013/36/EU": Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions [3 ...]3], amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC;

57° "Regulation (EU) No 575/2013": Regulation (EU) No 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential requirements for credit institutions [3 ...]3 and amending Regulation (EU) No 648/2012;

58° "Directive (EU) 2015/849": Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC;

59° "Directive (EU) 2015/2366": 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;

60° "implementing measures of Directive (EU) 2015/2366": the set of implementing measures taken to implement Directive (EU) 2015/2366;

61° "Regulation (EU) No 648/2012": Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;

[1 61°/1 "Regulation (EU) No 2015/2365": Regulation (EU) 2015/2365 of the European Parliament and of the Council of 25 November 2015 on the transparency of securities financing transactions and of re-use and amending Regulation (EU) No 648/2012;]1

62° "Regulation (EU) No 260/2012": Regulation (EU) No 260/2012 of the European Parliament and of the Council of 14 March 2012 laying down technical and business requirements for credit transfers and direct debits in euro and amending Regulation (EC) No 924/2009;

63° "SSM Regulation": Regulation (EU) No 1024/2013 of the Council of 15 October 2013 conferring specific tasks on the European Central Bank concerning policies relating to the prudential supervision of credit institutions;

64° "Regulation (EU) No 2015/751": Regulation (EU) No 2015/751 of the European Parliament and of the Council of 29 April 2015 on interchange fees for card-based payment transactions;

65° [6 "Regulation (EU) 2023/1113": Regulation (EU) 2023/1113 of the European Parliament and of the Council of 31 May 2023 on information accompanying transfers of funds and certain transfers of crypto-assets and amending Directive (EU) 2015/849;]6

[4 65°/1 Regulation (EU) 2017/2402: Regulation (EU) 2017/2402 of the European Parliament and of the Council of 12 December 2017 laying down a general framework for securitisation and creating a specific framework for simple, transparent and standardised securitisation, and amending Directives 2009/65/EC, 2009/138/EC and 2011/61/EU and Regulations (EC) No 1060/2009 and (EU) No 648/2012;]4

[4 65°/2 Regulation (EU) 2022/2554: Regulation (EU) 2022/2554 of the European Parliament and of the Council of 14 December 2022 on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014, (EU) No 909/2014 and (EU) 2016/1011;]4

[6 65°/3 "Regulation 2023/1114": Regulation (EU) 2023/1114 of the European Parliament and of the Council of 31 May 2023 on markets in crypto-assets and amending Regulations (EU) No 1093/2010 and (EU) No 1095/2010 and Directives 2013/36/EU and (EU) 2019/1937;]6

66° "the Act of 22 February 1998": the Act of 22 February 1998 laying down the organic statute of the National Bank of Belgium;

[5 66°/1 the Act of 28 April 1999: the Act of 28 April 1999 implementing Directive 98/26/EC of 19 May 1998 on settlement finality in payment and securities settlement systems;]5

67° [6 "the Act of 11 July 2018": the Act of 11 July 2018 on the offer of investment instruments to the public and the admission of investment instruments to trading on a regulated market;]6

68° "the Act of 21 December 2009": the Act 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;

69° "the Banking Act": the Act of 25 April 2014 on the status of and supervision of credit institutions and stock exchange companies;

70° "the Act of 18 September 2017": the Act of 18 September 2017 on the prevention of money laundering and terrorist financing and on the restriction of the use of cash, and its implementing measures;

71° "the Act of 2 May 2007": the Act of 2 May 2007 on the disclosure of major holdings in issuers whose shares are admitted to trading on a regulated market and containing various provisions;

72° "the Act of 25 October 2016": the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision of asset management companies and investment advice;

73° "electronic money institution": an institution as referred to in Book IV, Titles II and III;

74° "limited electronic money institution": an institution as referred to in Book IV, Title II, Chapter II;

75° "licensed electronic money institution": an electronic money institution as referred to in Book IV, Title II, Chapter I;

76° "issuers of electronic money": the institutions and other entities referred to in Article 163, whose activities consist in issuing electronic money;

77° "electronic money": electronic, including magnetic, stored monetary value represented by a claim on the issuer, which is issued against received funds for the purpose of making payment transactions as defined in item 22° of this Article, and which is accepted by a natural or legal person other than the issuer of electronic money;

78° "holder of electronic money": a natural or legal person who hands over money to an issuer of electronic money in exchange for the issuance of electronic money by that issuer;

79° "average outstanding electronic money": the average total amount of financial obligations related to electronic money that are in circulation at the end of each calendar day during the six preceding calendar months, calculated on the first calendar day of each calendar month and applied for that calendar month;

80° "distributor": a natural or legal person who transfers and/or refunds electronic money on behalf of an electronic money institution in accordance with Article 190;

81° "working day": a day as described in Article I.9, 17°, of Chapter 5, Title 2, Book I of the Code of Economic Law.

(1)<W 2018-07-30/10, art. 123 , 002; Inwerkingtreding : 20-08-2018>

(2)<W 2019-05-02/25, art. 103, 004; Inwerkingtreding : 31-05-2019> (3)<W 2022-07-20/40, art. 386, 008; Inwerkingtreding : 06-10-2022> (4)<W 2025-03-25/05, art. 116, 010; Inwerkingtreding : 08-05-2025> (5)<W 2025-09-23/01, art. 4, 011; Inwerkingtreding : 16-10-2025> (6)<W 2025-12-11/13, art. 97, 012; Inwerkingtreding : 03-01-2026>

TITEL III. - General provisions

Art. 3. In Belgium, only payment institutions established in Belgium and payment institutions subject to the law of another Member State that are active in Belgium on the basis of Article 12 in the framework of the free provision of services may publicly use the term "payment institution" or, more generally, terms referring to the status of payment institution, in particular in their name, in the statement of their purpose, in their securities, values, documents or in their advertising.

Art. 4. In Belgium, only electronic money institutions established in Belgium and electronic money institutions subject to the law of another Member State that are active in Belgium on the basis of Article 219 in the framework of the free provision of services may publicly use the term "electronic money institution" or, more generally, terms referring to the status of electronic money institution, in particular in their name, in the statement of their purpose, in their securities, values, documents or in their advertising.

BOOK II. - PAYMENT SERVICE PROVIDERS

TITLE I. - Monopoly in favor of payment service providers

Art. 5.§ 1. Without prejudice to the provisions concerning their status, only the following institutions, authorities and entities, within the limits established by or pursuant to this Act, may professionally provide payment services in Belgium :
1° [1 credit institutions under Belgian law within the meaning of Article 1, § 3, first paragraph, 1°, of the Banking Act, credit institutions subject to the law of another Member State, which are authorized to provide payment services in their home country and which are active in Belgium on the basis of Articles 312 and 313 of the Banking Act, and branches of credit institutions subject to the law of a third country, which are established in Belgium in accordance with Article 333 of the Banking Act and which are authorized under the law of that third country to provide payment services;]1 2° electronic money institutions under Belgian law, electronic money institutions subject to the law of another Member State and active in Belgium on the basis of Articles 218 to 221, and, for the payment services required for their electronic money issuance activity, branches of electronic money institutions subject to the law of a third country, which are established in Belgium on the basis of Article 228; 3° the public law limited liability company bpost; 4° the National Bank of Belgium and the European Central Bank, when they do not act in their capacity as monetary or public authority; 5° the Belgian federal, regional and local authorities and the authorities of the communities in Belgium, when they do not act in their capacity as public authority; 6° payment institutions under Belgian law as referred to in Title II, including registered payment institutions, payment institutions subject to the law of another Member State and active in Belgium on the basis of Articles 120, 124 or 127, and branches of payment institutions subject to the law of a third country, which are established in Belgium on the basis of Article 144. § 2. For the purposes of this Act, the institutions, authorities and entities referred to in paragraph 1 are regarded as payment service providers. ---------- (1)<W 2022-07-20/40, art. 387, 008; Inwerkingtreding : 06-10-2022>

Art. 6.§ 1. In derogation of Article 5, § 1, a company under Belgian law may perform payment services with payment instruments, provided that those instruments can only be used within the framework of a limited network.
A payment instrument is used within the framework of a limited network, as referred to in the first paragraph, when :
1° the payment instrument can only be used by its holder to purchase goods or services in the business premises of the issuer or, within the framework of a commercial agreement with the issuer, within a limited network of service providers; or 2° goods or services from a very limited range can only be purchased with the payment instrument; or 3° the payment instrument can only be used in Belgium, in particular when offered by a company or a public institution, regulated by a Belgian public authority for specific social or tax purposes, and specific goods or services can be purchased from suppliers who have concluded a commercial agreement with the issuer. § 2. Companies providing payment services based on payment instruments that can be used within the framework of a limited network, as referred to in paragraph 1, second paragraph, 1° or 2°, must notify the Bank of the following data when the total value of the payment transactions carried out by the company during the previous twelve months exceeds 1,000,000 euros :
1° a detailed description of the payment services concerned; 2° proof that the payment instrument meets the conditions referred to in paragraph 1, second paragraph, 1° or 2°, to be considered as a payment instrument used within a limited network.
If the Bank determines on the basis of that data that the conditions to be considered as a payment instrument used within a limited network are not met, it notifies the company concerned thereof within two months following the receipt of a complete notification and sets the deadline by which the company must meet those conditions or obtain the status of payment institution. If the Bank does not take a decision within this period, it must be assumed that the conditions to be considered as a payment instrument used within a limited network are met. The companies that have made the notification referred to in the first paragraph and that may provide payment services based on payment instruments that can be used within the framework of a limited network as referred to in paragraph 1, second paragraph, 1° or 2°, are included in the list referred to in Article 8, § 1, 3°. The Bank notifies the European Banking Authority of which payment services it has been notified in accordance with the first paragraph. [1 § 3. Paragraphs 1 and 2 also apply to companies subject to the law of another Member State and active in Belgium providing payment services with payment instruments that can only be used within the framework of a limited network.]1 ---------- (1)<W 2019-05-02/25, art. 104, 004; Inwerkingtreding : 31-05-2019>

Art. 7.§ 1. In derogation of Article 5, § 1, a provider of electronic communication networks or services under Belgian law, provided that it makes the notification referred to in paragraph 2, may execute payment transactions, provided that such payment service is provided to its subscribers as a complement to electronic communication services and the following conditions are met :
1° the value of individual payment transactions does not exceed 50 euros and the total value of payment transactions for a single subscriber does not exceed 300 euros per month, regardless of whether the subscriber has prepaid his account with the provider of electronic communication networks or services; and 2° the amount of the payment transactions is charged via the invoice for electronic communication services and the payment transactions are carried out :
a) for the purchase of digital content and voice services, regardless of the device used for the purchase or consumption of the digital content; b) for the financing of charitable activities recognized by the State as eligible for tax deduction, and this via an electronic device. The King may by Royal Decree establish the list of charitable activities referred to in this point; or c) for the purchase of electronic tickets, and this via an electronic device. § 2. Providers of electronic communication networks or services wishing to carry out payment transactions under the conditions of paragraph 1 must notify the Bank thereof in advance. When making this notification, the following documents must be attached :
1° a description of the activity concerned;
2° proof that the conditions of paragraph 1 are met.
If the Bank determines on the basis of that data that the conditions of paragraph 1 are not met, it notifies the company concerned thereof within two months following the receipt of a complete notification and sets the deadline by which the company must meet the conditions of paragraph 1 or obtain the status of payment institution. If the Bank does not take a decision within this period, it must be assumed that the conditions of paragraph 1 are met. § 3. Providers of electronic communication networks or services authorized under this article to carry out payment transactions are included in the list referred to in Article 8, 4°. The Bank notifies the European Banking Authority of the conditions of paragraph 1 to which the provider complies and of which it has been notified by it in application of paragraph 2, first paragraph. § 4. The providers of electronic communication networks or services provide the Bank annually with the opinion of their auditor, and, in the absence thereof, of a statutory auditor, showing that the activity is carried out with due regard to the maximum amounts set out in paragraph 1. They also provide it annually with an updated version of the description of their activities regarding payment transactions. [1 § 5. Paragraphs 1 to 4 also apply to providers of electronic communication networks or services subject to the law of another Member State and carrying out payment transactions in Belgium, provided that the conditions of paragraph 1 are met.]1 ---------- (1)<W 2019-05-02/25, art. 105, 004; Inwerkingtreding : 31-05-2019>

Art. 8. § 1. The Bank maintains a list of entities authorized to provide payment services in Belgium. This list distinguishes between :
1° payment institutions to which a license has been granted on the basis of Article 12; 2° payment institutions that are registered as :
a) limited payment institution, on the basis of Article 82; or b) payment institution providing account aggregation services, on the basis of Article 91; 3° other persons than those referred to in points 1° and 2°, who are authorized on the basis of Article 6 to provide payment services; 4° providers of electronic communication networks or services authorized on the basis of Article 7 to provide payment services. The list provides at least the following information :
1° the payment services that may be exercised in Belgium, for each entity referred to in paragraph 1; 2° the address of the branches in Belgium and abroad, for each institution referred to in the first paragraph, 1° and 2°, b), and the address of the branches in Belgium, for the institutions referred to in paragraph 1, first paragraph, 2°, a); 3° the identity of the agents in Belgium and abroad, for each institution referred to in the first paragraph, first paragraph, 1° and 2°, b), and the identity of the agents in Belgium, for the institutions referred to in the first paragraph, 2°, a); 4° where applicable, the type of limited network as referred to in Article 6, § 1, within which the payment services are provided; 5° where applicable, the condition of Article 7, § 1, 2°, to which the provider complies. § 2. The Bank notifies the European Banking Authority without delay of the information referred to in paragraph 1 and of any updates thereto. § 3. The Bank publishes the list on its website and regularly updates the data included therein.

TITLE II. - Payment institutions under Belgian law

CHAPTER I. - Licensed payment institutions

Section I. - Access to the business

Subsection 1. - License requirement

Art. 9. Anyone who wishes to provide the payment services referred to in points 1 to 7 of Annex I.A as a payment institution in Belgium must, before commencing his activities, obtain a license from the Bank, regardless of the other places where he carries out his activities.

Subsection 2. - Procedure

Art. 10.The license application submitted to the Bank is accompanied by an administrative file that meets the conditions set by the Bank and that in particular contains :
1° a program of activities indicating which of the payment services referred to in points 1 to 8 of Annex I.A the institution intends to perform, and, if applicable, which other activities as referred to in Articles 43 and 44; 2° a business plan including a financial plan for the first three financial years, demonstrating that the applicant has the appropriate resources to ensure sound management for the payment services; 3° proof that the applicant has the initial capital referred to in Article 17; 4° for payment institutions intending to provide the payment services referred to in points 1 to 6 of Annex I.A : a description of the measures taken in accordance with Article 42, § 1, to protect the funds of the payment service user; 5° a description of the applicant's policy structure and organizational arrangements, showing that Article 21 is complied with; 6° a description of the manner in which the payment service business will be carried out by the applicant, if applicable including a description of the use that will be made of outsourcing, agents and branches and the schedule of on-site and document-based inspections, as referred to in Articles 64 and 73, and, where applicable, the applicant's intended participation in a national or international payment system; 7° the identity of the shareholders or partners as referred to in Article 19, the extent of their participation in capital shares and voting rights, as well as all data demonstrating that the requirements of Article 19 are met; 8° the identity of the managers referred to in Article 20 and all data demonstrating that the requirements of Article 20 are met; 9° the identity of the auditor(s); 10° the legal form and statutes of the applicant; 11° the address of the applicant's registered office; 12° a description of the procedure for managing sensitive payment data, including measures ensuring compliance with the rules for authentication and access to payment accounts in the case of payment initiation services, showing that Articles 46 to 48 are complied with; 13° a description of the scheme ensuring compliance with the common and secure open communication standards referred to in Article 49; 14° a description of the applicant's security policy, showing that Articles 50 to 52 are complied with, and in particular a detailed analysis of the risks associated with the payment services carried out in accordance with Article 50, and a description of the risk management and mitigation measures taken to protect users and manage the operational and security risks referred to in Articles 51 and 52; 15° a description of the procedure for managing and reporting security incidents, showing that [1 the requirements referred to in Article 53]1 are met; 16° a description of the principles and definitions for collecting statistical data on performance, transactions
and fraud, showing that Article 54 is complied with; 17° a description of business continuity arrangements, including a clear statement of the [1 critical business activities]1 as well as contingency plans and a procedure to periodically test the adequacy of these plans, in accordance with Article 21, § 1, 9°; 18° for providing payment initiation services :
a) a copy of the draft agreement or of the professional liability insurance or of another comparable guarantee, showing that the requirements of Article 18 are met; b) the relevant information on the basis of which the Bank can assess whether the amount covered by the insurance or guarantee referred to in a) is sufficient to meet the requirements of Article 18; 19° for providing services consisting in the issuance of card-based payment instruments : a description of the procedure showing that Article 55 is complied with; 20° for account management : a description of the procedure showing that Articles 56 to 58 are complied with. Furthermore, the applicant must, at the request of the Bank, provide any additional information necessary to assess his application. ---------- (1)<W 2025-03-25/05, art. 117, 010; Inwerkingtreding : 08-05-2025>

Art. 11. § 1. The Bank decides on the license application after advice from the FSMA on the professional reliability of the persons referred to in Article 20, if they are proposed for such a function for the first time by a company under the supervision of the Bank pursuant to Article 36/2 of the Act of 22 February 1998, or of the European Central Bank pursuant to the RTS regulation. The FSMA notifies its advice to the Bank within a period of fourteen days after the request for advice sent to it by the Bank, and no later than one month after this request. Absence of advice within this one-month period is considered positive advice. Before the expiration of the one-month period, the FSMA may, however, notify the Bank that it will provide its advice no later than 15 days after the expiration of this period. § 2. If the Bank does not take the advice of the FSMA into account, this is stated with the reasons for the deviation in its decision on the license application.

Art. 12. The Bank gives its opinion on the license application within three months after submission of a complete file and no later than twelve months after submission of the application.
The Bank grants a license to payment institutions that meet the conditions of Section II.
If the Bank considers that the conditions of Section II are not met, it refuses the license.
Decisions regarding licenses are communicated to the applicants by registered mail or with a letter acknowledging receipt.
The Bank's decision specifies for which payment services the license is granted. These services may also include the payment services referred to in point 8 of Annex I.A.

Art. 13. In order to ensure sound and prudent management of the payment institution, the Bank may impose conditions in the license for the exercise of certain activities.

Art. 14. Institutions to which a license has been granted as a payment institution under this Chapter are included in the list referred to in Article 8, § 1, first paragraph, 1°.

Section II. - License conditions

Subsection 1. - General provisions

Art. 15. In addition to the conditions of this Section, the Bank also takes into account the ability of the applying institution to meet the operational conditions set out in Section III and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of payment service users.

Subsection 2. - Company form

Art. 16. Every payment institution established under Belgian law must be incorporated in one of the following forms of company: cooperative company, public limited company, European company, or European cooperative company, subject to the specific requirements laid down in this Act or in European legislation.

Subsection 3. - Share capital

Art. 17. To obtain a license, a paid-up capital is required that:
1° amounts to at least 20,000 euros, when the payment institution only provides the money transfer services referred to in point 6 of Annex I.A; 2° amounts to at least 50,000 euros, when the payment institution only provides the payment initiation services referred to in point 7 of Annex I.A; 3° amounts to at least 125,000 euros, when the institution provides one or more of the payment services referred to in points 1 to 5 of Annex I.A. For existing companies applying for a license, issue premiums, reserves, and carried-forward profits, with the exception of revaluation surpluses, are treated as capital. However, this capital must amount to half of the figures referred to in the first paragraph and must be paid up to that extent. The Bank determines by regulation established with application of Article 12bis of the Act of 22 February 1998, which elements must be taken into account for the calculation of the initial capital referred to in the first paragraph.

In derogation of Article 6:4 and of the provisions of Book 6, Title 6 of the Code of Companies and Associations, every payment institution established as a cooperative company must possess capital of which the fixed portion, established in the statutes, may not be lower than the amount referred to in the first paragraph, and which must be paid up to that amount. Article 7:6 of the said Code applies mutatis mutandis.

Subsection 4. - Professional liability insurance

Art. 18. Payment institutions offering payment initiation services must possess professional liability insurance for the areas in which they provide services, or possess another comparable sufficient guarantee, with which they are covered for their liability, in accordance with Articles 73, 90 and 92 of Directive (EU) 2015/2366. The Bank assesses the adequacy of the amount covered by the insurance or guarantee on the basis of the guidelines drawn up by the European Banking Authority pursuant to Article 5(4) of Directive (EU) 2015/2366. In this calculation, account is taken in particular of:
1° the risk profile of the institution;
2° the fact whether the institution offers other payment services listed in Annex I.A, or carries out other business activities; 3° the importance of the activities carried out; and 4° the amount of the initiated payments.

Subsection 5. - Shareholders or partners

Art. 19. The license shall be refused when the Bank has reason to believe that the natural or legal persons who, directly or indirectly, hold a qualified participation in the capital of the payment institution, are not suitable to guarantee the sound and prudent management of the payment institution. The assessment of the suitability to guarantee the sound and prudent management of the payment institution is carried out on the basis of the following criteria:
1° the reliability of the natural or legal persons referred to in the first paragraph; 2° the professional reliability and appropriate expertise of each person referred to in Article 20 who will factually lead the business of the payment institution; 3° the financial solidity of the natural or legal persons referred to in the first paragraph, on the basis of their ability to provide the institution with the necessary financial support, taking into account its business activities; 4° the ability of the payment institution to meet and continue to meet the obligations arising from this Act and its implementing regulations, as well as, where applicable, from the implementing measures of Directive (EU) 2015/2366; 5° whether there are well-founded reasons to suspect that money is being or has been laundered or terrorism is being or has been financed by the natural or legal persons referred to in the first paragraph, or that attempts are being or have been made to launder money or finance terrorism, or that their status as shareholders of the payment institution could increase the risk thereof.

Subsection 6. - Management

Art. 20. § 1. The members of the statutory governing body of the payment institution, the persons responsible for the effective management of the payment institution, as well as the persons responsible for the independent control functions, are exclusively natural persons.
The persons referred to in the first paragraph must permanently possess the professional reliability and appropriate expertise required for the exercise of their functions. These persons must in particular act honestly, with integrity, and with independence of mind. With regard to the members of the statutory governing body, this must enable them to effectively assess the decisions of the effective management and to challenge them if necessary, and to effectively supervise and exercise control over the administrative decision-making. § 2. The effective management of the payment institution must be entrusted to at least two natural persons. § 3. Article 20 of the Banking Act applies to the persons referred to in paragraph 1.

Subsection 7. - Organization

Art. 21. § 1. Every payment institution has a solid and appropriate arrangement for the business organization, including supervisory measures, to guarantee the effective and prudent management of the institution, which is based in particular on:
1° an appropriate policy structure based at the highest level on a clear distinction between, on the one hand, the effective management of the institution and, on the other hand, the supervision of that management, and which provides within the institution for an appropriate separation of functions and a clearly defined, transparent and coherent arrangement for the allocation of responsibilities; 2° an appropriate administrative and accounting organization and internal control, including in particular a control system that on the one hand provides a reasonable degree of certainty regarding the reliability of the financial reporting process, so that the annual accounts are in compliance with the applicable accounting regulations, and on the other hand ensures that the obligations imposed by the Act of 18 September 2017 and by Regulation (EU) 2023/1113 are complied with; 3° appropriate control and security measures in the field of information technology, which in particular ensure that the provisions of Articles 46 to 49 and 51 and the provisions included in Regulation (EU) 2022/2554 concerning the use of information and communication technology (ICT) services are complied with; 4° effective procedures for the identification, measurement, management, monitoring and internal reporting of the risks to which the payment institution is or may be exposed by its business activities, and in particular procedures for the management of operational and security risks and for security that comply with Articles 50 to 52 and procedures for incident reporting that comply with Article 53; 5° an appropriate independent compliance function, to ensure that the legal and regulatory provisions relating to the integrity of the activities of payment institutions are complied with by the institution, the members of its statutory governing body, its effective management, employees and authorized representatives; 6° an appropriate independent risk management function; 7° an appropriate independent internal audit function that allows reasonable measures to be established to protect the interests of payment service users and to guarantee the continuity and reliability in providing payment services; 8° an appropriate integrity policy; 9° the introduction of appropriate measures in the field of business continuity to guarantee that critical business activities can be maintained or restored as soon as possible and that normal service and activity can be resumed within a reasonable time frame. This includes in particular that the critical business activities are clearly identified, that appropriate policies and plans regarding the continuity of business activities in the field of information and communication technology (ICT) and effective recovery plans for these technologies are drawn up, and that a procedure is established to regularly test and review the adequacy and efficiency of these plans in accordance with Regulation (EU) 2022/2554; 10° an appropriate internal alert
system, which is in compliance with the legislation transposing Directive (EU) 2019/1937 of the European Parliament and of the Council of 23 October 2019 on the protection of persons who report breaches of Union law and which in particular provides for a specific independent and autonomous reporting of breaches of the standards and codes of conduct applicable to the institution.

§ 1/1. In particular, payment institutions are prohibited from establishing a special mechanism.
By "special mechanism" is meant a procedure that meets the following cumulative conditions:
1° its purpose or effect is to make it possible or to promote tax fraud by third parties; 2° the initiative to do so is taken by the payment institution itself or the payment institution clearly actively participates in it, or it is the result of gross negligence on the part of the payment institution; 3° it consists of a series of behaviors or omissions; 4° it has a special character, which means that the payment institution knows or should know that the mechanism deviates from the standards and normal practices regarding transactions carried out in the context of payment services and, more generally, regarding financial transactions.

§ 2. The organizational arrangement referred to in paragraph 1 is detailed and appropriate for the nature, scale and complexity of the risks inherent in the business model and in the activities of the institution, including the activities referred to in Article 43, § 1, and the activities permitted under Article 44.

§ 3. Without prejudice to the provisions of paragraphs 1, 1/1, and 2 and Articles 20 and 36/1, the Bank may, by regulation established with application of Article 12bis, § 2, of the Act of 22 February 1998, further determine what is meant by an appropriate policy structure, an appropriate administrative and accounting organization, an appropriate internal control, appropriate control and security measures in the field of information technology, effective procedures for the identification, measurement, management, monitoring and internal reporting of risks, an appropriate independent compliance function, an appropriate independent internal audit function, an appropriate integrity policy, an appropriate independent risk management function and appropriate measures in the field of business continuity, and establish further rules in compliance with European legislation, in particular rules establishing the minimum conditions that must be met regarding the requirement referred to in Article 20 to possess appropriate expertise, including the modalities regarding the procedure for assessing that requirement.

Art. 22. If the payment institution has close links with other natural or legal persons, those links must not hinder the supervision of the payment institution.
If the payment institution has close links with a natural or legal person subject to the law of a third country, the legal and administrative provisions applicable to that person or their implementation must not hinder the supervision of the payment institution.

Subsection 8. - Head Office

Art. 23. The head office of a payment institution must be located in Belgium. A substantial part of the business activities of the payment institution is carried out in Belgium.

Section III. - Business Conduct Conditions

Subsection 1. - General provision

Art. 24. Every payment institution must permanently comply with the conditions established by or pursuant to Articles 15 to 23.
The payment institution must inform the Bank without delay of all changes it makes during the course of its business in the data communicated in accordance with Article 10.

Subsection 2. - Changes in the capital structure

Art. 25. Without prejudice to Article 19 and without prejudice to the Act of 2 May 2007, every natural or legal person who has decided to acquire or increase, directly or indirectly, a qualified participation in a payment institution established under Belgian law, thereby reaching or exceeding the threshold of 20%, 30% or 50% of the percentage of voting rights or shares in the capital held by him, or thereby becoming the parent undertaking of the payment institution, must notify the Bank in writing in advance, stating the size of the intended participation and the relevant information required for the assessment of the notification in light of the criteria referred to in Article 19, second paragraph. The Bank publishes on its website a list of the relevant information required for the assessment, which is proportional and adapted to the nature of the candidate acquirer and the intended acquisition, and which must be provided by him together with the notification referred to in the first paragraph.

Art. 26. The period during which the Bank has to take its decision regarding the assessment referred to in Article 27 amounts to at most three months from the date of receipt of the notification and of all documents required in accordance with the list referred to in Article 25, second paragraph. The Bank may, on its own initiative, request additional information necessary to complete the assessment during the assessment period. In this request, which must be made in writing, it is stated which additional information is needed. The assessment period is interrupted from the date of the Bank's request for information until the receipt of a response thereto from the candidate acquirer.

Art. 27. In assessing the notification and information referred to in Article 25, and the additional information referred to in Article 26, the Bank, with a view to the sound and prudent management of the payment institution that is the target of the intended acquisition and taking into account the probable influence of the candidate acquirer on the payment institution, assesses the suitability of the candidate acquirer and the financial solidity of the intended acquisition against all criteria referred to in Article 19, second paragraph. The Bank may oppose the intended acquisition during the assessment period referred to in Article 26 if it has well-founded reasons, based on the criteria established in Article 19, second paragraph, to believe that the candidate acquirer is not suitable to guarantee the sound and prudent management of the payment institution, or if the information provided by the candidate acquirer is incomplete or incorrect. When the Bank, after completing the assessment, decides to oppose the intended acquisition, it notifies the candidate acquirer thereof in writing. If the Bank has not opposed the intended acquisition after the end of the assessment period, it is deemed to have been approved. The Bank may set a maximum time limit for the completion of the intended acquisition and extend it if necessary.

Art. 28. For the purpose of carrying out the assessment referred to in Article 27, the Bank consults closely with all other competent authorities involved or, as the case may be, consults with the FSMA, if the candidate acquirer is an undertaking subject to a banking or financial supervisory status under the competence of the FSMA or has a controlling link with such an undertaking. To this end, the Bank exchanges with these authorities as soon as possible all information that is relevant or of essential importance for the assessment. In this regard, it provides all relevant information upon request and, on its own initiative, all essential information. In the cases referred to in the first paragraph, the Bank states in its decision the possible opinions or objections of the authority competent for the candidate acquirer or, as the case may be, of the FSMA.

Art. 29. Every natural or legal person who has decided no longer to hold a direct or indirect qualified participation in a payment institution must notify the Bank in writing in advance, stating the size of the participation after the disposal. That person must also notify the Bank of his decision to reduce the size of his qualified participation such that the percentage of voting rights or shares in the capital held by him falls below the threshold of 20%, 30% or 50% or that the payment institution ceases to be his subsidiary.

Art. 30. If the prior notifications prescribed by Articles 25 or 29 are not made, or if a participation is acquired or increased despite the opposition referred to in Article 27, second paragraph, the president of the commercial court of the jurisdiction where the payment institution has its registered office, ruling in summary proceedings, may take the measures referred to in Article 7:84, § 1, of the Code of Companies and Associations. The procedure is initiated by summons issued by the Bank.
Article 7:84, § 3, of the Code of Companies and Associations applies.

(1)W 2018-04-15/14, art. 252, 003; Inwerkingtreding : 01-11-2018 (2)W 2021-06-27/09, art. 283, 006; Inwerkingtreding : 19-07-2021

Art. 31. As soon as they become aware thereof, payment institutions shall notify the Bank of acquisitions or disposals of their shares that result in an increase above or decrease below one of the thresholds referred to in Articles 25 and 29.
They shall also immediately communicate to the Bank all information of which they have knowledge that may have an influence on the situation of their shareholders or partners with regard to the assessment criteria referred to in Article 19, second paragraph. This information obligation also applies to the persons referred to in Article 19, first paragraph. They shall communicate to the Bank at least once a year the identity of the shareholders or partners acting alone or in concert who directly or indirectly hold a qualifying participation in their capital, as well as which share of capital and how many voting rights they thus hold.[1 ...]1 ---------- (1)W 2021-06-27/09, art. 284, 006; Inwerkingtreding : 19-07-2021

Art. 31/1. [1 The notification obligations referred to in Articles 25, 29 and 31 also apply in the event that the percentage of the voting rights or shares held in the capital would reach or exceed the thresholds referred to in those provisions, or, if applicable, would fall below the aforementioned thresholds as a result of a situation involving a change in the level of a participation that does not result from an acquisition or transfer, in particular the existence of multiple voting rights or an acquisition of own shares by the payment institution. If a threshold referred to in Article 25 is reached or exceeded as a result of the application of the first paragraph, the assessment referred to in Articles 26 to 28 applies, with the understanding that the acquisition referred to in those provisions must in that case be understood as a change in the level of participation.]1 ---------- (1)Ingevoegd bij W 2021-06-27/09, art. 285, 006; Inwerkingtreding : 19-07-2021

Art. 32. If the Bank has grounds to assume that the influence of a natural or legal person who directly or indirectly holds a qualifying participation in a payment institution may hinder the sound and prudent management of that payment institution, it may, without prejudice to the other measures provided for in this law:
1° suspend the exercise of the voting rights attached to the shares held by the concerned shareholder or partner; it may, at the request of any interested party, allow the measures it has ordered to be lifted; its decision shall be brought to the knowledge of the concerned shareholder or partner in the most appropriate manner; its decision is enforceable once brought to knowledge; the Bank may make its decision public; 2° summon the concerned shareholder or partner to transfer, within the time limit it determines, the shareholder rights in its possession. If they are not transferred within the established time limit, the Bank may order the shareholder rights to be sequestered by the institution or the person it determines. The sequestration brings this to the knowledge of the payment institution, which accordingly amends the register of registered shares or, if applicable, has the relevant securities accounts amended by the sequestration to replace the account holder, and which accepts the exercise of the rights attached thereto only on behalf of the sequestrator. The sequestrator acts in the interest of the sound and prudent management of the payment institution and in the interest of the holder of the sequestered shareholder rights. It exercises all rights attached to the shares. The amounts collected by the sequestrator as dividends or otherwise are only transferred to the aforementioned holder if he has complied with the summons referred to in the first paragraph, 2°. To subscribe to capital increases or other securities granting or not granting voting rights, to opt for dividend distribution in shares of the company, to accept public takeover or exchange offers, and to pay up unpaid shares, the consent of the aforementioned holder is required. The shareholder rights acquired in the context of such transactions are automatically added to the aforementioned sequestrator. The remuneration of the sequestrator is determined by the Bank and paid by the aforementioned holder. The sequestrator may deduct this remuneration from the amounts deposited with him in his capacity as sequestrator or deposited by the aforementioned holder in anticipation or after the execution of the transactions. If, after the expiry of the time limit established in accordance with the first paragraph, 2°, voting rights were exercised by the original holder or by another person, acting on behalf of that holder, despite a suspension of their exercise in accordance with the first paragraph, 1°, the [1 commercial court]1 of the jurisdiction where the company has its registered office, at the request of the Bank, may declare all or part of the decisions of the general meeting void when the conditions regarding the presence or majority quorum for the aforementioned decisions would not have been met, excluding the unlawfully exercised
voting rights. ---------- (1)W 2018-04-15/14, art. 252, 003; Inwerkingtreding : 01-11-2018

Subsection 3. - Minimum own funds

Art. 33. § 1. The own funds of a payment institution may at no time fall below the amount of the initial capital established pursuant to Article 17.
No capital may be repaid if this would result in the institution no longer complying with the own funds requirements established pursuant to paragraph 2. [1 When it concerns a cooperative company, Articles 7:208, 7:209 and 7:210 of the Code of Companies and Associations apply mutatis mutandis to any reduction of the fixed part of the capital referred to in Article 17, paragraph 3, which is subject to the prior approval of the Bank.]1 [1 Any increase in the fixed part of the capital referred to in Article 17, paragraph 3, must be fully placed and paid up and established by authentic deed. Articles 7:179 and 7:195 of the Code of Companies and Associations apply mutatis mutandis.]1 § 2. The Bank determines by regulation established pursuant to Article 12bis of the law of 22 February 1998 the eligible and qualifying own funds components, including what may be deducted from these components, as well as the solvency obligations that must be complied with by payment institutions offering the payment services referred to in points 1 to 6 of Annex I.A, or by category of payment institution, with the exception of payment institutions whose services are limited to point 7 of Annex I.A, and establishes, if applicable, different methods according to the category of payment institution. § 3. Without prejudice to the solvency obligations determined in paragraphs 1 and 2, the Bank may take additional measures in the case of a payment institution that directly or indirectly carries out activities other than payment services, as referred to in Articles 43 and 44, when those other activities impair or threaten to impair the financial solidity of the payment institution. § 4. In specific cases, the Bank may grant derogations from the provisions of the regulations established pursuant to this article. In particular, if the conditions of Article 7 of Regulation (EU) No 575/2013 are met, the Bank may derogate from the application of the requirements of paragraph 2 for payment institutions subject to consolidated supervision of a parent credit institution under Directive 2013/36/EU. ---------- (1)W 2022-07-20/40, art. 390, 008; Inwerkingtreding : 06-10-2022

Subsection 4. - Management and leaders

4.1. Supervision and assessment by the statutory governing body

Art. 34. § 1. The statutory governing body periodically assesses, at least once a year, the effectiveness and compliance with the statutory and regulatory provisions of:
1° the organizational arrangements of the institution, as referred to in Articles 21 and 38, § 1, second paragraph, 1°; 2° the measures necessary to ensure compliance with Article 42, §§ 1 and 2.
It ensures that the persons responsible for the effective management of the payment institution take the necessary measures to address any shortcomings.
§ 2. The statutory governing body exercises effective supervision over the persons responsible for effective management and is responsible for supervising their decisions.
Furthermore, it assesses the proper functioning of the independent control functions referred to in Article 21.

Art. 35. The statutory governing body monitors the integrity of the accounting and financial reporting systems. It assesses the functioning of internal control at least once a year and ensures that this control provides a reasonable degree of assurance regarding the reliability of the financial reporting process, so that the annual accounts and financial information are in compliance with the applicable regulations. The statutory governing body regularly reviews and assesses the security policy for entering into, managing, monitoring and mitigating the operational and security risks to which the institution is exposed, as well as the procedures and measures for managing sensitive payment data.

4.2. Measures to be taken by the persons responsible for effective management

Art. 36. Without prejudice to the powers of the statutory governing body, the persons responsible for the effective management of the payment institution, under the supervision of the statutory governing body, take the necessary measures for compliance with and implementation of Articles 21, 38, § 1, second paragraph and 42, §§ 1 and 2. The persons responsible for effective management report at least once a year to the statutory governing body, the Bank and the statutory auditor on compliance with the provisions of the first paragraph and on the measures taken, if any, to address any shortcomings. Information provided to the Bank and the auditor is done according to the modalities determined by the Bank.

4.2./1 [1 Requirements regarding the composition of the statutory governing body and the composition of effective management]1 ---------- (1)Ingevoegd bij W 2023-12-20/08, art. 49, 009; Inwerkingtreding : 25-01-2024

Art. 36/1. [1 The statutory governing body and effective management are composed such that, taken as a whole, they possess sufficient knowledge, skills and experience to have insight into all business activities of the payment institution, including the main risks to which it is exposed.]1 ---------- (1)Ingevoegd bij W 2023-12-20/08, art. 50, 009; Inwerkingtreding : 25-01-2024

4.3. Appointments and dismissals

Art. 37. § 1. Payment institutions notify the Bank in advance of the proposal for the appointment of the members of the statutory governing body of the payment institution, the persons responsible for its effective management, as well as the persons responsible for the independent control functions. [1 In the context of the notification required by the first paragraph, payment institutions communicate to the Bank all documents and information that enable it to assess whether:

the persons whose appointment is proposed possess, in accordance with Article 20, the professional reliability and appropriate expertise required for the exercise of their functions;
the profile of the concerned persons is such that the requirement of collective competence of Article 36/1 is met.]1
The first paragraph also applies to the proposal for the renewal of the appointment of the persons referred to in the first paragraph, as well as to the non-renewal of their appointment, their dismissal or their removal.
§ 2. The appointment of the persons referred to in paragraph 1, first paragraph, is submitted in advance for approval to the Bank. [1 The Bank's approval is only granted if the concerned appointment ensures that the concerned person complies with Article 20 and the payment institution complies with that of Article 36/1.]1 If it concerns the appointment of a person who is proposed for the first time for a function referred to in paragraph 1 by a financial undertaking subject to the supervision of the Bank pursuant to Article 36/2 of the law of 22 February 1998, or of the European Central Bank pursuant to the RTS regulation, the Bank first consults the FSMA. The FSMA communicates its advice to the Bank within a period of one week after receipt of the request for advice. § 3. Payment institutions inform the Bank about any division of tasks between the members of the statutory governing body and between the persons responsible for effective management. Significant changes in the division of tasks as referred to in the first paragraph give rise to the application of paragraphs 1 and 2. ---------- (1)W 2023-12-20/08, art. 51, 009; Inwerkingtreding : 25-01-2024

Art. 37/1. [1 The members of the statutory governing body and, if applicable, the members of the supervisory board and the members of the executive board, may not exercise a salaried function in the payment institution or in a company in which the payment institution holds a participation. The Bank may grant case-by-case derogations from the obligation referred to in the first paragraph when it intends to appoint persons to its statutory governing body who are salaried and employee representatives in branches established in a Member State where the participation of employee representatives in the supervisory body is legally anchored or in entities in which the payment institution holds a participation, due to its international dimension or because it is part of a group to which entities belong that are subject to another legal system in which the participation of employee representatives in the supervisory body is legally anchored, if this derogation, in the opinion of the Bank, does not impair the appropriate character of the governance system of the payment institution, and in particular not the adequacy of the supervision of effective management. The Bank may attach conditions to a derogation granted under this paragraph to ensure the appropriate character of the institution's governance.]1 ---------- (1)Ingevoegd bij W 2022-07-20/40, art. 391, 008; Inwerkingtreding : 06-10-2022

Subsection 5. - Outsourcing

Art. 38. § 1. Any payment institution that outsources functions, activities or operational tasks remains fully responsible for the fulfillment of all its obligations under this law or the implementing measures of Directive (EU) 2015/2366.
In particular, the outsourcing of operational tasks, especially when they are important, must not lead to the following:
1° impairment of the quality of the organization and, in particular, the quality of the internal control of the payment institution; 2° unnecessary increase in operational risk; 3° impairment of the Bank's ability to verify whether the payment institution complies with the obligations imposed by or pursuant to this law or by the implementing measures of Directive (EU) 2015/2366; 4° undermining the continuity and adequacy of service provision to payment service users. § 2. Before outsourcing, in Belgium or abroad, functions, activities or operational tasks that are important or critical, payment institutions notify the Bank in a timely manner thereof, as well as any subsequent significant developments regarding these tasks. For the application of the first paragraph, an operational task is considered important or critical if its inadequate or non-performance would hinder the payment institution in the continuous compliance with the provisions established by or pursuant to this law or by the implementing measures of Directive (EU) 2015/2366, or if it would significantly impair its profitability or the financial solidity or continuity of payment service provision. § 3. The Bank may subject the proposed outsourcing, with a view to compliance with paragraph 1, to conditions or limitations.

Subsection 6. - Special transactions

6.1. Mergers, divisions, transfers and other transactions for which permission is required

Art. 39. The permission of the Bank is required for:
1° strategic decisions of a payment institution; 2° mergers between payment institutions and mergers between payment institutions and other financial institutions, as well as divisions of payment institutions; and 3° the complete or partial transfers of the payment services business or of the network of agencies of the concerned payment institution. The Bank may refuse its permission within two months after it has been notified of the project with the submission of a complete file, for reasons related to the institution's ability to comply with the provisions established by or pursuant to this law or the implementing measures of Directive (EU) 2015/2366 or related to the sound and prudent management of the payment institution or if the decision could seriously affect the stability of the financial system. If applicable, the Bank may attach specific conditions to its permission. If that permission is not granted within the aforementioned time limit, it is deemed to have been obtained.

Art. 39/1. Any total or partial transfer of the payment services business or of the network of agencies of the payment institution concerned, for which permission has been granted in accordance with Article 39, is enforceable against third parties, including any third party who has a right of pre-emption or is the beneficiary of an approval clause regarding an asset that is the subject of such a transfer, regardless of whether this right or clause is recorded in an agreement, in the statutes or in the law, once that permission has been published in the Belgian Official Gazette.

It is not possible to declare the transfers for which permission has been granted in accordance with Article 39, null and void or unenforceable, in particular pursuant to Article 5.243 of the Civil Code or Articles XX.111, XX.112 or XX.114 of the Code of Economic Law.

Notwithstanding any contrary contractual provision, the total or partial transfers referred to in the first paragraph may not lead to justifying a change in the provisions of an agreement concluded between the payment institution and one or more third parties, nor bring such an agreement to an end, nor give any party the right to terminate it unilaterally or to make a debt of the payment institution due.

(1)Inserted by Act of 20 December 2023/08, art. 52, 009; Entry into force: 25-01-2024

6.2. Holdings

Art. 40. Payment institutions may not hold holdings in companies, unless with the permission of the Bank.

The first paragraph does not apply to holdings in companies that carry out all or part of the payment services, ancillary services to payment services or services relating to the management of payment systems referred to in Article 43 or activities admitted in accordance with Article 44, or in companies whose main purpose consists in holding holdings in such companies.

In order to ensure the sound and prudent management of the payment institution and appropriate risk management, the Bank may attach conditions to holdings taken in accordance with this Article.

(1)Act of 27 June 2021/09, art. 286, 006; Entry into force: 19-07-2021

Subsection 7. - Prohibition on the use of and protection of funds

Art. 41. Payment institutions may, in the context of payment services, only hold client funds on payment accounts used for payment transactions.

The payment institution may only use the funds it has received from payment service users for the execution of payment transactions.

Art. 42. § 1. The funds that a payment institution carrying out the payment services referred to in points 1 to 6 of Annex I.A receives directly or through other payment service providers from payment service users for the execution of payment transactions must:
1° be identifiable at all times in its accounting, in particular with regard to other funds, and 2° when they are still held by the payment institution at the end of the working day following the day on which they were received and have not yet been transferred to the beneficiary or another payment service provider:
a) be deposited in a separate joint or individual client account with one or more entities that have the status of:
i) credit institution subject to the law of a Member State, or ii) branch in Belgium of a credit institution subject to the law of a third country, or iii) central bank of a Member State, at its own discretionary assessment, b) be invested in a recognized money market fund within the meaning of Article 4, 8° of the Royal Decree of 19 December 2017 laying down detailed rules for the implementation of the directive on markets in financial instruments; or c) be invested in safe, liquid assets with a low risk profile, as defined by the Bank in accordance with Union law; or 3° be covered to the satisfaction of the Bank by an insurance, guarantee or bond from an insurance undertaking or credit institution subject to the law of a Member State or a third country and having a establishment in Belgium, and which does not belong to the same group as the payment institution. That insurance, guarantee or bond must cover an amount at least equal to the amount that would have been allocated in application of point 2°, and must be unconditionally payable in the event that the payment institution is unable to meet its financial obligations.

When a payment institution carries out a payment transaction for both the payer and the beneficiary, and a credit line is granted to the payer, the rules of the first paragraph apply and the protection referred to in the first paragraph, 2° or 3°, applies to the beneficiary as soon as the payer uses the relevant credit line to carry out a payment transaction in favor of that beneficiary.

The entities referred to in the first paragraph, 2°, may not assert rights on the funds placed in a separate account or invested in accordance with the first paragraph, 2°, b) or c), by virtue of their own claims against the payment institution that opened this account. Garnishment by the creditors of the payment institution on these accounts and their balance is also not permitted.

The entities referred to in the first paragraph, 3°, may not assert rights on the funds owed under the insurance agreement, guarantee or bond by virtue of their own claims against the payment institution that concluded this insurance agreement, guarantee or bond. Garnishment by the creditors of the payment institution on these funds is also not permitted.

The Bank may allow that the funds referred to in the first paragraph, 2°, be deposited with a credit institution subject to the law of a third country and having no establishment in Belgium, or that the insurances, guarantees or bonds referred to in the first paragraph, 3°), be provided by an insurance undertaking or a credit institution subject to the law of a third country and having no establishment in Belgium, if this credit institution or insurance undertaking is subject to supervision equivalent to the prudential supervision of credit institutions and insurance undertakings as provided for in European legislation.

§ 2. When part of the funds referred to in paragraph 1 is intended for future payment transactions while the remaining amount must be used for services other than payment services, the obligations of paragraph 1 also apply to the part of the funds received for future payment transactions. When that part is variable or not known in advance, payment institutions may calculate this amount based on a part that is deemed to be used for payment services, provided that such a part can reasonably be estimated on the basis of historical data to the satisfaction of the Bank. If not, paragraph 1 applies to all funds.

§ 3. In the event of a collective procedure opened against a payment institution consisting of bankruptcy or winding-up within the meaning of the Code of Companies and Associations, the claims resulting from the deposit, investment or coverage in application of paragraph 1, first paragraph, 2° and 3°, are used with a special privilege for the repayment of the funds received for the execution of payment transactions referred to in paragraph 1.

In derogation of Articles XX.155, § 1, XX.156, first and second paragraphs, and XX.165 of the Code of Economic Law, the recovery of funds in application of the first paragraph does not require an individual declaration of claim by the payment service users who are the holders thereof. The trustee or liquidator informs the relevant payment service users in writing of the amount of the funds to which they are entitled, possibly reduced by the amount of the costs associated with the allocation of the object of the special privilege, and invites them to notify him, by means of a pre-formulated form that forms an attachment to his letter or is accessible via an electronic platform for sharing information made available by the trustee or liquidator, of the necessary information that will allow him to proceed with the repayment of this amount in the context of the winding-up of the bankruptcy in accordance with the applicable provisions of Book XX of the Code of Economic Law or, if applicable, the settlement of the winding-up in accordance with the applicable provisions of Book 2, Title 8, of the Code of Companies and Associations. In the absence of notification to the trustee or liquidator of the aforementioned form or an equivalent request according to the modalities provided by the trustee or liquidator within a period of six months from his letter to the relevant payment service users, they lose the benefit of the privilege referred to in the first paragraph as well as the right to demand withdrawal of their claim.

(1)Act of 20 December 2023/08, art. 53, 009; Entry into force: 25-01-2024 (2)Act of 23 September 2025/01, art. 5, 011; Entry into force: 16-10-2025

Subsection 8. - Exercise of other activities

8.1. Operational or ancillary activities closely related to payment services and management of payment systems

Art. 43. § 1. Without prejudice to Article 13, payment institutions may carry out the following activities:
1° providing operational services and ancillary services closely related to payment services, such as ensuring the proper execution of payment transactions, currency exchange services, custody activities and the storage and processing of data; 2° the management of payment systems, without prejudice to the provisions of Book III.

§ 2. Payment institutions notify the Bank in advance of their intention to carry out one of the activities referred to in paragraph 1.

§ 3. Paragraph 1 applies without prejudice to compliance with the specific statutory and regulatory provisions elsewhere regarding the provision of the relevant operational services and ancillary services.

8.2. Other activities

(1)Act of 11 December 2025/13, art. 99, 012; Entry into force: 03-01-2026

Art. 44. § 1. Payment institutions may not carry out other activities than payment services or the activities referred to in Article 43, unless prior permission has been granted by the Bank.

§ 1/1. Payment institutions may, within the European Union, issue an asset-referenced token and offer it to the public or request admission to trading of an asset-referenced token provided that the requirements of Title III of Regulation 2023/1114, in particular Articles 18 and 21, are met, and the other specific statutory and regulatory provisions applicable to such activities.

Provided that they have obtained a license in accordance with Article 63 of Regulation 2023/1114, payment institutions may offer the crypto-asset services referred to in Article 3, paragraph 1, point 16 of the said Regulation.

§ 2. Given the need to ensure the sound and prudent management of the payment institution and appropriate risk management or for the purpose of supervising these institutions, the Bank may attach certain conditions to the exercise of the activities referred to in paragraphs 1 and 1/1.

Thus, the Bank may require that a clear separation be maintained at the organizational level for the provision of payment services and, if applicable, that the payment services be provided by a separate legal entity owned by the payment institution in accordance with Article 40.

§ 3. Without prejudice to paragraph 2, payment institutions may only grant loans to payment service users under the following conditions:
1° the credit is granted by a payment institution offering payment services as referred to in points 4 or 5 of Annex I.A; 2° the credit is granted solely as a supplement to the execution of a payment transaction; 3° the credit is granted solely from the own funds of the payment institution and not from client funds that have been received or are held for the execution of payment transactions; 4° the own funds of the payment institution are at all times and to the satisfaction of the Bank, in reasonable proportion to the total amount of the credits granted.

The granting of credits as referred to in the first paragraph does not detract from compliance with the provisions of the Code of Economic Law regarding credit granting.

When the credit is granted in the context of Articles 59 to 70 in another Member State, it must be repaid no later than twelve months, without prejudice to the provisions of general interest applicable in the host Member State.

(1)Act of 2 May 2019/25, art. 108, 004; Entry into force: 31-05-2019 (2)Act of 11 December 2025/13, art. 100, 012; Entry into force: 03-01-2026

8.3. Prohibited activities

Art. 45. Article 44 does not provide for the possibility for payment institutions to carry out activities consisting of receiving deposits or other repayable funds within the meaning of Article 1 of the Banking Act and of Article 28 of the Act of 11 July 2018, or in the issuance of payment instruments in the form of electronic money.

The funds that payment institutions receive from payment service users in the context of payment services are not deposits or other repayable funds within the meaning of Article 1 of the Banking Act and Article 28 of the Act of 11 July 2018, nor electronic money.

(1)Act of 11 December 2025/13, art. 101, 012; Entry into force: 03-01-2026

Subsection 9. - Management of payment data of payment service users

9.1. Principle

Art. 46. § 1. Payment institutions ensure that access to sensitive payment data is stored, monitored, restricted and traced in accordance with the provisions of the technical regulatory standards adopted by the European Commission in application of Article 98 of Directive (EU) 2015/2366.

§ 2. For the purposes of paragraph 1, payment institutions in particular comply with the rules of Articles 47 and 48.

9.2. Authentication - general obligations

Art. 47. § 1. Payment institutions provide for strong customer authentication if a payer:
1° accesses his payment account online;
2° initiates an electronic payment transaction; 3° carries out a transaction via a remote communication device that may involve a risk of payment fraud or other forms of misuse or deception.

§ 2. In the case of the initiation of an electronic payment transaction referred to in paragraph 1, 2°, strong customer authentication for remote electronic payment transactions contains elements that dynamically link transactions to a specific amount and a specific beneficiary.

§ 3. For the purposes of paragraph 1, payment institutions protect the confidentiality and integrity of the personal security data of payment service users and provide for adequate security measures.

§ 4. Paragraphs 2 and 3 also apply to payments initiated through a payment institution offering payment initiation services.

Paragraphs 1 and 3 also apply when the information is requested through a payment institution offering account aggregation services.

§ 5. The measures taken in application of paragraphs 1 to 3 are in accordance with the technical regulatory standards adopted by the European Commission in application of Article 98, paragraph 1, a) and c) of Directive (EU) 2015/2366.

§ 6. Payment institutions may deviate from paragraphs 1 to 3 provided that the conditions of the technical regulatory standards adopted by the European Commission in application of Article 98, paragraphs 1, b) and 3 of Directive (EU) 2015/2366 are met.

9.3. Protection of certain data in the event of payment initiation by a payment institution offering payment initiation services

Art. 48. § 1. Payment institutions offering payment initiation services comply with the following conditions:
1° the personal security data of the payment service user are not accessible to other parties, with the exception of the user and the issuer of that data; 2° the data referred to in point 1° are sent via secure and efficient channels; 3° other information than the data referred to in point 1° relating to the payment service user and obtained in the provision of the payment initiation service is only provided to the beneficiary and only with the explicit consent of the payment service user; 4° they are never in possession of the payer's funds related to the provision of the payment initiation service.

§ 2. Payment institutions offering payment initiation services also comply with the following obligations:
1° they identify themselves at each payment initiation vis-à-vis the account-holding payment service provider(s) of the payer; 2° they communicate with the account-holding payment service provider(s), the payer and the beneficiary in a secure manner, in accordance with Article 49; 3° they do not store sensitive payment data of the payment service user; 4° they do not request data from the payment service user that is not necessary for the provision of the payment initiation service; 5° they do not proceed to use, access or store data for purposes other than the provision of the payment initiation service explicitly requested by the payer; 6° they do not make any changes to the amount, the beneficiary or any other element of the transaction.

Subsection 10. - Secure communication

Art. 49. Payment institutions comply with the common and secure open communication standards for identification, authentication and information provision, as well as for the implementation of security measures, between account-holding payment service providers, payment initiation service providers, account information service providers, payers, beneficiaries and other payment service providers, in accordance with the technical regulatory standards adopted in application of Article 98, paragraph 1, d), of Directive 2015/2366 (EU).

Subsection 11. - Security policy

11.1. Analysis of operational and security risks

Art. 49. § 1. Payment institutions carry out a detailed analysis of the operational and security risks associated with the payment services they offer.

§ 2. Payment institutions provide the Bank annually, or, at its request, at shorter intervals, an updated and comprehensive assessment of both the operational and security risks associated with the payment services they offer, as well as of the adequacy of the risk mitigation measures taken in response to these risks and the control mechanisms introduced, in accordance with Article 52.

11.2. Measures to protect users against security risks

Art. 51. Payment institutions shall take measures to adequately protect payment service users against the identified security risks, including fraud and illegal use of sensitive data and personal data. Those measures shall be in compliance with the conditions of the technical regulatory standards adopted by the European Commission pursuant to Article 98(2) of Directive (EU) 2015/2366.

[1 The measures referred to in the first paragraph shall ensure a high level of digital operational resilience in accordance with Chapter II of Regulation (EU) 2022/2554, particularly with regard to technical security and data protection, also for the software and information and communication technology (ICT) systems used by them or by the enterprises to which they outsource activities.]1 ---------- (1)<W 2025-03-25/05, art. 119, 010; Inwerkingtreding : 08-05-2025>

11.3. Management of security risks and operational risks

Art. 52. Payment institutions shall provide for appropriate risk mitigation measures and control mechanisms to manage the operational and security risks associated with the payment services they offer.
Payment institutions shall maintain effective procedures for the management of incidents, including the detection and classification of major operational incidents and security incidents.
Those measures and procedures shall comply with the implementing measures of Directive (EU) 2015/2366, particularly those adopted to implement Article 95(3) and (4) of Directive (EU) 2015/2366 [1 , as well as with the requirements referred to in Chapter III of Regulation (EU) 2022/2554]1. ---------- (1)<W 2025-03-25/05, art. 120, 010; Inwerkingtreding : 08-05-2025>

Subsection 12. - Management and reporting of security incidents

Art. 53.[1 § 1. Without prejudice to Regulation (EU) 2022/2554, payment institutions shall ensure that security incidents and security-related customer complaints are monitored, handled, and followed up. § 2. Incidents shall be reported in accordance with the requirements of Regulation (EU) 2022/2554.]1 ---------- (1)<W 2025-03-25/05, art. 121, 010; Inwerkingtreding : 08-05-2025>

Subsection 13. - Provision of statistical data

Art. 54. Payment institutions shall provide the National Bank and the Federal Public Service Economy with annual statistical data on fraud relating to different payment methods, or, at the request of the National Bank or the Federal Public Service Economy, at shorter intervals. The National Bank shall share that data in aggregated form with the European Banking Authority and the European Central Bank. Payment institutions shall also provide the National Bank with annual statistical data on performance and transactions, or, at its request, at shorter intervals.

Subsection 14. - Issuance of card-based payment instruments - specific obligations of payment institutions issuing card-based payment instruments

Art. 55. Where the payment institution issuing a card-based payment instrument and the payment service provider managing the account to which that card is linked are different entities, the payment institution issuing the card-based payment instrument shall have appropriate procedures to ensure that, when it requests the account-holding payment service provider for the confirmation referred to in Article 58 consisting of a "yes/no" response, the following conditions are met:
1° the payer has explicitly consented to the payment service provider requesting the confirmation; 2° the payer has initiated the card-based payment transaction for the amount concerned using a payment instrument based on a card issued by the payment institution; 3° prior to each request for confirmation, it authenticates itself with the account-holding payment service provider and communicates securely with the account-holding payment service provider, in accordance with Article 49. The confirmation of the account holder shall not be stored or used for purposes other than the execution of a card-based payment transaction. This Article shall not apply to payment transactions initiated using payment instruments based on a card on which electronic money is stored.

Subsection 15. - Specific obligations of account-holding payment institutions

Art. 56. Account-holding payment institutions shall allow:
1° that account information service providers rely, for their involvement, on the authentication procedures offered by those account-holding payment institutions in accordance with Article 47, §§ 1 and 3; 2° that payment initiation service providers rely, for their involvement, on the authentication procedures offered by those account-holding payment institutions in accordance with Article 47, §§ 1 to 3.

Art. 57. § 1. In order to ensure that payers may resort to a payment initiation service provider or an account information service provider for the services respectively listed in points 7 or 8 of Annex I.A with regard to an online accessible payment account, account-holding payment institutions shall comply with the conditions of this Article. § 2. The account-holding payment institution shall communicate securely with payment initiation service providers and account information service providers in accordance with Article 49. § 3. An account-holding payment institution may deny a payment initiation service provider or an account information service provider access to a payment account for objectively justified reasons related to unauthorized or fraudulent access to the payment account by that provider, including the unauthorized or fraudulent initiation of a payment transaction. The account-holding payment institution shall grant access to the payment account as soon as the reasons for denying access no longer exist. The account-holding payment institution shall immediately report the incident concerning the payment initiation service provider or the account information service provider to the National Bank. The relevant data concerning the incident and the reasons for taking measures must be included. The National Bank shall forward that information to the Federal Public Service Economy, assess the incident, and take appropriate measures if necessary.

Art. 58. § 1. Where the payment service provider issuing a card-based payment instrument and the payment institution managing the account to which that card is linked are different entities, the account-holding payment institution shall have appropriate procedures to immediately confirm, at the request of the payment service provider issuing the card-based payment instrument, whether the funds necessary for the execution of a card-based payment transaction are available in the payer's payment account to which the card is linked, provided that all the following conditions are met:
1° the payer's payment account is online accessible at the time of the request; 2° the payer has explicitly consented to the account-holding payment institution responding to requests from the relevant payment service provider to confirm that the amount corresponding to a specific card-based payment transaction is available in the payer's payment account; 3° the consent referred to in point 2° was given before the first request for confirmation was made. The confirmation referred to in the first paragraph shall consist of a response in the form of a simple "yes" or "no". The confirmation that funds are available shall not allow the account-holding payment institution to block the funds in the payer's payment account. § 2. The account-holding payment institution shall communicate securely with payment institutions issuing card-based payment instruments in accordance with Article 49.

Subsection 16. - Exercise of activities abroad

16.1. Exercise of the right of establishment abroad via a branch

Art. 59.§ 1. Any payment institution intending to establish a branch abroad to offer there all or part of the payment services listed in Annex I.A [1 or the activities referred to in Article 44, § 1/1]1 that it is authorized to perform in Belgium, shall notify the National Bank thereof. § 2. In addition to the data mentioned in the implementing measures of Directive (EU) 2015/2366, the following shall be attached to this notification:
1° a program of activities, specifying in particular which payment services and other activities as referred to in Article 43 [1 or in Article 44, § 1/1]1 the payment institution intends to perform; 2° the Member State(s) or third country/countries where the payment institution intends to carry out its activities; 3° the organizational structure of the branch and its address abroad; 4° a business plan for the provision of payment services by the branch, including a financial plan for the first three financial years, demonstrating that the resources allocated to the branch's business are appropriate and, in particular, of such a nature as to ensure sound management of payment services; 5° a description of the policy structure and organizational arrangements of the payment institution showing that Article 21 is complied with regarding the branch's activities and the provisions applicable concerning the prevention of money laundering and terrorist financing; 6° the name of the effective managers of the branch and, where applicable, the persons responsible for independent control functions. § 3. Articles 20 and 37 shall apply mutatis mutandis to the effective managers and the persons responsible for independent control functions of the payment institution's branch. ---------- (1)<W 2025-12-11/13, art. 102, 012; Inwerkingtreding : 03-01-2026>

Art. 60. § 1. Where the host Member State of the branch is a Member State, the National Bank shall forward the data received pursuant to Article 59 for assessment to the competent authority of the relevant Member State within one month of receipt.
If the competent authority of the host Member State has expressed concerns in its assessment forwarded to the National Bank, the National Bank shall take those into account in its decision.
If the National Bank does not take into account the concerns referred to in the second paragraph in its decision, it shall inform the competent authority of the host Member State of the reasons for doing so.
§ 2. Where the host State of the branch is a third country, the National Bank may, in consultation with the supervisor of the payment institutions of that country, lay down rules for the opening of and supervision over the branch, as well as for the exchange of information between the two authorities, taking into account the provisions of Chapter IV/1, Section 4, of the Act of 22 February 1998.

Art. 61. § 1. The National Bank may object to the intended opening of the branch by decision motivated by the adverse effects of the opening of a branch on the organization, financial position, or supervision of the payment institution, including the specific risks arising from such activity. Where the host country of the branch is a third country, regardless of the planned activities for that branch, the National Bank may also object to the opening of the branch if it has reason to doubt compliance with the rules for access to the business provided for by the legislation of the third country, or, taking into account the intended activity and the arrangement concerning cooperation with the supervisors of the third country, the possibility of effectively supervising the branch established on the territory of that third country. § 2. The National Bank shall notify its decision to the payment institution no later than three months after receipt of the complete file with all data referred to in Article 59. It shall simultaneously inform the foreign supervisor of its decision. Where the host country of the branch is a Member State, the National Bank's decision shall be taken no earlier than upon receipt of the concerns referred to in Article 60, § 1, second paragraph, or, in the absence thereof, upon the expiry of a period of one month after submission of the file referred to in Article 60, § 1, first paragraph. § 3. Once the payment institution has been notified in accordance with paragraph 2 of the National Bank's decision not to object to the intended opening of a branch, that branch shall be included by the National Bank in the list referred to in Article 8.

Art. 62. § 1. Where the host country of the branch is a Member State, the relevant payment institution may commence its activities via a branch in the host Member State as soon as the payment institution has been notified pursuant to Article 61, § 2, of the National Bank's decision not to object to the intended activity, subject to the provisions applicable in that Member State. The payment institution shall notify the National Bank of the date on which it will effectively commence its activities via its branch in the relevant host Member State. The National Bank shall immediately communicate that date to the competent authorities of the relevant host Member State. § 2. Where the host country of the branch is a third country, paragraph 1 shall apply without prejudice to compliance with the legal provisions of the relevant country concerning access to the payment services business.

Art. 63. § 1. The payment institution shall notify the National Bank at least one month in advance of significant changes in the data communicated pursuant to Article 59.
The impact of those changes on the payment institution's compliance with the conditions of business shall be assessed by the National Bank in light of the criteria of Article 61, § 1.
§ 2. Any outsourcing, in the host country of the branch, relating to the business of the branch of the payment institution established in that Member State, shall be considered a major outsourcing for the purposes of Article 38.

Art. 64. Payment institutions shall carry out at least an annual audit of the activities of their branches abroad, based on documents and an on-site inspection.

Art. 64/1. [1 With regard to the activities referred to in Article 44, § 1/1, the provisions of this Subsection shall not affect the procedure of Article 65 of Regulation 2023/1114. Notwithstanding paragraph 4 of the aforementioned Article 65, Article 61, § 1 of this Act shall apply.]1 ---------- (1)<Ingevoegd bij W 2025-12-11/13, art. 103, 012; Inwerkingtreding : 03-01-2026>

16.2. Exercise of the right to freely provide payment services in another Member State

Art. 65.§ 1. Any payment institution intending to offer in another Member State all or part of the payment services listed in Annex I.A [1 or the activities referred to in Article 44, § 1/1]1 that it is authorized to perform in Belgium, without establishing a branch, shall notify the National Bank thereof. § 2. In addition to the data mentioned in the implementing measures of Directive (EU) 2015/2366, a file shall be attached to this notification containing the following:
1° a program of activities, specifying in particular which payment services and other activities as referred to in Article 43 [1 or in Article 44, § 1/1]1 the payment institution intends to perform; 2° the Member State(s) where the payment institution intends to carry out its activities; 3° a description of the policy structure and organizational arrangements of the payment institution showing that Article 21 is complied with regarding the activities and the provisions applicable concerning the prevention of money laundering and terrorist financing. ---------- (1)<W 2025-12-11/13, art. 104, 012; Inwerkingtreding : 03-01-2026>

Art. 66. The National Bank shall forward the data received pursuant to Article 65, § 2, for assessment to the competent authority of the relevant Member State within one month of receipt.
If the competent authority of the host Member State has expressed concerns in its assessment, the National Bank shall take those into account in its decision.
If the National Bank does not take into account the concerns referred to in the second paragraph in its decision, it shall inform the competent authority of the host Member State of the reasons for doing so.

Art. 67.§ 1. The National Bank may object to the implementation of the project by decision motivated by the adverse effects of cross-border service provision on the organization, financial position, or supervision of the payment institution, including the specific risks arising from this activity. § 2. The National Bank shall notify its decision not to object to the project to the payment institution no later than three months after receipt of the complete file with all data referred to in Article 65, § 2. It shall simultaneously inform the foreign supervisor of its decision. The National Bank's decision shall be taken no earlier than upon receipt of the concerns referred to in Article 66, § 1, second paragraph, or, in the absence of such notification, upon the expiry of a period of one month after submission of the file referred to in Article 66, § 1. [1 § 3. "With regard to the activities referred to in Article 44, § 1/1, this Article shall not affect the procedure of Article 65 of Regulation 2023/1114. Notwithstanding paragraph 4 of the aforementioned Article 65, paragraph 1 of this Article and Article 68 of this Act shall apply.]1 ---------- (1)<W 2025-12-11/13, art. 105, 012; Inwerkingtreding : 03-01-2026>

Art. 68. Cross-border activities may commence as soon as the payment institution has been notified pursuant to Article 67 of a favorable decision.

Art. 69. § 1. The payment institution shall notify the National Bank at least one month in advance of significant changes in the data communicated pursuant to Article 65.
The impact of those changes on the payment institution's compliance with the conditions of business shall be assessed by the National Bank in light of the criteria of Article 67, § 1.
§ 2. Any outsourcing in the host Member State relating to the business of the payment institution established in that Member State shall be considered a major outsourcing for the purposes of Article 38.

16.3. Exercise of activities in another Member State via an agent

Art. 70. § 1. Any payment institution intending to offer on the territory of another Member State via an agent all or part of the payment services referred to in Annex I.A that it is authorized to perform in Belgium, shall notify the National Bank thereof.
The information referred to in Article 71 shall be attached to this notification.
§ 2. Articles 59, § 1 and 60 to 64 shall apply mutatis mutandis.
By way of derogation from the first paragraph, the National Bank shall notify the payment institution and the competent authorities of the host Member State when, on the basis of the information it has received from the payment institution or the comments formulated by the competent authority of the relevant Member State, it considers that the relevant agent cannot be considered as a branch in the host Member State. Articles 65 to 69 shall apply mutatis mutandis in that case.

Subsection 17. - Service provision via an agent

Art. 71. Payment institutions are permitted to provide payment services through an agent.

When a payment institution intends to provide payment services through an agent established in Belgium or abroad, it must provide the Bank in advance with the following information concerning the agent:

1° the name, first names, domicile and residence, and date of birth of the agent, if it is a natural person; 2° the name, legal form and address of the registered office of the agent, if it is a legal entity; 3° the payment services for which the agent is authorized by the institution; 4° a description of the internal control mechanisms set up by the agent to comply with the obligations of 1 Regulation (EU) 2023/11131 and of the Act of 18 September 2017; 5° the name, first names, domicile and residence, and date of birth of the persons responsible for management and effective direction; 6° for the persons referred to in points 1° and 5°, the information on the basis of which it can be established that they possess the professional reliability and expertise required for their functions; 7° the organizational structure of the agent; 8° where applicable, the unique identification code or unique identification number of the agent.

Payment institutions must provide the Bank, upon its request, with all useful information to enable it to verify the accuracy and completeness of the information referred to in the first paragraph.

(1)<W 2025-12-11/13, art. 106, 012; Inwerkingtreding : 03-01-2026>

Art. 72. If, after verification, it appears that the information referred to in Article 71 is accurate and complete and does not give rise to comments relating to the sound and prudent management of the institution, the Bank shall include the agent in the list referred to in Article 8 and inform the institution thereof within two months of receipt of the information referred to in Article 71.

Otherwise, the Bank shall refuse to include the agent in the list referred to in Article 8 and shall inform the institution thereof without delay, and at the latest within two months of receipt of the relevant information.

The agent may begin offering payment services on behalf of the payment institution it represents once it has been included in the list referred to in the first paragraph.

Art. 73. Payment institutions shall carry out at least annual controls regarding the agent, to verify whether the obligations imposed by or pursuant to this Act are complied with by the payment institution, based on documents and an on-site inspection of the agents on which they rely.

Art. 74. The payment institution shall inform the Bank without delay of all changes it has made to the information communicated pursuant to Article 71.

Subsection 18. - Retention of data

Art. 75. For the purpose of the supervision exercised by the Bank, payment institutions shall keep all documents relating to their activities for at least five years at their registered office or at any other place previously approved by the Bank.

Without prejudice to other statutory or regulatory provisions concerning the retention of documents, the Bank may, by regulation established pursuant to Article 12bis, § 2, of the Act of 22 February 1998, determine the modalities for the retention of the documents referred to in the first paragraph.

Section IV. - Periodic information provision and accounting rules

Art. 76. § 1. Payment institutions shall file their annual accounts and their consolidated annual accounts with the Bank.

After advice from the Bank, the King shall determine the rules according to which all payment institutions or certain categories of payment institutions:
1° shall keep their accounts, carry out inventory valuations, and prepare and publish their annual accounts; 2° shall prepare, audit and publish their consolidated annual accounts and prepare and publish the annual and audit report on these consolidated annual accounts.

The rules referred to in the second paragraph shall determine that a clear distinction must be made in the accounting of transactions carried out by the payment institution between transactions related to the payment services business and those related to other activities that may be carried out pursuant to Articles 43 and 44.

§ 2. The Bank may, by regulation established pursuant to Article 12bis, § 2, of the Act of 22 February 1998, determine the implementation modalities of the rules established under paragraph 1.

These regulations shall be established after consultation of the payment institutions, where applicable via their professional associations.

Art. 77. Payment institutions shall periodically submit a detailed financial statement to the Bank. This statement shall be prepared in accordance with the rules established by the Bank, which also determines the reporting frequency. Furthermore, the Bank may require that other numerical data or explanations be provided regularly, so that it can verify whether the provisions of this Act or its implementing decisions and regulations or the implementing measures of Directive (EU) 2015/2366 have been complied with.

Art. 78. The effective management of the payment institution declares to the Bank that the aforementioned periodic statements, which it transmits in due course at the end of the first half-year and in any case at the end of the financial year, are in accordance with the accounting and inventories. To that end, the periodic statements must:
1° be complete, meaning that they contain all data from the accounting and inventories on the basis of which they are prepared, and; 2° be accurate, meaning that they correspond exactly to the data from the accounting and inventories on the basis of which they are prepared.

The effective management confirms that the necessary steps have been taken so that the aforementioned statements are prepared and drawn up in accordance with the Bank's regulations and are prepared using the booking and valuation rules for the preparation of the annual accounts, or, for periodic reporting statements that do not relate to the end of the financial year, using the booking and valuation rules for the preparation of the annual accounts regarding the last financial year.

Art. 79. For certain categories of payment institutions or in special cases, the Bank may, respecting Union law, grant derogations from the decisions and regulations referred to in Articles 76 and 77.

Art. 80. The members of the statutory governing body are jointly and severally liable to the payment institution and to third parties for all damage resulting from the infringement of Article 76 and of the provisions established for the implementation of Article 76.

With regard to infringements to which they have not contributed, the members of the statutory governing body shall only be exempted from the liability referred to in the first paragraph if no fault can be attributed to them and they have reported those infringements, as the case may be, at the first general meeting or the next meeting of the statutory governing body after they became aware of them.

CHAPTER II. - Registered payment institutions

Section I. - Limited payment institutions

Subsection 1. - Conditions for eligibility

Art. 81. Legal entities under Belgian law that meet the conditions of the second paragraph may apply to be eligible for the scheme of this Section.

This applies to legal entities:
1° that intend to provide one or more payment services as referred to in points 1 to 5 of Annex I.A; 2° whose business plan indicates that the monthly average of the total value of payment transactions to be carried out by them in the coming twelve months, including agents for whom they are liable, is not higher than 1,000,000 euros; and 3° whose leaders are not in any of the situations described in Article 20 of the Banking Act.

Subsection 2. - Access to registration

Art. 82. § 1. To be eligible for the scheme of this Section, the companies concerned must submit a registration application to the Bank accompanied by an administrative file that meets the conditions established by it and in which, in particular, the information is provided on the basis of which it can be assessed whether the conditions for obtaining registration are met and whether the applicant is able to comply with the operational conditions established respectively in Articles 86 and 87.

At the request of the Bank, the applicant must provide all information necessary to assess the application.

§ 2. The Bank shall rule on the registration application within three months of submission of a complete file and at the latest twelve months after submission of the application.

The legal entities referred to in Article 81 that meet the conditions for obtaining registration established in Article 86 shall be registered by the Bank as limited payment institutions.

To ensure the sound and prudent management of the institution, the Bank may impose conditions in the registration for the exercise of certain of the intended activities.

The decisions regarding registration shall be brought to the attention of the applicants.

The Bank's decision shall specify for which of the payment services referred to in points 1 to 5 of Annex I.A the registration is granted.

Art. 83. The limited payment institutions registered pursuant to Article 82 shall be included in the list referred to in Article 8, § 1, first paragraph, 2°, a).

Art. 84. The limited payment institution shall inform the Bank without delay of all changes it has made during the course of its business to the information communicated pursuant to Article 82.

Art. 85. The Bank shall inform the European Commission annually of the number of limited payment institutions it has registered and of the total value of payment transactions carried out by them on 31 December of each calendar year.

Subsection 3. - Conditions for obtaining registration

Art. 86. The provisions of Title II, Chapter I, Section II apply to limited payment institutions. However, pursuant to a decision established after advice from the Bank, the King may exempt limited payment institutions from the application of all or part of these provisions.

In assessing the registration application, the Bank also takes into account the capacity of the applicant institution to comply with the operational conditions referred to in Subsection 4 and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of users.

Subsection 4. - Operational conditions

Art. 87.§ 1. Limited payment institutions may only offer the payment services referred to in points 1 to 5 of Annex I.A. 1 They may not offer crypto-asset services.1

§ 2. The provisions of Title II, Chapter I, Section III apply to limited payment institutions. However, pursuant to a decision established after advice from the Bank, the King may exempt limited payment institutions from the application of all or part of these articles, with the exception of Articles 41 to 43, § 3 and 44 and 45, provided that:
1° the King may determine that the persons registered pursuant to Article 82 may only carry out a number of the activities listed in Articles 43 and 44; 2° the Bank includes the agent of the limited payment institution in the list referred to in Article 8, § 1, first paragraph, 2°.

§ 3. The monthly average of the total value of payment transactions carried out during the preceding twelve months by the payment institutions themselves, including the agents for whom they are liable, is not higher than 1,000,000 euros.

Limited payment institutions shall communicate this monthly average to the Bank at a frequency and in a manner determined by the Bank.

When the condition of the first paragraph is no longer met, registered limited payment institutions must apply for a license pursuant to Articles 10 et seq. within thirty calendar days.

§ 4. Limited payment institutions must comply with the obligations of 1 Regulation (EU) 2023/11131 and of the Act of 18 September 2017.

§ 5. Limited payment institutions shall inform the Bank of any change in their situation that is relevant for compliance with the conditions of Articles 86 and 87.

§ 6. Limited payment institutions are not eligible for the European passport referred to in Articles 59 to 70.

(1)<W 2025-12-11/13, art. 107, 012; Inwerkingtreding : 03-01-2026>

Subsection 5. - Periodic and accounting information, supervision and rules for institutions in difficulty or in an irregular situation

Art. 88. The provisions of Title II, Chapter I, Section IV and of Chapter III apply to limited payment institutions. However, pursuant to a royal decree established after advice from the Bank, the King may exempt limited payment institutions from the application of all or part of these articles.

Section II. - Payment institutions offering account aggregation services

Subsection 1. - Obligation to register and procedure

Art. 89. Any legal entity under Belgian law that intends to offer the payment services referred to in point 8 of Annex I.A in Belgium, excluding all other payment services, must, before commencing its activities, be registered by the Bank as a payment institution offering account aggregation services.

Art. 90. § 1. The registration application shall be submitted to the Bank and accompanied by an administrative file that meets the conditions established by it and in which, in particular, the information is provided on the basis of which the Bank can assess whether:
1° the conditions for obtaining registration established in Articles 94 and 95 are met; and 2° the applicant is able to comply with the operational conditions established in Articles 96 to 98.

§ 2. The applicant shall also provide the information referred to in Article 10, first paragraph, with the exception of the information referred to in the following points:
1° points 3° and 4°;
2° point 7°, insofar as this point refers to Article 19; 3° point 9°; 4° point 12° with regard to the rules for access to payment accounts in the case of payment initiation services; 5° point 16° with regard to statistical data on payment transactions and performance; and 6° points 19° and 20°.

The procedures of Article 10, first paragraph, point 12°, for which the applicant must indeed provide the information, include the procedures that ensure compliance with the rules for access to accounts established in Article 98.

The information referred to in Article 10, first paragraph, 18°, must demonstrate that the requirements of Article 95, § 2 are met.

Art. 91. The Bank shall rule on the registration application within three months of submission of a complete file and at the latest twelve months after submission of the application.

Institutions that meet the conditions of Articles 94 and 95 shall be registered by the Bank as payment institutions offering account aggregation services.

The decisions regarding registration shall be brought to the attention of the applicants.

To ensure sound and prudent management, the Bank may impose conditions in the registration for the exercise of certain of the intended activities.

Art. 92. Payment institutions offering account aggregation services that are registered shall be included in the list referred to in Article 8, § 1, first paragraph, 2°, b).

Art. 93. The payment institution shall inform the Bank without delay of all changes it has made during the course of its business to the information communicated pursuant to Article 90.

Subsection 2. - Conditions for obtaining registration

Art. 94. In addition to the conditions of this Subsection, the Bank also takes into account the capacity of the applicant institution to comply with the operational conditions referred to in Subsection 3 and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of users.

Art. 95.§ 1. The provisions of Title II, Chapter I, Section II apply to payment institutions offering account aggregation services, with the exception of Articles 17 and 19.
1 In derogation of Article 16, the institutions referred to in this Section may also take the form of a private limited company.1

§ 2. Article 18 applies to payment institutions offering account aggregation services, provided that the amount of the professional liability insurance or other comparable guarantee coverage must provide coverage for their liability towards the account-holding payment service provider or the payment service user as a result of unauthorized or fraudulent access to or unauthorized or fraudulent use of payment account information.

(1)<W 2021-06-27/09, art. 287, 006; Inwerkingtreding : 19-07-2021>

Subsection 3. - Operational conditions

Art. 96. Any payment institution offering account aggregation services must continuously comply with the conditions laid down by or pursuant to Article 95.

Art. 97. The operational conditions established in Title II, Chapter I, Section III apply to payment institutions offering account aggregation services, with the exception of Articles 25 to 32, 33, 38, 41, 42, 48, 54, second paragraph, 55 to 58 and 71 with regard to agents established in Belgium, provided that:
1° Articles 34 to 37 apply, with the exception of the obligations relating to the protection of funds; 2° the Bank includes the account information service provider in the list referred to in Article 92.

Art. 98. § 1. To ensure that payment service users may rely on a payment institution offering account aggregation services for the account information services referred to in point 8 of Annex I.A with regard to an online accessible payment account, payment institutions offering account aggregation services must comply with the conditions of this Article.

§ 2. The payment institution offering account aggregation services ensures that the personal security data of the payment service user:
1° are not accessible to other parties, with the exception of the user and the issuer of that data; 2° are sent via secure and efficient channels.

§ 3. The payment institution offering account aggregation services:
1° identifies itself at each communication session with the payment service provider(s) holding the payer's account; 2° communicates securely with the account-holding payment service provider(s) and the payment service user, pursuant to Article 49; 3° has access only to the information of the designated payment accounts and the relevant payment transactions; 4° does not request sensitive payment data regarding the payment accounts; 5° does not proceed to use, access and store data for purposes other than performing the account information service explicitly requested by the payment service user, in accordance with statutory and regulatory provisions, where applicable of foreign law, relating to the protection of personal data; 6° performs the services only with the explicit consent of the payment service user.

Subsection 4. - Periodic information provision and accounting rules

Art. 99. The Bank may, by regulation established pursuant to Article 12bis, § 2, of the Act of 22 February 1998, establish the reporting obligations to which payment institutions offering account aggregation services must comply.

CHAPTER III. - Supervision of payment institutions, payment institutions in difficulty or in an irregular situation and termination of the license or registration

Section I. - Supervision of payment institutions under Belgian law

Subsection 1. - Supervision by the Bank

1.1. Principles

Art. 100. § 1. Payment institutions are subject to the supervision of the Bank.
The Bank ensures that each payment institution operates continuously in accordance with the provisions of this Act and its implementing decrees and regulations, as well as the implementing measures of Directive (EU) 2015/2366 [1 , and in accordance with the provisions of Regulation (EU) 2017/2402]1 [1 and of Regulation (EU) 2022/2554]1. The supervision of the Bank is proportionate to and adapted to the nature, size and complexity of the payment services provided by the payment institution and the risks associated with them.

§ 2. The supervision of the Bank does not, however, cover the activities of the payment institution admitted in accordance with Article 44, unless this is required for the supervision of the payment institution's compliance with the provisions of this Act and its implementing decrees and regulations, as well as the implementing measures of Directive (EU) 2015/2366 [1 , and of the provisions of Regulation (EU) 2017/2402]1 [1 and of Regulation (EU) 2022/2554]1.

(1)<W 2025-03-25/05, art. 122, 010; Inwerkingtreding : 08-05-2025>

Art. 101. Relations between a payment institution or its agent and a specific client do not fall within the competence of the Bank, unless the supervision of the payment institution requires it.

1.2. Prerogatives

Art. 102. With a view to its supervisory task, the Bank may request payment institutions to provide all information regarding their organization, operations, financial position and transactions.
For that purpose, the Bank may also request information from agents of payment institutions or from entities to which the payment institution has outsourced tasks.

Art. 103. § 1. With a view to its supervisory task, the Bank may also carry out on-site inspections at payment institutions and take on-site knowledge of and make a copy of all data available to the payment institution, 1° to verify whether the provisions of this Act and its implementing decrees and regulations, as well as the implementing measures of Directive (EU) 2015/2366 [1 and the provisions of Regulation (EU) 2017/2402]1 [1 and of Regulation (EU) 2022/2554]1 have been complied with and/or whether the accounting and annual accounts, as well as the statements and other information submitted to it by the payment institution, are correct and truthful; 2° to assess the appropriateness of the policy structures, the administrative and accounting organization and the internal control of the payment institution; 3° to ensure that the management of the payment institution is sound and prudent, and that its position or its transactions cannot jeopardize its liquidity, profitability or solvency. The prerogatives referred to in the first paragraph also include access to the agendas and minutes of the meetings of the various bodies of the institution and their internal committees, as well as to the related documents and to the results of the internal and/or external assessment of the functioning of those bodies.

§ 2. In the context of its supervision and in particular its inspections, the Bank's staff are authorized to obtain from the leaders and employees of the payment institution all information and explanations they deem necessary for the performance of their tasks and may, for this purpose, require that conversations take place with leaders or employees of the institution designated by them.

§ 3. The inspection reports and, more generally, all documents emanating from the Bank, which it indicates as confidential, may not be made public by the payment institutions without the express permission of the Bank.
Failure to comply with this obligation is punishable by the penalties provided for in Article 458 of the Criminal Code.

§ 4. With a view to the provisions of paragraph 1, the Bank may also carry out on-site inspections at agents of payment institutions or at entities to which the payment institution has outsourced tasks, and take on-site knowledge of and make a copy of all data available to them.

§ 5. For the performance of its supervisory task, the Bank may call upon experts it appoints to carry out useful checks and investigations. The remuneration and costs of these experts are borne by the payment institution.

(1)<W 2025-03-25/05, art. 123, 010; Inwerkingtreding : 08-05-2025>

Subsection 2. - Supervision by the Bank of activities exercised in another Member State

2.1. Definitions and principles

Art. 104. For the purposes of this Subsection 2, the Bank is considered in its capacity as the competent authority of the home Member State.

Art. 105. The supervision referred to in Article 100 also covers the activities that payment institutions exercise through a branch, through an agent or by providing services freely in another Member State.

2.2. On-site checks

Art. 106. With a view to the checks it carries out on activities carried out abroad, the Bank, after prior notification to the authorities of the Member State responsible for supervising the payment institutions, may carry out at the branches of payment institutions established under Belgian law in that Member State, as well as at the agents and entities to which the payment institution has outsourced tasks established there, the inspections referred to in Article 103, in particular all inspections aimed at collecting or testing data on the management and operations of the branch, as well as all data that facilitate the supervision of the payment institution, in particular in terms of its financial position, administrative and accounting organization and internal control. For the same purpose and after notification to the competent authorities concerned, it may appoint an expert it appoints to carry out all useful checks and investigations. The remuneration and costs of this expert are borne by the payment institution. Similarly, the Bank may request these authorities to carry out certain checks and investigations.

2.3. Cooperation

Art. 107. Without prejudice to Articles 35 and 36/13 to 36/15 of the Act of 22 February 1998, the Bank cooperates closely with the competent authorities of the host Member State in order to facilitate the checks by those authorities on the activities carried out on their territory by payment institutions under Belgian law that operate there through a branch or an agent or in the context of the free provision of services. To this end, the Bank provides on its own initiative to the competent authorities of the host Member States concerned all essential information available to it and provides them upon request with all relevant information, in particular when there are infringements or suspected infringements by an agent or a branch.

2.4. Extraordinary measures by the Bank

Art. 108. § 1. The Bank immediately informs the competent authorities of the host Member State where a payment institution under Belgian law has established a branch or carried out activities through an agent or in the context of the free provision of services, of the measures it has taken in accordance with Articles 116 and 117. It keeps these authorities informed of the handling of any appeal against these decisions.

§ 2. If the competent authority of the host Member State has taken precautionary measures in an emergency situation pending the Bank's taking of appropriate measures, the latter may submit a measure against which it objects to the European Banking Authority in accordance with Article 19 of Regulation No. 1093/2010 and request its assistance.

Subsection 3. - Audit supervision

Art. 109. This Subsection does not apply to payment institutions registered in accordance with Article 91 that offer account aggregation services.

Art. 110. The task of auditor as referred to in the [2 Companies and Associations Code]2 may in a payment institution only be entrusted to one or more recognized auditors or one or more recognized audit firms that have been recognized by the Bank for that purpose [1 in accordance with Article 110/1 or]1 in accordance with Article 222 of the banking law. By way of exception, the King may determine that when a limited payment institution registered in accordance with Article 82 mainly carries out commercial activities unrelated to the payment services business, and provided that the Bank has granted prior permission for this, it may entrust the task of auditor to one or more auditors who are not recognized by the Bank [1 in accordance with Article 110/1 or]1 in accordance with Article 222 of the banking law. This auditor must nevertheless comply with the Bank with the obligations imposed on the recognized auditor by this Act. [3 Article 3:72, 2° of the Companies and Associations Code]3 does not apply to payment institutions. In payment institutions that, applying the aforementioned Code, do not need to have an auditor, the general meeting of partners appoints one or more recognized auditors or one or more recognized audit firms as referred to in the first paragraph. They perform the task of auditor and bear that title. The provisions of the [2 Companies and Associations Code]2 regarding the auditors of public limited companies apply to the appointment and the task of auditor in these institutions. For the purposes of the [2 Companies and Associations Code]2 with regard to what precedes, the general meeting of partners replaces the general meeting of shareholders in companies where the law does not establish it. Payment institutions may appoint substitute auditors, who in the event of long-term incapacity of the auditor perform his task. The provisions of this Article and Article 111 apply to these substitutes. The auditors appointed in accordance with this Article certify the annual accounts and the consolidated annual accounts of the payment institutions. When a payment institution carries out
activities as referred to in Articles 43 or 44, those activities are considered separately in the written report of the auditors referred to in Article 115, § 3, separate from the payment services business.

(1)<W 2019-05-02/25, art. 109, 004; Inwerkingtreding : 31-05-2019> (2)<W 2021-06-27/09, art. 288, 006; Inwerkingtreding : 19-07-2021> (3)<W 2021-06-27/09, art. 289, 006; Inwerkingtreding : 19-07-2021>

Art. 110/1. [1 The Bank establishes by regulation adopted applying Article 12bis, § 2, of the Act of 22 February 1998 the regulation for the recognition of auditors and audit firms.
The recognition regulation is issued after consulting the recognized auditors through their representative professional association.
The Supervisory Board for Corporate Auditors established by Article 32 of the Act of 7 December 2016 on the organization of the profession of and public supervision of corporate auditors, informs the Bank each time a procedure is initiated or a measure and/or sanction is taken by this Board against a recognized auditor or a recognized audit firm due to a shortcoming in the performance of his or her task, with the reasoning, and each time a report is drawn up applying Article 56, § 1, of the aforementioned Act of 7 December 2016. The Board also informs the Bank of all similar procedures, measures and/or sanctions imposed abroad on a recognized auditor or a recognized audit firm of which the Board has knowledge.]1

(1)<Ingevoegd bij W 2019-05-02/25, art. 110, 004; Inwerkingtreding : 31-05-2019>

Art. 111. Recognized audit firms call upon a recognized auditor they appoint in accordance with [1 Article 3:60 of the Companies and Associations Code]1 for the performance of the task of auditor as referred to in Article 110. The provisions of this Act and its implementing decrees, which regulate the appointment, the task, the obligations and prohibitions for auditors, as well as the other than criminal sanctions applicable to them, apply both to the audit firms and to the recognized auditors representing them. A recognized audit firm may appoint a substitute representative among its members who meet the appointment conditions.

(1)<W 2021-06-27/09, art. 290, 006; Inwerkingtreding : 19-07-2021>

Art. 112. The Supervisory Board for Corporate Auditors informs the Bank each time disciplinary proceedings are initiated against an auditor at a payment institution due to a shortcoming in the performance of his task as an auditor, as well as each time disciplinary measures are taken against him.

Art. 113. For the appointment of auditors and substitute auditors at payment institutions, the prior consent of the Bank is required. This consent must be requested by the corporate body that proposes the appointment. In the appointment of a recognized audit firm, this consent applies both to the firm and to its representative. This consent is also required for the renewal of a task. When the appointment of the auditor is made by law by the president of the [1 commercial court]1 or the court of appeal, he chooses from a list of recognized auditors approved by the Bank.

(1)<W 2018-04-15/14, art. 252, 003; Inwerkingtreding : 01-11-2018>

Art. 114. The Bank may revoke the consent granted in accordance with Article 113 with an auditor, a substitute auditor, a recognized audit firm or a representative or substitute representative of such a firm, always by decision motivated by reasons related to their status or their task as a recognized auditor or recognized audit firm, as determined by or pursuant to this Act. With this revocation, the task of auditor ends. When an auditor resigns, the Bank is notified in advance, stating the reasons. The recognition regulation referred to in [1 Article 110/1 or]1 Article 222 of the banking law also regulates the procedure. In the absence of a substitute auditor or a substitute representative of a recognized audit firm, the payment institution, respecting Article 113, ensures his replacement within two months. The proposal to dismiss an auditor from a payment institution, as regulated by [2 Articles 3:66 and 3:67 of the Companies and Associations Code]2, is submitted to the Bank for advice. This advice is communicated to the general meeting.

(1)<W 2019-05-02/25, art. 111, 004; Inwerkingtreding : 31-05-2019> (2)<W 2021-06-27/09, art. 291, 006; Inwerkingtreding : 19-07-2021>

Art. 115.§ 1. The recognized statutory auditors provide their cooperation to the supervision by the Bank, under their own and exclusive responsibility and in accordance with this article, according to the rules of the profession and the guidelines of the Bank.
§ 2. The recognized statutory auditors assess the internal control measures taken by the payment institutions in accordance with Articles 21, § 1, 2°, and 38, § 1, second paragraph, 1°, and communicate their findings to the Bank.
§ 3. The recognized statutory auditors report to the Bank on the results of the limited review of the periodic statements that the payment institutions submit to the Bank at the end of the first half-year, confirming that:
1° they are not aware of any facts that would indicate that the periodic statements were not prepared in all material respects (i) in accordance with the Bank's applicable guidelines and/or (ii) applying the booking and valuation rules for the preparation of the annual accounts regarding the last financial year; 2° the periodic statements at the end of the half-year, regarding accounting data, are in all material respects in accordance with the accounting records and inventories, regarding completeness, meaning that they contain all data from the accounting records and inventories on the basis of which the periodic statements are prepared, and accuracy, meaning that they correctly reflect the data from the accounting records and inventories on the basis of which the periodic statements are prepared. The Bank may further specify the periodic statements referred to here. The recognized statutory auditors also report to the Bank on the results of the limited review of the periodic statements that the payment institutions submit to the Bank at the end of the financial year, confirming that these periodic statements:
1° are prepared in all material respects in accordance with the Bank's applicable guidelines and applying the booking and valuation rules for the preparation of the annual accounts; and 2° meet the criterion [1]1 of the first paragraph, 2°. § 4. The recognized statutory auditors, at the Bank's request, submit a special report to the Bank on the organization, operations, and financial structure of the payment institution; the costs for preparing this report are borne by the relevant payment institution. § 5. In the context of their assignment at the payment institution or an audit assignment at an enterprise affiliated with the payment institution, the recognized statutory auditors, on their own initiative, report to the Bank as soon as they become aware of:
1° decisions, facts, or developments that significantly affect or may significantly affect the financial position of the payment institution or its administrative and accounting organization or internal control; 2° decisions or facts that may indicate a violation of the [3 Companies and Associations Code]3, the articles of association, the provisions of this Act and its implementing decrees and regulations, or the implementing measures of Directive (EU) 2015/2366 [4 , or of the provisions of Regulation (EU) 2017/2402]4 [4 or of Regulation (EU) 2022/2554]4; 3° other decisions or facts that could lead to a refusal to certify the annual accounts or to the formulation of qualifications. § 6. The recognized statutory auditors report to the Bank at least once a year on the adequacy of the measures taken by the payment institutions to safeguard the funds they receive from payment service users, in accordance with Articles 41 and 42. [2 § 6/1. The recognized statutory auditors annually submit a declaration to the supervisor indicating whether or not they have identified special mechanisms within the meaning of Article 21, § 1/1.]2 § 7. Against recognized statutory auditors who have provided information in good faith as referred to in paragraph 5, no civil, criminal, or disciplinary actions may be brought, nor professional sanctions imposed. § 8. The recognized statutory auditors communicate to the persons responsible for effective management the reports they address to the Bank in accordance with paragraph 4.
Article 103, § 3 applies to these communications.
They send the Bank a copy of the communications they address to the persons responsible for effective management that concern matters that may be relevant for its supervision.
§ 9. The recognized statutory auditors and recognized audit firms may, at the foreign branches of the institution under their supervision, exercise supervision and perform the investigations included in their assignment.
§ 10. They may be instructed by the Bank, where applicable at the request of the European Central Bank in its capacity as monetary authority, to confirm that the data that these payment institutions must provide to these authorities are complete, accurate, and prepared in conformity with the applicable rules. § 11. The recognized statutory auditor reports promptly to the statutory governing body on significant matters that have come to light during the exercise of his statutory audit assignment, and more specifically on serious shortcomings in the financial reporting process regarding payment service activities and the activities referred to in Article 43, § 1, 1°. § 12. The recognized statutory auditors of small payment institutions inform the Bank every six months of the compliance with Article 87, § 3, first paragraph. ---------- (1)<W 2019-05-02/25, art. 112, 004; Inwerkingtreding : 31-05-2019> (2)<W 2021-06-02/03, art. 37, 005; Inwerkingtreding : 28-06-2021> (3)<W 2021-06-27/09, art. 288, 006; Inwerkingtreding : 19-07-2021> (4)<W 2025-03-25/05, art. 124, 010; Inwerkingtreding : 08-05-2025>

Afdeling II. - Payment institutions in difficulty or in an irregular situation

Onderafdeling 1. - Compulsory measures

Art. 116.§ 1. [1 When the Bank finds that a payment institution is not operating in accordance with the following provisions or when it has information indicating that there is a risk that this institution will no longer operate in accordance with these provisions in the next 12 months:
1° the provisions of this Act or its implementing decrees and regulations; 2° the provisions of Title II of Regulation (EU) No 648/2012 [2 or of Regulation (EU) 2022/2554]2; 3° Articles 4 and 15 of Regulation (EU) No 2015/2365 [2 or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402]2; 4° the provisions of delegated acts adopted in accordance with the provisions referred to in points 2° or 3° or in accordance with the European directives transposed by this Act; or 5° the provisions of implementing acts adopted in accordance with the provisions referred to in points 2° or 3°, in accordance with the European directives transposed by this Act or in accordance with the delegated acts referred to in point 4°, it sets the deadline within which this situation must be remedied.]1 § 2. As long as the payment institution has not remedied the situation referred to in paragraph 1, the Bank may at any time:
1° impose the application of special rules on valuation or write-downs for the calculation of the own funds requirements imposed by or pursuant to this Act or the implementing measures of Directive (EU) 2015/2366; 2° impose own funds requirements that are stricter or constitute a supplement to those provided for pursuant to Articles 17 and 33; 3° impose the full or partial reservation of distributable profits; 4° restrict or prohibit all dividend distributions or payments, in particular of interest, to shareholders, provided that the suspension of payments resulting therefrom does not lead to the opening of bankruptcy proceedings under the provisions of Book XX, Title VI, Chapter 1 of the Code of Economic Law; 5° require the institution to limit the risk associated with certain activities or its organization, where applicable by imposing the full or partial transfer of its business or its network; 6° impose an additional reporting obligation or more frequent reporting than provided for pursuant to Article 77, in particular for reporting on risks; 7° require the disclosure of information the subject of which is determined by the Bank. § 3. When the Bank considers that the measures taken by the payment institution within the deadline set in accordance with paragraph 1 to remedy the established situation are satisfactory, it lifts, according to the modalities it determines, all or part of the measures to which it decided pursuant to paragraph 2. ---------- (1)<W 2022-07-20/40, art. 398, 008; Inwerkingtreding : 06-10-2022> (2)<W 2025-03-25/05, art. 125, 010; Inwerkingtreding : 08-05-2025>

Onderafdeling 2. - Exceptional recovery measures

Art. 117.§ 1. When the Bank finds that a payment institution does not or no longer complies with the measures taken pursuant to Article 116, § 2, or that it has not remedied the situation after the expiry of the deadline set in accordance with Article 116, § 1, the Bank may, without prejudice to the other provisions established by or pursuant to this Act:
1° appoint a special commissioner.
In this case, for all acts and decisions of all bodies of the institution, including the general meeting, as well as for those of the persons responsible for management, his written, general, or special authorization is required; the Bank may, however, limit the transactions for which authorization is required. The special commissioner may submit any proposal he deems useful to all bodies of the institution, including the general meeting. The remuneration of the special commissioner is determined by the Bank and borne by the institution. The members of the governing and management bodies and the persons responsible for management who perform acts or take decisions without the required authorization of the special commissioner are jointly liable for the damage resulting therefrom for the institution or for third parties. If the Bank has published the appointment of a special commissioner in the Belgian State Gazette, specifying the acts and decisions for which his authorization is required, all acts and decisions without this required authorization are void, unless the special commissioner ratifies them. Under the same conditions, all decisions of the general meeting without the required authorization of the special commissioner are void, unless he ratifies them. The Bank may appoint an alternate commissioner; 2° for the period it determines, suspend or prohibit the direct or indirect exercise of the business of the payment institution in whole or in part; this suspension may, to the extent determined by the Bank, result in the full or partial suspension of the execution of ongoing contracts. The members of the governing and management bodies and the persons responsible for management who perform acts or take decisions despite the suspension are jointly liable for the damage resulting therefrom for the payment institution or for third parties. If the Bank has published the suspension in the Belgian State Gazette, all acts and decisions contrary thereto are void; 3° impose stricter solvency requirements than those intended in Articles 17 and 33; 4° [4 order the replacement of all or part of the members of the statutory governing body, the management committee and/or, where applicable, the persons responsible for effective management of the payment institution, within a deadline it determines and, if no replacement takes place within this deadline, dismiss one or more members of the statutory governing body or the management committee and/or, where applicable, one or more persons responsible for effective management of the payment institution, or appoint one or more provisional administrators in place of the full governing and management bodies of the institution who alone or collectively, depending on the case, have the powers of the replaced persons. The Bank publishes its decision in the Belgian State Gazette. When circumstances justify it, the Bank may appoint one or more
provisional administrators without first ordering the replacement of all or part of the leaders of the payment institution. With the Bank's consent, the provisional administrator(s) may convene a general meeting and set its agenda. The mandate of the replaced persons, in particular that of a member of the statutory governing body or the management committee, ends upon notification of the Bank's decision to replace them with one or more provisional administrators. The payment institution fulfills the disclosure formalities required in case of termination of the relevant mandates. The Bank may, respecting the provisions of European Union law, derogate from the reporting obligations established by or pursuant to this Act for the payment institution for which it has taken a measure consisting of the appointment of one or more provisional administrators. The remuneration of the provisional administrator(s) is determined by the Bank and borne by the relevant payment institution. The Bank may replace the provisional administrator(s) at any time, either ex officio or at the request of a majority of shareholders or partners, when they demonstrate that the management of the concerned parties no longer provides the necessary guarantees;]4 5° order the payment institution to convene a general meeting of shareholders within the deadline it sets, the agenda of which it determines; 6° order the payment institution to transfer participations it holds where applicable in accordance with Article 40; 7° revoke the license or registration. The Bank informs the European Banking Authority of the reasons for the revocation of the license or registration. [5 In addition and without prejudice to Article XX.1 of the Code of Economic Law, the appointment of a special commissioner or a provisional administrator, under whatever name, at a payment institution falls within the exclusive competence of the Bank.]5 § 2. Notwithstanding the conditions for the application of paragraph 1, the Bank may, in extremely urgent cases or if the seriousness of the facts justifies it, take the measures referred to in the said paragraph 1 without first imposing a deadline. § 3. The decisions of the Bank referred to in paragraph 1 take effect for the payment institution from the date of notification by registered letter with acknowledgment of receipt or by a letter with proof of receipt, and for third parties, from the date of its publication or the fulfillment of the formalities in accordance with the provisions of paragraph 1. § 4. The Bank may also take the measures referred to in this article when a payment institution has obtained a license or registration by means of false statements or in any other irregular manner. § 5. Article 116 and Article 117, § 1, points 1°, 2°, 4° and
7°, and § 2, apply when the Bank has knowledge of the fact that a payment institution or its agents [2 have established a special mechanism within the meaning of Article 21, § 1/1]2. § 6. When the Bank finds that the data provided to it as referred to in the second paragraph of Article 71 are incorrect or incomplete, it may suspend or cancel the registration of the agent in the register. § 7. In the event of a serious violation of the provisions of Book VII, Title III of the Code of Economic Law, the Bank may take the measures referred to in paragraph 1. In that case, the Bank decides after advice from the Federal Public Service Economy. § 8. The [1 Commercial Court]1 declares, at the request of any interested party, the nullities referred to in paragraph 1. The action for nullity is brought against the payment institution. If justified for serious reasons, the plaintiff may in summary proceedings request the provisional suspension of the contested acts or decisions. The suspension order and the judgment of nullity take effect against everyone. In case the suspended or annulled act or decision has been published, the suspension order and the judgment of nullity are published in extract form in the same manner. When the nullity could impair the rights that a third party in good faith has acquired with respect to the institution, the court may declare that such nullity has no effect with respect to the relevant rights, without prejudice to the possible right of the plaintiff to damages. The action for nullity may no longer be brought after the expiry of a period of six months from the date on which the relevant acts or decisions can be imputed to those who invoke their nullity, or which are known to them. ---------- (1)<W 2018-04-15/14, art. 252, 003; Inwerkingtreding : 01-11-2018> (2)<W 2021-06-02/03, art. 38, 005; Inwerkingtreding : 28-06-2021> (3)<W 2021-06-27/09, art. 292, 006; Inwerkingtreding : 19-07-2021> (4)<W 2022-07-20/40, art. 399, 008; Inwerkingtreding : 06-10-2022> (5)<W 2023-12-20/08, art. 54, 009; Inwerkingtreding : 25-01-2024>

Art. 117/1. § 1. The special commissioner and the provisional administrator(s) referred to in Article 117, § 1, contribute, at the expense of the Bank, to the exercise of its statutory mandate. Within the framework of this mandate:

they act solely within the framework of the objective laid down in Article 1, § 2, of this law;
they follow the instructions of the Bank regarding the manner in which their entrusted specific mandate is to be executed;
they are subject to the same obligations regarding professional secrecy as those applicable to the Bank in the context of the supervisory mandate laid down in this law; prior authorization from the Bank is required for the use of statutory exceptions;
they report, at the request of the Bank, according to the modalities determined by it, on the financial position of the institution and on the measures taken by them in the context of their mandate, as well as on the financial position at the beginning and at the end of that mandate.
§ 2. Their supportive role towards the Bank, as described in paragraph 1, implies that they cannot be considered as administrative authorities in that capacity.
The replacement of the full governing and policy bodies of the payment institution by provisional administrators, in accordance with Article 117, § 1, 4°, implies that these latter are not to be considered as directors or members of the statutory governing body within the meaning of the Code of Companies and Associations, but only that they have the powers of the replaced persons, in particular to perform the acts that enable the payment institution to comply with its statutory and regulatory obligations, in particular those established by or pursuant to the Code of Companies and Associations. No discharge is granted to them by a decision or vote as referred to in the Code of Companies and Associations; they are accountable for their mandate solely to the Bank, which grants them discharge, where applicable.] ---------- (1)Inserted by Law 2022-07-20/40, art. 400, 008; Entry into force: 06-10-2022>

Afdeling III. - Termination of the license and registration

Art. 118. § 1. Without prejudice to Article 117, § 1, 7°, and § 4, the Bank, by decision brought to notice by registered letter or letter with acknowledgment of receipt, withdraws the license or registration of payment institutions that:
1° have not commenced their activities within twelve months after obtaining the license or registration; 2° waive their license or registration; 3° have suspended their activities for more than six months; 4° have been declared bankrupt.
In accordance with the same formalities, it also withdraws the registration of limited payment institutions that no longer meet the condition of Article 87, § 3, first paragraph, or Article 23, when it finds that these institutions have not applied for a license within a period of thirty calendar days in accordance with Article 87, § 3, third paragraph, or if they have not obtained that license after the expiry of the period referred to in Article 12. § 2. The Bank publishes all decisions to revoke or withdraw a license or registration on its website. If the license or registration of a payment institution is revoked or withdrawn, it is removed from the list referred to in Article 8. The Bank informs the European Banking Authority of the reasons for the withdrawal of the license and registration.

Art. 119. Payment institutions whose license or registration has been withdrawn or revoked on the grounds of this law remain subject to this law until their obligations towards users of their payment services are settled, unless the Bank exempts them from certain provisions. This article does not apply in the event of withdrawal of the license or registration of a payment institution declared bankrupt.

Art. 119/1. [1 In the event that the Bank considers that the conditions set out in Article XX.99 of the Code of Economic Law are met with regard to a payment institution, the Bank may, derogating from Article XX.100 of the Code of Economic Law, bring the case before the insolvency court by summons on its own initiative.]1 ---------- (1)<Inserted by Law 2022-07-20/40, art. 401, 008; Entry into force: 06-10-2022>

TITEL III. - Payment institutions subject to foreign law

HOOFDSTUK I. - Branches, agents, and activities exercised in Belgium within the framework of the free provision of services by payment institutions subject to the law of another Member State

Afdeling I. - Access to the business in Belgium

Onderafdeling 1. - Branches

Art. 120. Any payment institution subject to the law of another Member State, which, under its national law in its home Member State, may offer the payment services listed in Annex I.A, may carry out these activities in Belgium by establishing a branch, once the Bank has notified the institution that it has received the decision of the competent authorities of the home Member State not to object to the provision of the relevant payment services in Belgium, and once this branch is registered in the official registers of the home Member State.

Art. 121. Notwithstanding Article 120, a payment institution may not actually commence its activities in Belgium before the date communicated by the competent authorities of the home Member State.

Art. 122. The Bank has a period of one month after receiving the information referred to in Article 59, § 2, communicated by the competent authorities of the home Member State, to assess this information and to inform these authorities of its concerns and relevant information regarding the provision of the intended payment services, including the statutory and regulatory provisions applicable for reasons of general interest in Belgium to payment institutions operating via a branch and their operations. The Bank, in connection with the intended opening of a branch, communicates to the competent authorities of the home Member State in particular all reasonable grounds for concern regarding money laundering or terrorist financing within the meaning of Directive (EU) 2015/849.

Art. 123. For information purposes, the Bank publishes on its website the list of payment institutions subject to the law of another Member State and active in Belgium via a branch, where applicable by referring to the website of the competent authority of the relevant home Member State.

Onderafdeling 2. - Free provision of services

Art. 124. Any payment institution subject to the law of another Member State, which, under its national law in its home Member State, may provide payment services, may carry out these activities in Belgium within the framework of the free provision of services, once the Bank has notified the institution that it has received the decision of the competent authority of the home Member State not to object to the exercise of the relevant cross-border activities in Belgium.

Art. 125. The Bank has a period of one month after receiving the information referred to in Article 65, § 2, communicated by the competent authorities of the home Member State, to assess this information and to inform these authorities of its concerns and relevant information regarding the provision of the intended payment services, including the statutory and regulatory provisions applicable for reasons of general interest in Belgium to payment institutions operating within the framework of the free provision of services and their cross-border operations.

Art. 126. For information purposes, the Bank publishes on its website the list of payment institutions subject to the law of another Member State and active in Belgium within the framework of the free provision of services, where applicable by referring to the website of the competent authority of the home Member State of those payment institutions.

Onderafdeling 3. - Agents

Art. 127. Any payment institution subject to the law of another Member State, which, under its national law in its home Member State, may provide the payment services referred to in Annex I.A, may commence these activities in Belgium via agents, provided that the provisions of Subsection 1 apply mutatis mutandis. Derogating from the first paragraph, the Bank informs the competent authority of the home Member State when, based on the information it has received from the competent authority of the home Member State, it considers that the relevant agent cannot be considered as a branch in Belgium.

Art. 128. If the Bank and the competent authority of the home Member State disagree on the nature of the agent's activities in Belgium, the Bank may submit the case to the European Banking Authority in accordance with Article 19 of Regulation No. 1093/2010 and request its assistance.

Afdeling II. - Business operations

Art. 129. The payment institutions referred to in Articles 120, 124, and 127 must, when exercising their activities in Belgium, in addition to their name, mention their country of origin, and, if they operate within the framework of the free provision of services, their seat.

Art. 130. The provisions of this Chapter do not derogate from compliance, when offering and executing payment services, with the statutory and regulatory provisions applicable for reasons of general interest in Belgium to payment institutions and their operations.
The Bank informs the payment institutions operating in Belgium via a branch or an agent established in Belgium of the provisions known to it to be of general interest.

Art. 131. The heads of the branch report at least once a year to the Bank on the soundness of the internal control measures taken by the branches to comply with the provisions applicable pursuant to Article 130.

Art. 132. Any payment institution operating in Belgium via agents acting within the framework of the freedom of establishment in Belgium, under the conditions determined by the Bank, by regulation established with application of Article 12bis, § 2, of the law of 22 February 1998, in accordance with the implementing measures of Directive (EU) 2015/2366 as referred to in Article 29, paragraphs 4 and 5 of that directive, appoints a central contact point established in Belgium to facilitate the supervisory mandate of the Bank on behalf of the payment institution, inter alia by providing documentation or information upon its request. This central contact point may also perform the tasks referred to in Article 15 of the law of 18 September 2017. The regulation referred to in the first paragraph determines in particular which tasks the thus appointed central contact points must perform.

Afdeling III. - Periodic information provision, statistics, and accounting rules

Art. 133. § 1. Any payment institution operating in Belgium via a branch or an agent periodically reports to the Bank for information or statistical purposes on the operations it performs in Belgium.
The manner and frequency with which these periodic reports must be provided are determined in the technical regulatory standards established with application of Article 29, paragraph 6, of Directive 2015/2366 (EU).
§ 2. After advice from the Bank, the King determines the rules according to which the branches referred to in Article 120:
1° keep their accounts and perform inventory valuations; 2° prepare their annual accounts; 3° publish the annual accounting data related to their operations.

Afdeling IV. - Supervision of activities

Onderafdeling 1. - Definition and principle

Art. 134. For the purposes of this Subsection, "the Bank" means the supervisor in its capacity as the competent authority of the host Member State.

Art. 135. Outside the supervision to which they are subject pursuant to other statutory or regulatory provisions regulating their activities, the payment institutions referred to in this Chapter are subject to the supervision of the Bank regarding compliance with Sections II and III, insofar as the content of these provisions falls within the competence of the Bank.

Onderafdeling 2. - Cooperation

Art. 136. With a view to facilitating supervision by the competent authorities of the home Member State of institutions subject to the law of that Member State and operating via a branch or an agent or within the framework of the free provision of services in Belgium and, where applicable, in other Member States, the Bank cooperates closely with the competent authorities of the relevant Member States. To this end, the Bank provides on its own initiative to the competent authorities of the home Member State all essential information available to it, and provides them upon request all relevant information. The framework for cooperation and the exchange of information as referred to in the first and second paragraphs are laid down in the technical regulatory standards established with application of Article 29, paragraph 6 of Directive 2015/2366 (EU). When the Bank has reason to suspect that money is being or has been laundered or terrorism is being or has been financed by a branch, an agent, or a payment institution operating within the framework of the free provision of services, or that an attempt is being or has been made to launder money or finance terrorism within the meaning of the law of 18 September 2017, or that their activities could increase the risk of money laundering or terrorist financing, it informs the relevant competent authorities of the home Member State of this.

Art. 137. The competent authorities of the home Member State may, after having previously notified the Bank, conduct on-site checks and inspections at the branches and agents established in Belgium to verify or request the data necessary for the supervision of the payment institution, either themselves or, where applicable, through the persons they authorize to that effect. The Bank may participate in this verification. At the request of the competent authorities of the home Member State of the payment institution, the Bank may, as a form of assistance to these authorities, conduct inspections at these branches and agents. The costs of these inspections and checks are borne by the authority requesting them.

Onderafdeling 3. - Privileges

Art. 138. With a view to the exercise of its powers or, where applicable, to provide assistance to the home Member State, the Bank may use the privileges referred to in Articles 102 and 103.

Art. 139. When the Bank conducts on-site inspections at the Belgian branch or at the agent established in Belgium, it informs the competent authorities of the home Member State of this.

Afdeling V. - Extraordinary measures

Art. 140. The Bank informs the relevant competent authority of the home Member State when it finds that a payment institution subject to the law of that Member State and operating in Belgium via a branch or an agent does not comply with the provisions of Sections II and III, or is no longer likely to comply.

Art. 141. If the Bank considers that the competent authority of the home Member State has not taken measures to remedy the irregular situation or the risk of an irregular situation as referred to in Article 140, it may submit the case to the European Banking Authority in accordance with Article 19 of Regulation No. 1093/2010 and request its assistance.

Art. 142. § 1. Before applying the procedure referred to in Article 141, the Bank may, in emergency situations, pending measures by the competent authorities of the home Member State or all other administrative or judicial measures taken in that Member State, and without prejudice to the possibility for the relevant authorities to submit the case to the European Banking Authority in accordance with Article 19 of Regulation No. 1093/2010, take all precautionary measures necessary to provide protection against financial instability, which could constitute a serious threat to the collective interests of payment service users in Belgium. These measures may consist of the measures referred to in Article 117, § 1, 1°, 2°, 4°, and §§ 2 and 3. § 2. When compatible with the emergency situation, the Bank informs the competent authorities of the home Member State and all other relevant Member States, the Commission, and the European Banking Authority in advance and in any case as soon as possible of the precautionary measures taken pursuant to paragraph 1 and the reasoning therefor. § 3. The Bank terminates the measures referred to in paragraph 1 as soon as they no longer appear justified.

Art. 143. Upon withdrawal of the license of a payment institution by the competent authority of its home Member State, the Bank orders the closure of the branch established by this institution in Belgium. It may appoint a provisional manager who oversees the safeguarding of the branch's funds pending a ruling on their destination and is authorized to take all precautionary measures in the interest of the branch's clients.

Art. 143/1. [1 Article 117, § 5, applies to the payment institutions referred to in Articles 120, 124, and 127.]1 ---------- (1)<Inserted by Law 2021-06-02/03, art. 39, 005; Entry into force: 28-06-2021>

HOOFDSTUK II. - Branches in Belgium of payment institutions subject to the law of a third country

Art. 144. After advice from the Bank, the King may establish a regulation for the status of and supervision of branches of payment institutions subject to the law of a third country.

TITEL IV. - Provisions applicable to other payment service providers under Belgian law than payment institutions

Art. 145. Other payment service providers than payment institutions offering payment services are subject to the following articles:
1° a) Articles 46 and 47, which relate to the protection of payment data and the authentication procedure; b) Article 49, which relates to secure communication; c) Articles 50 to 52, which relate to the security policy; d) Article 53, which relates to the management and reporting of security incidents; e) Article 54, which relates to the provision of statistical data, with the exception of Article 54, second paragraph, when the only payment services offered are account information services; 2° as well as a) when they issue card-based payment instruments, Article 55; b) when they offer payment initiation services, Article 48; c) when they act as account holders, Articles 56 to 58; d) when they offer account information services, Article 98, 3° as well as the provisions of Title II, insofar as their application relates to the provisions of points 1° and 2°, in particular Article 10, points 12° to 20°, Article 21, § 1, points 3° and 4°, and Article 35, second paragraph.

Art. 146. When a payment service provider that is not a payment institution, which holds other accounts than payment accounts and provides access to these accounts to payment initiation service providers or account information service providers, these accounts are considered as payment accounts for the purposes of this law, and the provisions of Article 145 apply to these accounts.

Art. 146/1. § 1. The Bank supervises compliance by credit institutions and electronic money institutions with Articles 145 and 146. Within the framework of this supervisory task, the Bank may adopt all legal instruments and prerogatives established by or pursuant to this Act for the supervision of payment institutions, in particular those set out in Articles 102, 103, 106, 116, 117, 144 and 147, which shall apply mutatis mutandis, provided that, with regard to credit institutions, the decision to withdraw referred to in Article 117, § 1, 7°, shall be taken in accordance with the EBA Regulation.

§ 2. The statutory auditors appointed at credit institutions in application of Article 223 of the Banking Act and the statutory auditors appointed at electronic money institutions in application of Article 113 of this Act shall cooperate with the supervision exercised by the Bank pursuant to this Article, under their own and exclusive responsibility and in accordance with professional standards and the Bank's guidelines. For this purpose, Article 115, § 4, § 5, 1° and 2°, and §§ 8 to 11 shall apply to them. No civil, criminal or disciplinary actions may be brought against statutory auditors who have provided information in good faith as referred to in Article 115, § 5, nor may professional sanctions be imposed.

(1)Inserted by Act of 27 June 2021 (W 2021-06-27/09), art. 293, 006; Entry into force: 19-07-2021

TITLE V. - Periodic penalty payments, other coercive measures and sanctions

CHAPTER I. - Periodic penalty payments, other coercive measures and administrative sanctions

Art. 147. § 1. [4 Without prejudice to other measures prescribed by this Act, the Bank may publish that a payment institution subject to Belgian or foreign law has not complied with its summons to comply within the period it determines with the provisions of:
1° Book II of this Act or its implementing decrees and regulations; 2° Title II of Regulation (EU) No 648/2012 [5 or of Regulation (EU) 2022/2554]5; 3° Articles 4 and 15 of Regulation (EU) No 2015/2365 [5 or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402]5; 4° delegated acts adopted in accordance with the provisions referred to in points 2° or 3° or in accordance with European directives transposed by this Act; 5° implementing acts adopted in accordance with the provisions referred to in points 2° or 3°, in accordance with European directives transposed by this Act or in accordance with the delegated acts referred to in point 4°.]4

§ 2. [4 Without prejudice to other measures prescribed by this Act, the Bank may set a period for a payment institution subject to Belgian or foreign law:
1° within which it must comply with specific provisions of:
a) this Act or its implementing decrees and regulations; b) Title II of Regulation (EU) No 648/2012 [5 or of Regulation (EU) 2022/2554]5; c) Articles 4 and 15 of Regulation (EU) No 2015/2365 [5 or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402]5; d) delegated acts adopted in accordance with the provisions referred to in points b) or c) or in accordance with European directives transposed by this Act; e) implementing acts adopted in accordance with the provisions referred to in points b) or c), in accordance with European directives transposed by this Act or in accordance with the delegated acts referred to in point d); 2° within which it must make the necessary adjustments to its policy structure, its administrative and accounting organization or its internal control; 3° within which it must comply with a requirement imposed by the Bank in application of the provisions referred to in point 1°; 4° within which it must comply with the requirements set by the Bank as conditions for a decision taken in application of the provisions referred to in point 1°, in particular the granting of authorization or an exemption.]4

The summons referred to in the first paragraph, 2°, does not apply to branches of payment institutions subject to the law of another Member State.

If the payment institution fails to comply upon expiry of the period, the Bank may, after hearing the institution or at least summoning it to be heard, impose a periodic penalty payment [3 of a maximum of 2,500,000 euros per violation and a maximum of 50,000 euros per day of delay]3.

§ 3. In setting the amount of the periodic penalty payment, account shall be taken in particular of:
1° the seriousness of the identified shortcomings and, where appropriate, the potential impact of those shortcomings on the stability of the financial system and of the payment systems; 2° the financial capacity of the institution concerned, as evidenced in particular by its turnover.

§ 4. The periodic penalty payments imposed in application of paragraph 2 shall be collected for the benefit of the Treasury by the services of the Administration within the Federal Public Service Finance competent in respect of non-tax claims.

(1)Act of 30 July 2018 (W 2018-07-30/10), art. 124, 002; Entry into force: 20-08-2018 (2)Act of 2 May 2019 (W 2019-05-02/25), art. 113, 004; Entry into force: 31-05-2019 (3)Act of 27 June 2021 (W 2021-06-27/09), art. 294, 006; Entry into force: 19-07-2021 (4)Act of 20 July 2022 (W 2022-07-20/40), art. 402, 008; Entry into force: 06-10-2022 (5)Act of 25 March 2025 (W 2025-03-25/05), art. 126, 010; Entry into force: 08-05-2025

Art. 148. § 1. [3 Without prejudice to other measures prescribed by this Act and without prejudice to measures prescribed by other laws, decrees or regulations, the Bank may, if it:
a) identifies an infringement of the provisions of Book II of this Act or its implementing decrees and regulations; b) identifies an infringement of the provisions of Title II of Regulation (EU) No 648/2012 [4 or of Regulation (EU) 2022/2554]4; c) identifies an infringement of Articles 4 and 15 of Regulation (EU) No 2015/2365 [4 or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402]4; d) identifies an infringement of the provisions of the delegated acts adopted in accordance with the provisions referred to in points b) or c) or in accordance with European directives transposed by this Act; or e) identifies an infringement of the provisions of the implementing acts adopted in accordance with the provisions referred to in points b) or c), in accordance with European directives transposed by this Act or in accordance with the delegated acts referred to in point d); f) identifies that a requirement imposed by the Bank in application of the provisions referred to in points a) to e) is not complied with; g) identifies that requirements set by the Bank as conditions for a decision taken in application of the provisions referred to in points a) to e), in particular the granting of authorization or an exemption, are not complied with,

impose an administrative fine on a payment institution subject to Belgian or foreign law, on a payment service provider referred to in Article 5, § 1, 1° and 2°, who does not comply with Article 145, on one or more members of the statutory governing body of these entities and/or on the persons participating in their effective management, who are responsible for the identified shortcomings.]3

§ 2. The administrative fine referred to in paragraph 1 shall amount, for the same act or the same set of acts, to:
1° [3 ...]3 a maximum of 10% of the annual net turnover of the previous financial year, if it concerns a legal person; 2° [3 ...]3 a maximum of 5,000,000 euros, if it concerns a natural person.

[1 In the event of an infringement of Articles 4 and 15 of Regulation (EU) No 2015/2365 [3 , of a delegated act adopted in accordance with these Articles or of an implementing act adopted in accordance with these Articles or such a delegated act]3, the Bank may impose an administrative fine on a payment institution subject to Belgian or foreign law established in Belgium of a) in the case of a natural person: a maximum of 5,000,000 euros; b) [3 in the case of a legal person: a maximum of:

5,000,000 euros in the event of an infringement of Article 4 of Regulation (EU) No 2015/2365, of a delegated act adopted in accordance with that Article or of an implementing act adopted in accordance with that Article or such a delegated act; and
15,000,000 euros in the event of an infringement of Article 15 of Regulation (EU) No 2015/2365, of a delegated act adopted in accordance with that Article or of an implementing act adopted in accordance with that Article or such a delegated act;
or, if higher, 10% of the total annual turnover of that institution for the previous financial year.]3

Where the infringement has resulted in profits for the offender or has enabled it to avoid losses, this maximum may be increased to three times the amount of such profits or losses, without prejudice to points a) and b).]1

[4 In the event of an infringement of Articles 6 to 9 and 18 to 27 of Regulation 2017/2402, of a delegated act adopted in accordance with these Articles or of an implementing act adopted in accordance with these Articles or such a delegated act, the administrative fine referred to in the first paragraph shall amount, in the case of a legal person, to a maximum of 5,000,000 euros or 10% of the total annual turnover of that company for the previous financial year.

Where the infringement has resulted in profits for the offender or has enabled it to avoid losses, the maximum amount of the administrative fine may be increased to twice the amount of such profits or losses, without prejudice to the first paragraph, 2° and the fourth paragraph.]4

§ 3. The fines imposed by the Bank in application of paragraph 2 shall be collected for the benefit of the Treasury by the services of the Administration within the Federal Public Service Finance competent in respect of non-tax claims.

§ 4. The amount of the fine shall be determined in particular on the basis of:
1° the seriousness and duration of the shortcomings; 2° the degree of responsibility of the person concerned; 3° the financial capacity of the person concerned, as evidenced in particular by the total turnover of the legal person concerned or by the annual income of the natural person concerned; 4° the advantage or profit that these shortcomings may have generated; 5° the damage suffered by third parties as a result of these shortcomings, insofar as it can be determined; 6° the degree of cooperation of the natural or legal person concerned with the Bank; 7° previous shortcomings of the person concerned; 8° the potential negative impact of the shortcomings on the stability of the financial system and of the payment systems.

§ 5. The Bank may make public the measures imposed in accordance with this Article.

[1 The Bank shall inform the European Securities and Markets Authority of its decisions regarding infringements of Articles 4 and 15 of Regulation (EU) No 2015/2365, where those decisions are not made public in accordance with the previous paragraph.]1

(1)Act of 30 July 2018 (W 2018-07-30/10), art. 125, 002; Entry into force: 20-08-2018 (2)Act of 2 May 2019 (W 2019-05-02/25), art. 114, 004; Entry into force: 31-05-2019 (3)Act of 20 July 2022 (W 2022-07-20/40), art. 403, 008; Entry into force: 06-10-2022 (4)Act of 25 March 2025 (W 2025-03-25/05), art. 127, 010; Entry into force: 08-05-2025

CHAPTER II. - Criminal sanctions

Art. 149. § 1. The following shall be punishable by imprisonment of one month to one year and a fine of 50 euros to 10,000 euros or by one of these penalties only:
1° anyone who fails to comply with Articles 3 or 5; 2° anyone who carries on the business of a payment institution as referred to in Articles 9, 82, 91 or 144, without having obtained a license or registration or when the license or registration has been withdrawn or revoked; 3° anyone who intentionally fails to make the notifications referred to in Articles 25 and 29, ignores the objection referred to in Article 27, second paragraph, or ignores the suspension referred to in Article 32, first paragraph, 1°; 4° payment institutions and members of their statutory governing body or persons responsible for the effective management of the institution, who infringe Articles 38 to 40 and 43 to 45; 5° payment institutions and members of their statutory governing body or persons responsible for the effective management of the institution, who open a branch abroad or provide services there, without having made the notifications as provided for in Articles 59, 65 and 70 or who fail to comply with Articles 63 and 69; 6° payment institutions and members of their statutory governing body or persons responsible for the effective management of the institution, who [2 infringe Articles 76 to 78 and 133]2 or the decisions or regulations referred to in those Articles; 7° anyone who performs acts or transactions without having obtained the consent of the special commissioner referred to in Article 117, § 1, first paragraph, 1°, or who acts contrary to a suspension decision taken in accordance with Article 117, § 1, first paragraph, 2°, or who fails to comply with the measures referred to in Articles 116, § 2 and 142; 8° anyone who, as a statutory auditor, certified accountant or independent expert, certifies, approves or authenticates accounts, annual accounts, balance sheets and income statements or consolidated annual accounts of companies or periodic statements or information, while the provisions of this Act or its implementing decrees and regulations have not been complied with and while they have knowledge thereof, or who has not done what they should normally have done to ensure that those provisions were complied with; 9° anyone who prevents the investigations and controls to which they are obliged in the country or abroad or who refuses to provide the data to which they are obliged in accordance with this Act or who knowingly provides false or incomplete information; 10° any director and manager who fails to comply with the provisions of Article 110, first and fourth paragraph; [1 11° anyone who intentionally sets up a special mechanism within the meaning of Article 21, § 1/1.]1

§ 2. Infringements of the prohibition of Article 20 of the Banking Act shall be punishable by imprisonment of three months to two years and a fine of 1,000 euros to 10,000 euros.

(1)Act of 2 June 2021 (W 2021-06-02/03), art. 40, 005; Entry into force: 28-06-2021 (2)Act of 20 July 2022 (W 2022-07-20/40), art. 404, 008; Entry into force: 06-10-2022

Art. 150. The provisions of Book I of the Criminal Code, Chapter VII and Article 85 not excepted, shall apply to the offences punished by this Chapter.

Art. 151. Payment institutions shall be civilly liable for the fines to which the members of their statutory governing body, the persons responsible for their effective management or the agents are sentenced in application of the provisions of this Chapter.

Art. 152. Any investigation resulting from the infringement of this Act or one of the legislations referred to in Article 20 of the Banking Act, against members of the statutory governing body, persons responsible for effective management, agents or statutory auditors of payment institutions and any investigation resulting from an infringement of this Act against any other natural or legal person, shall be brought to the attention of the Bank and the Federal Public Service Economy, each within their respective competences, by the judicial or administrative authority before which it is pending.

Any criminal prosecution based on offences referred to in the first paragraph shall be brought to the attention of the Bank and the Federal Public Service Economy, each within their respective competences, by the public prosecutor.

Art. 153. The Bank and the Federal Public Service Economy are entitled to intervene in any stage of the proceedings before the criminal court where a crime punished by this Act is pending, without having to prove the existence of any damage. The intervention shall take place according to the rules applicable to the civil party.

BOOK III. - ACCESS TO PAYMENT SYSTEMS IN BELGIUM AND INTEROPERABILITY

TITLE I. - Access to payment systems in Belgium

Art. 154. § 1. Without prejudice to paragraph 2, payment service providers referred to in Article 5 and payment service providers from other Member States that are legal persons have access to payment systems in Belgium provided they meet the access conditions determined by these systems.
This access to payment systems is subject to objective, non-discriminatory, and proportional rules, which are proportionate to the need to avoid risks such as settlement risk, business risk, and operational risk, and to protect the financial and operational stability of the payment system.
Payment systems may not impose any of the following requirements on payment service providers, payment service users, or other payment systems:
1° rules that hinder effective participation in other payment systems; 2° rules that discriminate between payment service providers regarding the rights, obligations, and benefits of participants in the payment system; or 3° restrictions based on corporate form.
§ 2. Paragraph 1 does not apply to:
1° [1 ...]1 2° payment systems composed exclusively of payment service providers belonging to the same group.
[1 ...]1 [1 § 3. When a participant in a payment system designated under or by virtue of the Act of 28 April 1999 allows licensed or registered payment service providers who are not participants in that system to transmit transfer orders via that system, that participant must, upon request, and in particular in an objective, proportional, and non-discriminatory manner, offer the same access possibilities to these licensed or registered payment service providers as those established under paragraph 1. In the event of a refusal, the participant must provide a full justification to the payment service provider.]1 ---------- (1)<W 2025-09-23/01, art. 6, 011; Inwerkingtreding : 16-10-2025>

TITEL I/1. [1 Conditions for participation in designated payment systems ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 7, 011; Inwerkingtreding : 16-10-2025>

Art. 154/1. [1 To ensure the stability and integrity of payment systems, payment institutions and electronic money institutions that apply for and participate in a payment system designated under or by virtue of the Act of 28 April 1999 or under the legislation of another Member State implementing Directive 98/26/EC, possess the following:
1° a description of the measures taken to safeguard the funds of payment service users; 2° a description of the governance arrangements and internal control mechanisms for the payment services or electronic money services they intend to offer, including the administrative and accounting procedures and risk management procedures of the payment institution or electronic money institution, and a description of the arrangements for the use of ICT services by the payment institution or electronic money institution, with respect to Articles 6 and 7 of Regulation (EU) 2022/2554; and 3° a resolution plan in the event of collective proceedings consisting of the bankruptcy or liquidation of the institution as defined in the Code of Companies and Associations. ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 1, 011; Inwerkingtreding : 16-10-2025>

Art. 154/2. [1 . § 1. If the payment institution or electronic money institution safeguards the funds of payment service users by depositing funds in a separate account with a credit institution or a branch in Belgium of a credit institution, or by investing in a recognized money market fund or in safe, liquid assets with a low risk profile, in accordance with Article 42, § 1, first paragraph, 2°, or Article 194, § 1, first paragraph, 2°, the description of the measures taken for such protection, as applicable, must include the following for the application of Article 154/1, 1°:
1° a description of the investment policy to ensure that the chosen assets are safe, liquid, and have a low risk profile; 2° the number of persons having access to the protection account and their functions; 3° a description of the administration and reconciliation process that ensures that funds of payment service users are protected in the interest of those users against claims of other creditors of the payment institution or electronic money institution, particularly in the event of insolvency; 4° a copy of the draft contract with the credit institution or branch; 5° an explicit declaration by the payment institution or electronic money institution that Article 42 or Article 194 has been complied with. § 2. If the payment institution or electronic money institution safeguards the funds of the payment service user by means of an insurance policy, guarantee, or surety from an insurance undertaking or credit institution, in accordance with Article 42, § 1, first paragraph, 3°, or Article 194, § 1, first paragraph, 3°, the description of the measures taken for such protection must include the following for the application of Article 154/1, 1°:
1° confirmation that the insurance policy, guarantee, or surety originates from an entity that does not belong to the same group of undertakings as the payment institution or electronic money institution; 2° further details on the reconciliation process established that ensures that the insurance policy, guarantee, or surety is sufficient at all times to meet the protection obligations of the payment institution or electronic money institution; 3° the duration and conditions for the renewal of the coverage; 4° a copy of the insurance agreement, guarantee, or surety, or drafts thereof. ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 9, 011; Inwerkingtreding : 16-10-2025>

Art. 154/3. [1 For the application of Article 154/1, 2°, the description must show that the governance arrangements, internal control mechanisms, and ICT usage arrangements are proportionate, appropriate, sound, and adequate. Furthermore, the governance arrangements and internal control mechanisms include:
1° an overview of the risks established by the payment institution or electronic money institution, including the type of risks and the procedures that the payment institution or electronic money institution has established or will establish to analyze and prevent these risks; 2° the various procedures for carrying out periodic and permanent controls, including their frequency and the human resources allocated to them; 3° the accounting procedures by means of which the payment institution or electronic money institution registers and reports its financial information; 4° the identity of the person or persons responsible for internal control tasks, including periodic, permanent, and compliance controls, as well as a recent curriculum vitae of that person or those persons; 5° the identity of all auditors who are not certified auditors in accordance with Article 110/1 or Article 222 of the Banking Act; 6° the composition of the statutory governing body and, where applicable, any other supervisory body or committee; 7° a description of the manner in which outsourced tasks are monitored and controlled to prevent undermining the quality of the internal controls of the payment institution or electronic money institution; 8° a description of the manner in which any agents and branches are monitored and controlled within the framework of the internal controls of the payment institution or electronic money institution; 9° if the payment institution or electronic money institution is a subsidiary of a regulated undertaking in another Member State, a description of group governance. ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 10, 011; Inwerkingtreding : 16-10-2025>

Art. 154/4. [1 For the application of Article 154/1, 3°, the resolution plan must be adapted to the intended size and business model of the payment institution or electronic money institution and must contain a description of the risk mitigation measures to be taken by the institution in the event of termination of its payment services, ensuring the execution of payment transactions not yet fully executed and the termination of existing contracts.]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 11, 011; Inwerkingtreding : 16-10-2025>

Art. 154/5. [1 The National Bank may, by regulation as established under Article 8, § 2, of the Act of 22 February 1998, specify and supplement what is meant by the provisions in Articles 154/1 to 154/4. ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 12, 011; Inwerkingtreding : 16-10-2025>

Art. 154/6. [1 . § 1. Payment institutions and electronic money institutions must submit the information referred to in Article 154/1 to the National Bank, together with an administrative file that meets the conditions set by the National Bank. Upon request by the National Bank, the applicant must provide all additional information necessary to assess the application. § 2. The National Bank issues its decision on the application within three months after submission of a complete file and no later than twelve months after submission of the application. The National Bank grants authorization to institutions that meet the conditions referred to in Article 154/1. Decisions regarding authorization are communicated to the applicants by registered mail or by letter with acknowledgment of receipt. § 3. The National Bank maintains a list of payment institutions and electronic money institutions that have received authorization to participate in a payment system designated under or by virtue of the Act of 28 April 1999 or under the legislation of another Member State implementing Directive 98/26/EC. The National Bank publishes the list on its website and regularly updates the data included therein. ]1 ---------- (1)<Ingevoegd bij W 2025-09-23/01, art. 13, 011; Inwerkingtreding : 16-10-2025>

TITEL II. - Interoperability

Art. 155. When payment service providers execute credit transfers and direct debits, they must take the necessary measures to use payment schemes that meet the conditions of Article 4, paragraph 1 of Regulation (EU) No 260/2012.

Art. 156. The operator of a retail payment system subject to Belgian law, or, if there is no operator, the participants in this system, ensure that their system is interoperable with other retail payment systems within the Union, in accordance with the provisions of Article 4, paragraphs 2 and 3, of Regulation (EU) No 260/2012.

TITEL III. - Separation between payment card schemes and processing entities

Art. 157. Operators of payment card schemes subject to Belgian law and their processing entities operate in accordance with Article 7 of Regulation (EU) No 2015/751.

TITEL IV. - Supervision

Art. 158. The National Bank ensures that all operators of a payment system or, if there is no operator, all participants in this system, as well as all payment service providers, all operators of payment card schemes, and all processing entities, always operate in compliance with the provisions of this Book applicable to them, with the implementing decisions and regulations of these provisions, and with directly applicable European regulations. The supervision by the National Bank is proportionate to and adapted to the nature, scale, and complexity of both the activities carried out by the entities referred to in the first paragraph and the risks associated with them. The task of the National Bank referred to in this article aligns with the task referred to in Article 8 of the Act of 22 February 1998.

Art. 159. For the purpose of its supervisory task and without prejudice to Article XV 18/4 of the Code of Economic Law, the National Bank may request information from the entities referred to in Article 158, first paragraph, regarding their organization, operations, financial position, and transactions. To this end, the National Bank may also obtain information from the staff of these entities and from other entities to which tasks have been outsourced.

Art. 160. For the purpose of its supervisory task, the National Bank may also conduct on-site inspections at the entities referred to in Article 159 and take on-site note of and copy all data available to the entity, to verify whether the provisions of this Book have been complied with and whether the information provided to it under Article 159 is accurate and truthful. The prerogatives referred to in the first paragraph also include access to the agendas and minutes of the meetings of the various bodies of the entities referred to in Article 159 and their internal committees, as well as to the related documents and to the results of the internal and/or external assessment of the functioning of the said bodies. In the context of these inspections, the staff of the National Bank are authorized to obtain from the leaders and employees of the entities referred to in Article 159 all information and explanations they deem necessary for the execution of their tasks, and may, for this purpose, require that conversations take place with leaders or staff of the entity they designate.

TITEL V. - Penalty payments and sanctions

Art. 161. § 1. Without prejudice to other measures established in this law, other laws, decisions, or regulations, the following measures and sanctions may be taken against the entities referred to in Article 158, first paragraph, that violate the provisions of this Book applicable to them, the implementing decisions and regulations of these provisions, or directly applicable European regulations:
1° the National Bank may set a deadline within which the concerned entity must comply with the provisions applicable to it and make the necessary adjustments; 2° if the concerned entity has not complied with the provisions applicable to it by the expiration of the deadline, the National Bank, after hearing the entity or having summoned it at least, may impose a penalty payment of a maximum of 2,500,000 euros per violation and a maximum of 50,000 euros per day of delay; 3° the National Bank may publicly disclose that the concerned entity has not complied with its instructions to comply with the provisions applicable to it within the deadline set by it; 4° if the National Bank finds a violation of the provisions of this Book or its implementing measures, it may impose an administrative fine on the concerned entity that must be not less than 10,000 euros and not more than 10% of the annual net turnover of the previous financial year for the same fact or the same set of facts. § 2. If Article 156 is violated and there is no operator, the measures and sanctions referred to in paragraph 1 may be taken against the participants in the retail payment system subject to Belgian law. [1 § 3. Without prejudice to the provisions of paragraph 1, the National Bank, after hearing the entity or having summoned it at least, may withdraw authorization granted under Article 154/6, § 2, when it finds that a payment institution or electronic money institution has not complied with the conditions referred to in Article 154/1 within the deadline established under paragraph 1, 1°. The National Bank communicates its decision by registered mail or by letter with acknowledgment of receipt to the concerned institution and removes this institution from the list referred to in Article 154/6, § 3.]1 ---------- (1)<W 2025-09-23/01, art. 14, 011; Inwerkingtreding : 16-10-2025>

Art. 162. The penalty payments and fines imposed under Article 161 are collected for the benefit of the Treasury by the services of the Administration within the Federal Public Service Finance competent regarding non-tax claims.

BOOK IV. - ACCESS TO THE ACTIVITY OF ISSUANCE OF ELECTRONIC MONEY AND STATUS OF ELECTRONIC MONEY INSTITUTIONS

TITEL I. - Issuers of electronic money

Art. 163. Without prejudice to the provisions concerning their status, only the following institutions, authorities, and entities may issue electronic money in Belgium:
1° [1 credit institutions under Belgian law as defined in Article 1, § 3, first paragraph, 1°, of the Banking Act]1, credit institutions subject to the law of another Member State, which are authorized to issue electronic money in their country of origin and which operate in Belgium on the basis of Articles 312 and 313 of the Banking Act, and branches of credit institutions subject to the law of a third country, which are established in Belgium in accordance with Article 333 of the Banking Act and which are authorized under the law of that third country to issue electronic money; 2° electronic money institutions under Belgian law, including limited electronic money institutions registered in accordance with Article 200, electronic money institutions subject to the law of another Member State and operating in Belgium on the basis of Articles 218 to 221, and branches of electronic money institutions subject to the law of a third country, which are established in Belgium under Book IV, Title III, Chapter II; 3° the public law joint-stock company bpost; 4° the National Bank and the European Central Bank, when they do not act in their capacity as monetary or other public authorities; 5° the Belgian federal, regional, and local authorities and the authorities of the communities in Belgium, when they act in their capacity as public authorities. ---------- (1)<W 2022-07-20/40, art. 405, 008; Inwerkingtreding : 06-10-2022>

Art. 164.[1 § 1.]1 In derogation of Article 163, a company governed by Belgian law may issue electronic money if such electronic money is stored on payment instruments that can only be used within the framework of a limited network as referred to in Article 6, § 1, second paragraph.

Article 6, § 2, first to fourth paragraphs apply mutatis mutandis, with the understanding that:
1° the reference to the status of payment institution in Article 6, § 2, second paragraph, must be read as a reference to the status of electronic money institution; 2° the reference to the list referred to in Article 6, § 2, fourth paragraph must be read as a reference to the list referred to in Article 166.

[1 § 2. Paragraph 1 also applies to companies governed by the law of another Member State and which issue electronic money in Belgium that can only be used within the framework of a limited network.]1 ---------- (1)W 2019-05-02/25, art. 115, 004; Inwerkingtreding : 31-05-2019>

Art. 165. § 1. In derogation of Article 163, a provider of electronic communication networks or services, provided that it makes the notification referred to in paragraph 2, may issue electronic money used to carry out payment transactions, provided that the issuance of that money is a service provided to its subscribers and the conditions of Article 7, § 1 are met.

§ 2. Article 7, § 2, § 3, first paragraph and § 4 apply mutatis mutandis, with the understanding that :
1° the reference to the status of payment institution in Article 7, § 2, third paragraph, must be read as a reference to the status of electronic money institution; 2° the reference to the list referred to in Article 7, § 3 must be read as a reference to the list referred to in Article 166.

Art. 166. § 1. The Bank keeps a list of entities authorized to issue electronic money in Belgium. This list distinguishes between :
1° electronic money institutions to which a license has been granted on the basis of Article 169; 2° limited electronic money institutions registered on the basis of Article 200; 3° other persons than those referred to in points 1° and 2°, who are authorized to issue electronic money on the basis of Article 164; 4° providers of electronic communication networks or services who are authorized to issue electronic money on the basis of Article 165.

The list provides at least the following information :
1° for each electronic money institution referred to in the first paragraph, point 1°, where applicable, the payment services that may be carried out, the address of branches in Belgium and abroad and the identity of its agents in Belgium and abroad; 2° for each electronic money institution referred to in the first paragraph, point 2°, where applicable, the payment services that may be carried out, the address of branches in Belgium and the identity of agents in Belgium; 3° for each institution referred to in the first paragraph, point 3°, the conditions of Article 6, § 1, to which the provider complies. 4° for each institution referred to in the first paragraph, point 4°, the conditions of Article 7, § 1, second paragraph to which the provider complies.

§ 2. The Bank informs the European Banking Authority without delay of the data referred to in paragraph 1 and of updates thereto.

§ 3. The Bank publishes the list on its website and ensures that the data contained therein are regularly updated.

For information, the Bank also publishes on its website the data referred to in Articles 123 and 126, to which Articles 218 and 219 refer.

TITEL II. - Electronic money institutions under Belgian law

HOOFDSTUK I. - Licensed electronic money institutions

Afdeling I. - Access to the business

Art. 167. Every legal person under Belgian law that wishes to issue electronic money in Belgium as an electronic money institution must, before commencing its activities, obtain a license from the Bank, regardless of the other places where it carries out its activities.

Art. 168.§ 1. The license application submitted to the Bank is accompanied by an administrative file that meets the conditions set by the Bank and which in particular contains :
1° a program of activities indicating which electronic money issuance activity the institution intends to carry out, and, if applicable, [1 which other activities referred to in Articles 191, 192 and 192/1]1; 2° a business plan including a financial plan for the first three financial years, demonstrating that the applicant has the appropriate resources for its intended activities to guarantee sound management for the issuance of electronic money; 3° proof that the applicant has the initial capital referred to in Article 173; 4° a description of the measures taken in accordance with Article 194 for the protection of funds received in exchange for issued electronic money; 5° a description of the policy structure and organizational arrangements of the applicant, showing that Article 176 has been complied with; 6° a description of how the electronic money issuance activity will be carried out by the applicant, where applicable including a description of the use to be made of outsourcing, distributors, agents and branches and of the planning of on-site and documentary inspections, as referred to in Articles 64 and 73, to which Articles 186 and 190, § 2 refer, and, where applicable, of the applicant's intended participation in a national or international payment system; 7° the identity of the shareholders or partners referred to in Article 174, the extent of their participation in capital shares and voting rights, as well as all information enabling it to be shown that the requirements of Article 174 are met; 8° the identity of the managers referred to in Article 175 and all information enabling it to be shown that the requirements of Article 175 are met; 9° the identity of the auditor(s); 10° the legal form and the statutes of the applicant; 11° the address of the applicant's registered office.

Furthermore, the applicant must, at the request of the Bank, provide all additional information necessary to assess its application.

§ 2. The Bank decides on the license application after advice from the FSMA on the professional reliability of the persons referred to in Article 175, if they are proposed for the first time for such a function at a company under the supervision of the Bank pursuant to Article 36/2 of the Act of 22 February 1998, or of the European Central Bank pursuant to the CRR regulation.

The FSMA communicates its advice to the Bank within a period of fourteen days after the request for advice sent to it by the Bank, and no later than one month after this request.

Absence of advice within this one-month period is deemed to be positive advice. However, before the expiry of the one-month period, the FSMA may inform the Bank that it will provide its advice no later than 15 days after the expiry of this period.

§ 3. If the Bank does not take the FSMA's advice into account, this is stated in its decision on the license application, along with the reasons for the deviation.

(1)<W 2025-12-11/13, art. 108, 012; Inwerkingtreding : 03-01-2026>

Art. 169. The Bank rules on the license application within three months after submission of a complete file and no later than twelve months after submission of the application.

The Bank grants a license to electronic money institutions that meet the conditions of Section II.

If the Bank considers that the conditions of Section II are not met, it refuses the license.

Decisions regarding licenses are brought to the attention of the applicants by registered letter or letter with acknowledgment of receipt.

Given the need to guarantee sound and prudent management of the institution, the Bank may attach conditions to the license for the exercise of certain of the intended activities.

Art. 170. The institutions to which a license has been granted as an electronic money institution under this Chapter are included in the list referred to in Article 166, § 1, first paragraph, 1°.

Afdeling II. - License conditions

Onderafdeling 1. - General provisions

Art. 171. In addition to the conditions of this Section, the Bank also takes into account the capacity of the applying institution to meet the operational conditions set out in Section III and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of holders of electronic money.

Onderafdeling 2. - Corporate form

Art. 172.[1 Every electronic money institution under Belgian law must be established in one of the following corporate forms: cooperative company, public limited company, European company or European cooperative company, taking into account the specific requirements laid down in this Act or in European legislation.]1 ---------- (1)W 2021-06-27/09, art. 295, 006; Inwerkingtreding : 19-07-2021>

Onderafdeling 3. - Initial capital

Art. 173.Every electronic money institution must have at the time the license is granted a paid-up capital of at least 350,000 euros.

For existing companies applying for a license, issuance premiums, reserves and carried-forward profits, with the exception of revaluation surpluses, are treated as capital. However, this capital must amount to at least 140,000 euros and be paid up to that amount.

[2 In derogation of Article 6:4 and of the provisions of Book 6, Title 6 of the Code of Companies and Associations, every electronic money institution established as a cooperative company must have capital of which the fixed part, determined in the statutes, may not be lower than the amount referred to in the first paragraph, and which must be paid up to that amount. Article 7:6 of the said Code applies mutatis mutandis.]2 ---------- (1)W 2021-06-27/09, art. 296, 006; Inwerkingtreding : 19-07-2021> (2)W 2022-07-20/40, art. 406, 008; Inwerkingtreding : 06-10-2022>

Onderafdeling 4. - Shareholders or partners

Art. 174. The license is refused when the Bank has reason to believe that the natural or legal persons who, directly or indirectly, hold a qualifying holding in the capital of the electronic money institution as referred to in Article 3, 28°, of the Banking Act, are not suitable to guarantee sound and prudent management of the electronic money institution.

The assessment of suitability to guarantee sound and prudent management of the electronic money institution is carried out on the basis of the criteria of Article 19, second paragraph, with the understanding that Article 19, second paragraph, 2° must be read as relating to the persons referred to in Article 175.

Onderafdeling 5. - Management

Art. 175.§ 1. The members of the statutory governing body of the electronic money institution, the persons responsible for the effective management of the electronic money issuance activity and, where applicable, of the payment services business in the electronic money institution, as well as the persons responsible for independent control functions, are exclusively natural persons.

The persons referred to in the first paragraph must permanently possess the required professional reliability and appropriate expertise to carry out their tasks regarding electronic money issuance and, where applicable, regarding payment services. [1 These persons must in particular act honestly, with integrity and with independence of mind. As regards the members of the statutory governing body, this must enable them to actually assess the decisions of the effective management and to challenge them if necessary and to actually supervise and exercise control over the administrative decision-making.]1

§ 2. The effective management of the electronic money institution must be entrusted to at least two natural persons.

§ 3. Article 20 of the Banking Act applies to the persons referred to in paragraph 1.

(1)W 2023-12-20/08, art. 55, 009; Inwerkingtreding : 25-01-2024>

Onderafdeling 6. - Organization

Art. 176.§ 1. Every electronic money institution has a solid and appropriate business organization arrangement, including supervisory measures, to guarantee effective and prudent management of the institution, which is based in particular on the elements referred to in Article 21, § 1, points 1°, 2°, 4°, 5° [2 to 10°]2, which apply mutatis mutandis, as well as, where applicable, appropriate control and security measures in the field of information technology.

[1 § 1/1. In particular, electronic money institutions are prohibited from establishing a special mechanism.

By "special mechanism" is meant a procedure that meets the following cumulative conditions:
1° its purpose or effect is to make it possible or to facilitate tax fraud by third parties; 2° the initiative for it is taken by the electronic money institution itself or the electronic money institution clearly participates in it, or it is the result of gross negligence by the electronic money institution; 3° it consists of a series of behaviors or omissions; 4° it has a special character, meaning that the electronic money institution knows or should know that the mechanism deviates from the standards and normal practices regarding transactions carried out in the framework of the issuance of electronic money and payment services, and, more generally, regarding financial transactions.]1

§ 2. The organizational arrangement referred to in paragraph 1 is detailed and appropriate for the nature, scale and complexity of the risks inherent in the business model and in the activities of the institution, including the activities referred to in Article 191 and the activities permitted on the basis of Article 192.

It takes into account the nature, size and complexity of these activities and the risks associated with them.

§ 3. Article 21, § 3 applies mutatis mutandis.

§ 4. If the electronic money institution has close links with other natural or legal persons, those links must not hinder the prudential supervision of the electronic money institution.

If the electronic money institution has close links with a natural or legal person governed by the law of a third country, the legal and regulatory provisions applicable to that person or their implementation must not hinder the prudential supervision of the electronic money institution.

(1)W 2021-06-02/03, art. 41, 005; Inwerkingtreding : 28-06-2021> (2)W 2022-07-20/40, art. 407, 008; Inwerkingtreding : 06-10-2022>

Onderafdeling 7. - Head Office

Art. 177. The head office of the electronic money institution must be located in Belgium. A substantial part of the business activities of the electronic money institution is carried out in Belgium.

Afdeling III. - Operational conditions

Onderafdeling 1. - General provision

Art. 178. Every electronic money institution must at all times comply with the conditions of Articles 172 to 177.

When the information provided in the license application in accordance with Article 168 has been modified, the electronic money institution must inform the Bank thereof without delay.

Onderafdeling 2. - Management and managers

2.1.](#LNKR0127) Supervision and assessment by the statutory governing body

Art. 179. § 1. The statutory governing body periodically assesses, at least once a year, the effectiveness and compliance with the legal and regulatory provisions of :
1° the organizational arrangements of the institution, as referred to in Article 38, § 1, second paragraph, 1°, 1°, to which Article 195 refers, and 176; 2° the measures necessary to ensure compliance with Article 194.

§ 2. The statutory governing body exercises effective supervision over the persons responsible for effective management and is responsible for supervising their decisions.

It also assesses the proper functioning of the independent control functions referred to in Article 176.

Article 35 applies mutatis mutandis.

2.2. Measures to be taken by the persons responsible for effective management

Art. 180. Without prejudice to the powers of the statutory governing body, the persons responsible for the effective management of the electronic money institution, under the supervision of the statutory governing body, take the necessary measures for compliance with and implementation of Articles 38, § 1, second paragraph, to which Article 195 refers, 176 and 194.

The persons responsible for effective management report at least once a year to the statutory governing body, the Bank and the approved auditor on compliance with the provisions of the first paragraph and on the measures taken, where applicable, to address any shortcomings.

The provision of information to the Bank and the auditor takes place according to the modalities determined by the Bank.

2.2./1 [1 Requirements regarding the composition of the statutory governing body and the composition of the effective management]1 ---------- (1)<Ingevoegd bij W 2023-12-20/08, art. 56, 009; Inwerkingtreding : 25-01-2024>

Art. 180/1. [1 The statutory governing body and the effective management are composed in such a way that, taken as a whole, they possess sufficient knowledge, skills and experience to have insight into all business activities of the electronic money institution, including the main risks to which it is exposed.]1 ---------- (1)<Ingevoegd bij W 2023-12-20/08, art. 57, 009; Inwerkingtreding : 25-01-2024>

2.3. Appointments and dismissals

Art. 181. § 1. Electronic money institutions shall notify the Bank in advance of the proposal to appoint members of the statutory body, persons responsible for the effective management of the electronic money issuance activity and, where applicable, the payment service business within the electronic money institution, as well as those responsible for the independent control functions.

[1 In the context of the notification required under the first paragraph, electronic money institutions shall provide the Bank with all documents and information enabling it to assess whether:

the persons whose appointment is proposed possess the professional integrity and appropriate expertise required for the exercise of their functions in accordance with Article 175;
the profile of the persons concerned is such as to meet the requirement of collective competence set out in Article 180/1.]1

The first paragraph also applies to the proposal for the renewal of the appointment of the persons referred to in the first paragraph, as well as to the non-renewal of their appointment, their removal or their dismissal.

§ 2. The appointment of the persons referred to in paragraph 1 shall be submitted to the Bank for prior approval. [1 The Bank's approval shall be granted only if the appointment concerned ensures that the person concerned meets the requirements of Article 175 and the electronic money institution meets those of Article 180/1.]1

Where the appointment concerns a person who is proposed for the first time for a function as referred to in paragraph 1 at a financial undertaking subject to the supervision of the Bank pursuant to Article 36/2 of the Act of 22 February 1998, or of the European Central Bank pursuant to the EMTA Regulation, the Bank shall first consult the FSMA.

The FSMA shall communicate its opinion to the Bank within a period of one week from receipt of the request for an opinion.

§ 3. Electronic money institutions shall inform the Bank of any division of tasks between the members of the statutory body and between the persons responsible for effective management.

Significant changes in the division of tasks referred to in the first paragraph shall give rise to the application of paragraphs 1 and 2.

(1)<W 2023-12-20/08, art. 58, 009; Inwerkingtreding : 25-01-2024>

Art. 181/1. [1 Members of the statutory body and, where applicable, members of the supervisory board and members of the management board may not hold any salaried position within the electronic money institution or in a company in which the electronic money institution holds a participation.]

The Bank may, on a case-by-case basis, authorize an electronic money institution to derogate from the obligation referred to in the first paragraph for the members of its statutory body when it intends to appoint persons to its statutory body who are salaried employees and employee representatives in branches established in a Member State where the participation of employee representatives in the supervisory body is legally entrenched, or in entities in which the electronic money institution holds a participation, due to its international dimension or because it is part of a group to which entities belong that are subject to another legal system in which the participation of employee representatives in the supervisory body is legally entrenched, provided that this derogation does not, in the opinion of the Bank, detract from the appropriateness of the governance system of the electronic money institution, and in particular not from the adequacy of the supervision of effective management. The Bank may attach conditions to a derogation granted under this paragraph to ensure the appropriateness of the institution's governance.]1

(1)<Ingevoegd bij W 2022-07-20/40, art. 408, 008; Inwerkingtreding : 06-10-2022>

Subsection 3. - Minimum own funds

Art. 182. § 1. The own funds of an electronic money institution may not at any time fall below the amount of the capital required pursuant to Article 173.

No capital may be repaid if this would result in the institution no longer complying with the own funds requirements established under paragraph 2. [1 Where it concerns a cooperative company, Articles 7:208, 7:209 and 7:210 of the Code of Companies and Associations apply mutatis mutandis to any reduction of the fixed portion of the capital referred to in Article 173, paragraph 3, which is subject to the prior approval of the Bank.]1

[1 Any increase in the fixed portion of the capital referred to in Article 173, paragraph 3, must be fully placed and paid up and established by authentic deed. Articles 7:179 and 7:195 of the Code of Companies and Associations apply mutatis mutandis.]1

§ 2. In accordance with the provisions of Directive 2009/110/EC, the Bank shall determine by regulation adopted pursuant to Article 12bis of the Act of 22 February 1998 the elements taken into account as own funds components and the adjustments required for the calculation of own funds, as well as the solvency obligations to be complied with by all electronic money institutions or by category of electronic money institutions, both with regard to their electronic money issuance activity and with regard to the payment services they may offer pursuant to Article 191, first paragraph, which are not related to the issuance of electronic money.

§ 3. Without prejudice to the solvency obligations determined in paragraphs 1 and 2, the Bank may take additional measures in the case of an electronic money institution that may, directly or indirectly, carry out activities other than the provision of payment services and the issuance of electronic money in accordance with Articles 191, second paragraph and 192, when those other activities detract or threaten to detract from the financial soundness of the electronic money institution.

§ 4. In specific cases, the Bank may grant reasoned derogations from the provisions of the regulations established pursuant to this article.

(1)<W 2022-07-20/40, art. 409, 008; Inwerkingtreding : 06-10-2022>

Subsection 4. - Changes in capital structure

Art. 183. Articles 25 to 32 apply mutatis mutandis, with the understanding that the reference to Article 19 in Article 25, first paragraph, Article 27, first and second paragraphs, and Article 31, second paragraph, shall be read as a reference to Article 174.

Subsection 5. - Specific transactions

5.1. Mergers, splits, transfers and other transactions requiring consent

Art. 184. [1 Articles 39 and 39/1 apply mutatis mutandis.]1

(1)<W 2023-12-20/08, art. 59, 009; Inwerkingtreding : 25-01-2024>

5.2. Participations

Art. 185. Article 40 applies mutatis mutandis, with the understanding that Article 40, second paragraph, relates to participations in companies that carry out all or part of the activities referred to in Article 191 concerning the issuance of electronic money, payment services, ancillary services related to the issuance of electronic money or the provision of payment services, or the management of payment systems, or to participations in companies whose main purpose consists in holding participations in such companies.

Subsection 6. - Exercise of activities abroad

6.1. Exercise of the right of establishment abroad via a branch

Art. 186. Articles 59 to 64 apply mutatis mutandis to electronic money institutions governed by Belgian law that intend to open a branch abroad, with the understanding that:
1° the program of activities referred to in Article 59, § 2, 1°, shall in particular specify which electronic money issuance activity and, where applicable, [1 which other activities as referred to in Articles 191, 192 and 192/1]1 the institution intends to carry out; 2° the reference to Article 21 in Article 59, § 2, 5° shall be read as a reference to Article 176; 3° the reference to Articles 20 and 37 in Article 59, § 3 shall be read as a reference to Articles 175 and 181; 4° the reference to Article 8 in Article 61, § 3 shall be read as a reference to Article 166; 5° the reference to Article 38 in Article 63, § 2 shall be read as a reference to Article 195.

[1 With regard to the activities referred to in Article 192/1, § 3, this article leaves the procedure of Article 65 of Regulation 2023/1114 unaffected. Notwithstanding Article 16, paragraph 3, and Article 65, paragraph 4, of the aforementioned Regulation, Article 61, § 1, of this Act shall apply.]1

(1)<W 2025-12-11/13, art. 109, 012; Inwerkingtreding : 03-01-2026>

6.2. Issuance of electronic money in the context of the free provision of services in another Member State

Art. 187. Articles 65 to 69 apply mutatis mutandis to [1 electronic money institutions governed by Belgian law that intend to exercise an electronic money issuance activity or an activity as referred to in Article 192/1 in another Member State]1 without establishing a branch there, with the understanding that:
1° the file referred to in Article 65, § 2, shall in particular specify which electronic money issuance activity and, where applicable, [1 which other activities as referred to in Articles 191 to 192/1]1 the institution intends to carry out; 2° the reference to Article 38 in Article 69, § 2 shall be read as a reference to Article 195.

(1)<W 2025-12-11/13, art. 110, 012; Inwerkingtreding : 03-01-2026>

6.3. Transfer of electronic money in another Member State via a distributor

Art. 188. Article 70, § 1, first paragraph and § 2 apply mutatis mutandis to electronic money institutions governed by Belgian law that intend to transfer electronic money on the territory of another Member State via a distributor.

6.4. Exercise of the payment service business in another Member State via an agent

Art. 189. Article 70 applies mutatis mutandis to electronic money institutions governed by Belgian law that intend to offer all or part of the payment services referred to in Article 191, first paragraph, on the territory of another Member State via an agent, with the understanding that the reference to Article 71 in Article 70, § 1, second paragraph, shall be read as a reference to Article 71, to which Article 190, § 2 refers.

Subsection 7. - Service provision via a distributor and/or an agent

Art. 190. § 1. Without prejudice to Article 169, fifth paragraph, electronic money institutions may transfer and repay electronic money via distributors.

Electronic money institutions may not issue electronic money via agents.

§ 2. Electronic money institutions may, pursuant to Article 191, first paragraph, offer payment services via agents. In that case, Articles 71 to 74 apply mutatis mutandis.

§ 3. Electronic money institutions are responsible for the acts performed by their distributors and agents.

Subsection 8. - Exercise of other activities

8.1. Payment services, operational or ancillary activities closely linked to payment services and management of payment systems

Art. 191. § 1. Without prejudice to Article 169, fifth paragraph, electronic money institutions may offer the payment services listed in Annex I.A to this Act.

Without prejudice to Article 169, fifth paragraph, electronic money institutions may also carry out the following activities:
1° the provision of operational services and ancillary services closely linked to the issuance of electronic money or the provision of the payment services referred to in the first paragraph; 2° the management of payment systems, without prejudice to the provisions of Book III.

The first and second paragraphs apply without prejudice to compliance with specific legal and regulatory provisions elsewhere regarding the provision of the services concerned.

§ 2. Where the services provided are payment services as referred to in points 7 and/or 8 of Annex I.A, Articles 18 and 95, § 2 apply respectively.

[1 § 3. Electronic money institutions shall notify the Bank in advance of their intention to exercise one of the activities referred to in this article.]1

(1)<W 2025-12-11/13, art. 111, 012; Inwerkingtreding : 03-01-2026>

8.2. Other hybrid activities

Art. 192. § 1. Electronic money institutions may not carry out any other activities than those permitted under Article 191, unless prior consent has been granted by the Bank.

If the Bank permits an electronic money institution to carry out activities other than the issuance of electronic money or the activities referred to in Article 191, it may, without prejudice to Article 205, § 2, and given the need for sound and prudent management and appropriate risk management by the electronic money institution or the requirement for appropriate prudential supervision of that institution, subject the exercise of these other activities to additional conditions.

Thus, the Bank may require that a clear separation be maintained at the organizational level for the performance of these activities and, where applicable, that they be carried out by a separate legal entity owned by the electronic money institution in accordance with Article 185.

§ 2. Without prejudice to paragraph 1, electronic money institutions may only grant loans to payment service users under the conditions of Article 44, § 3, which apply mutatis mutandis.

8.2/1. [1 Activities related to crypto-assets]1

(1)<Ingevoegd bij W 2025-12-11/13, art. 112, 012; Inwerkingtreding : 03-01-2026>

Art. 192/1. [1 § 1. Electronic money institutions may, within the European Union, issue an asset-referenced token and offer it to the public or request admission to trading of an asset-referenced token, provided that the requirements of Title III of Regulation 2023/1114, in particular Articles 18 and 21, and the other specific legal and regulatory provisions applicable to such activities are met.

§ 2. Electronic money institutions may, within the European Union, issue an e-money token and offer it to the public or request admission to trading of an e-money token, provided that the requirements of Title IV of Regulation 2023/1114 and the other specific legal and regulatory provisions applicable to such activities are met.

Unless expressly otherwise provided by or pursuant to this Act and without prejudice to any specific provisions under Title IV of Regulation 2023/1114, e-money tokens shall be deemed to be electronic money for the purpose of the provisions established by or pursuant to this Act.

§ 3. Provided that the conditions of Article 60, paragraphs 4, 7, 8 and 9, of Regulation 2023/1114 are met, electronic money institutions may, in accordance with the provisions of Title V of that Regulation applicable to them, custody and administer crypto-assets on behalf of clients and provide crypto-asset transfer services on behalf of clients with regard to the e-money tokens they have issued.

Provided they have obtained a license in accordance with Article 63 of Regulation 2023/1114, electronic money institutions may offer the crypto-asset services referred to in Article 3, paragraph 1, point 16) of that Regulation.

§ 4. Electronic money institutions shall notify the Bank in advance of their intention to exercise one of the activities referred to in this article. Where an activity as referred to in paragraphs 1 to 3 is exercised, the Bank may, with a view to sound and prudent management and appropriate risk management by the electronic money institution, or with a view to appropriate prudential supervision of that institution, attach certain additional conditions to the exercise of such activities. Thus, the Bank may require that a clear separation be maintained at the organizational level for the performance of these activities and, where applicable, that these activities be provided by a separate legal entity owned by the electronic money institution in accordance with Article 185.]1

(1)<Ingevoegd bij W 2025-12-11/13, art. 113, 012; Inwerkingtreding : 03-01-2026>

8.3. Prohibited activities

Art. 193. § 1. Article 192 does not provide for the possibility for electronic money institutions to carry out activities consisting of the receipt of money deposits or other repayable funds within the meaning of Article 1 of the Banking Act and of [1 Article 28 of the Act of 11 July 2018]1.

§ 2. Funds received by electronic money institutions from holders of electronic money shall be exchanged for electronic money without delay.

Such funds are neither money deposits nor other repayable funds within the meaning of Article 1 of the Banking Act and of Article 68bis of the Act of 16 June 2006, provided that the obligation referred to in the first paragraph is fulfilled.

If the obligation referred to in the first paragraph is not fulfilled, the receipt of such funds shall be equated with the receipt of money deposits or other repayable funds that is contrary to paragraph 1 and to Article 68bis of the Act of 16 June 2006.

§ 3. Articles 41 and 45 apply to the funds received in the context of payment services that may be carried out on the basis of Article 191, first paragraph, and which are not related to the issuance of electronic money.

(1)<W 2025-12-11/13, art. 114, 012; Inwerkingtreding : 03-01-2026>

Subsection 9. - Protection of funds

Article 194.
§ 1. The funds received by an electronic money institution in exchange for electronic money must:
1° be identifiable at all times in its accounting, in particular with respect to other funds; and 2° when, at the end of the working day following the day on which they were received, they have not yet been transferred by the electronic money institution as a result of the use of the electronic money or of its redemption:
a) be deposited in a separate joint or individual account with an entity having the status of a credit institution subject to the law of a Member State, a branch in Belgium of a credit institution subject to the law of a third country, or a central bank of a Member State, at its own discretion; or b) be invested in a recognized money market fund within the meaning of Article 4, 8° of the Royal Decree of 19 December 2017 laying down detailed rules for the implementation of the directive concerning markets for financial instruments; or c) be invested in safe, liquid assets with a low risk profile, as defined by the Bank in accordance with Union law; or 3° be covered, to the satisfaction of the Bank, by insurance, a guarantee or a surety provided by an insurance undertaking or credit institution subject to the law of a Member State or having a establishment in Belgium and subject to the law of a third country, and which does not belong to the same group as the electronic money institution. That insurance, guarantee or surety must cover an amount at least equal to the amount that would have been allocated under point 2°, and be payable in the event that the electronic money institution is unable to meet its financial obligations. The entities referred to in the first paragraph, 2°, a) may not assert rights over the funds deposited in a separate account by virtue of their own claims against the electronic money institution that opened that account. Third-party seizure by the creditors of the electronic money institution on these accounts and their balances is also not permitted. The entities referred to in the first paragraph, 3) may not assert rights over the funds due under the insurance agreement, guarantee or surety by virtue of their own claims against the electronic money institution that concluded that insurance agreement, guarantee or surety. Third-party seizure by the creditors of the electronic money institution on these funds is also not permitted. The Bank may permit that the funds referred to in the first paragraph, 2° be deposited with a credit institution subject to the law of a third country and having no establishment in Belgium, or that the insurances, guarantees or sureties referred to in the first paragraph, c) be provided by an insurance undertaking or credit institution subject to the law of a third country and having no establishment in Belgium, if that credit institution or insurance undertaking is subject to supervision equivalent to the prudential supervision of credit institutions and insurance undertakings as provided for in European legislation. When electronic money is acquired through a payment instrument, the funds received in exchange for the electronic money must be protected from the moment the electronic money institution's payment account is credited with them or from the moment they are otherwise made available to the electronic money institution. The provisions of this article regarding the protection of funds
must in any case be complied with no later than five working days after the issuance of the electronic money. § 2. When a portion of the funds received in exchange for the issued electronic money is potentially intended to be used by the client to obtain services from the electronic money institution in the context of other activities of the electronic money institution authorized under Article 192, the obligations of paragraph 1 do not apply to that portion of the funds. When that portion is variable or not known in advance, electronic money institutions may calculate this amount based on a representative portion of the funds assumed to be used for the issuance of electronic money, provided that it is reasonably possible to estimate such a representative portion to the satisfaction of the Bank based on historical data. If not, paragraph 1 applies to all funds. § 3. Article 42 applies to electronic money institutions that, pursuant to Article 191, first paragraph, provide payment services unrelated to the issuance of electronic money. § 4. In the event of a collective procedure opened against an electronic money institution consisting of the bankruptcy or liquidation of the electronic money institution within the meaning of the Code of Companies and Associations, the claims resulting from the deposit, investment, or coverage under paragraph 1, first paragraph, 2° and 3°, are used with a special privilege for the repayment of the funds received in exchange for the issued electronic money referred to in paragraph 1. In derogation of Articles XX.155, § 1, XX.156, first and second paragraphs, and XX.165 of the Code of Economic Law, the collection of funds deposited in exchange for electronic money under the first paragraph does not require an individual declaration of claim by their holders. The liquidator or receiver informs the relevant holders of funds in writing of the amount of funds to which they are entitled, possibly reduced by the amount of costs associated with the assignment of the subject matter of the special privilege, and invites them to notify him, by means of a pre-formulated form that forms an attachment to his letter or is accessible via an electronic platform for information sharing made available by the liquidator or receiver, of the necessary information that will allow him to proceed with the repayment of this amount within the framework of the liquidation process of the bankruptcy in accordance with the applicable provisions of Book XX of the Code of Economic Law or, if applicable, the settlement of the liquidation in accordance with the applicable provisions of Book 2, Title 8, of the Code of Companies and Associations. In the absence of notification to the liquidator or receiver of the aforementioned form or an equivalent request according to the modalities provided by the liquidator or receiver, within a period of six months from his letter to the relevant holders of funds, these lose the benefit of the privilege referred
to in the first paragraph as well as the right to demand withdrawal of their claim. § 5. Electronic money institutions notify the Bank in advance of any substantial modification to the measures taken under paragraph 1.

Subsection 10. - Outsourcing

Article 195. Article 38 applies mutatis mutandis.

Subsection 11. - Data retention

Article 196. Article 75 applies mutatis mutandis.

Section IV. - Accounting rules and periodic information provision

Article 197.
§ 1. Electronic money institutions file their annual accounts and their consolidated annual accounts with the Bank.
After advice from the Bank, the King determines for all electronic money institutions or per category of electronic money institutions according to which rules:
1° they keep their accounting, perform inventory estimates, and prepare and publish their annual accounts; 2° they prepare, audit, and publish their consolidated annual accounts and prepare and publish the annual and audit report on these consolidated annual accounts.
The rules referred to in the second paragraph determine that in the accounting of transactions carried out by the electronic money institution, a clear distinction must be made between transactions related to the issuance of electronic money and those related to other activities authorized under Articles 191 and 192. The Bank may, by regulation established under Article 12bis, § 2 of the Law of 22 February 1998, determine the implementation modalities of the rules established under the second and third paragraphs. These regulations are established after consultation with the electronic money institutions, if applicable through their professional associations. For certain categories of electronic money institutions or in special cases, the Bank may, in particular, grant reasoned deviations from the decisions and regulations referred to in the fourth paragraph, for all electronic money institutions in similar circumstances. § 2. Electronic money institutions periodically submit a detailed financial statement to the Bank. That statement is prepared in accordance with the rules established by the Bank, which also determines the reporting frequency. Furthermore, the Bank may require that other numerical data or explanations be regularly provided to it, so that it can verify whether the provisions of this law or its implementing decisions and regulations or the implementing measures of Directive 2009/110/EC have been complied with. § 3. The effective management of the electronic money institution declares to the Bank that the aforementioned periodic statements that it provides to it, if applicable at the end of the first half-year and in any case at the end of the financial year, are in accordance with the accounting and inventories. To that end, the periodic statements must:
1° be complete, meaning that they contain all data from the accounting and inventories on the basis of which they are prepared; and 2° be accurate, meaning that they exactly correspond to the data from the accounting and inventories on the basis of which they are prepared.
The effective management confirms that the necessary steps have been taken so that the aforementioned statements are prepared and drafted in accordance with the Bank's rules and are drafted with the application of booking and valuation rules for the preparation of the annual accounts, or, for periodic reporting statements not related to the end of the financial year, with the application of booking and valuation rules for the preparation of the annual accounts regarding the last financial year.

Article 198. The members of the statutory governing body are jointly and severally liable to the electronic money institution and to third parties for all damage resulting from the violation of Article 197 and of the provisions established under Article 197, § 1.
With regard to violations to which they have not contributed, the members of the statutory governing body are only released from the liability referred to in the first paragraph if no fault can be attributed to them and they have reported those violations, as the case may be, at the first general meeting or the next meeting of the statutory governing body after they have become aware of them.

CHAPTER II. - Limited electronic money institutions

Section I. - Conditions for eligibility

Article 199. Legal persons under Belgian law that meet the conditions of the second paragraph may apply to be eligible for the scheme of this Chapter.
This applies to legal persons:
1° whose business plan indicates that total business activities will generate an average amount of outstanding electronic money that is not higher than 1,500,000 euros; and 2° whose leaders are not in any of the situations described in Article 20 of the Banking Act.

Section II. - Access to registration

Article 200.
§ 1. To be eligible for the scheme of this Section, the companies concerned must submit a registration application to the Bank accompanied by an administrative file that meets the conditions established by it and in which, in particular, the data are provided on the basis of which it can be assessed whether the conditions for obtaining a registration are met and whether the applicant is able to meet the operating conditions established in Articles 202 and 203 respectively. At the request of the Bank, the applicant must provide all information necessary to assess the application. § 2. The Bank issues a decision on the registration application within three months after submission of a complete file and no later than twelve months after submission of the application. The legal persons referred to in Article 199 that meet the conditions for obtaining a registration established in Article 202 are registered by the Bank as limited electronic money institutions. In order to guarantee sound and prudent management of the institution, the Bank may impose conditions in the registration for the exercise of certain of the intended activities. The decisions regarding registration are brought to the attention of the applicants. The Bank's decision specifies for which of the payment services listed in points 1 to 5 of Annex I.A the registration is granted.

Article 201. The limited electronic money institutions registered under Article 200 are included in the list referred to in Article 166, § 1, first paragraph, 2°.
The limited electronic money institution notifies the Bank without delay of any changes it has made during the course of its business to the data communicated in accordance with Article 200.

Section III. - Conditions for obtaining registration

Article 202. The provisions of Title II, Chapter I, Section II of this Book apply to limited electronic money institutions. After advice from the Bank, the King may, however, exempt limited electronic money institutions from the application of all or part of these provisions.
In assessing the registration application, the Bank also takes into account the capacity of the applying institution to meet the operating conditions set out in Section IV and to achieve its development objectives under the conditions necessary for the proper functioning of the financial system and for the safety of users.

Section IV. - Operating conditions

Article 203.
§ 1. Limited electronic money institutions may not provide payment services:
1° unrelated to the electronic money issued in accordance with this article, unless the conditions of Book II, Title II, Chapter II, Section I are met; 2° as referred to in points 6 to 8 of Annex I.A.
§ 1/1. Limited electronic money institutions may not provide crypto-asset services as referred to in Article 3, paragraph 1, point 16), of Regulation 2023/1114.
§ 2. The provisions of Title II, Chapter I, Section III of this Book apply to limited electronic money institutions. After advice from the Bank, the King may, however, exempt limited electronic money institutions from the application of all or part of these provisions, with the exception of Articles 191 to 194, provided that:
1° the King may determine that the persons registered under Article 200 may only carry out some of the activities listed in Articles 191 and 192; 2° the Bank includes the agent of the limited electronic money institution in the list referred to in Article 201.
§ 3. The average amount of outstanding electronic money generated by all business activities of the electronic money institution is not higher than 1,500,000 euros.
When an electronic money institution, in accordance with Article 191, first paragraph, provides payment services unrelated to the issuance of electronic money, or carries out other activities as referred to in Article 191, second paragraph or Article 192, and the outstanding amount of electronic money is not known in advance, that electronic money institution may apply the first paragraph based on a representative portion of the funds assumed to be used for the issuance of electronic money, provided that this representative portion can be reasonably justified based on historical data. When an electronic money institution has not exercised its activities for long enough, this condition is assessed based on the outstanding amount of electronic money as estimated in its business plan, taking into account any adjustments to this plan required by the Bank. Limited electronic money institutions report this average to the Bank at a frequency and in a manner determined by the Bank. When the condition of the first paragraph is no longer met, the registered limited electronic money institutions apply for a license in accordance with Articles 169 et seq. within thirty calendar days. § 4. Limited electronic money institutions are subject to the Law of 18 September 2017. § 5. Limited electronic money institutions notify the Bank of any change in their situation that is relevant for compliance with the conditions of Articles 202 and of this article. § 6. Limited electronic money institutions are not eligible for a European passport and may not, under this status, issue and transfer electronic money outside Belgium. § 7. Limited electronic money institutions must stipulate in the agreement governing the issuance of electronic money that the amount that may be stored on the electronic carrier is limited to 150 euros.

Section V. - Periodic and accounting information, supervision, and rules for institutions in difficulty or in an irregular situation

Article 204. The provisions of Title II, Chapter I, Section IV and Chapter III of this Book apply to limited electronic money institutions. After advice from the Bank, the King may, however, exempt limited electronic money institutions from the application of all or part of these articles.

CHAPTER III. - Supervision of electronic money institutions, electronic money institutions in difficulty or in an irregular situation, and termination of the license or registration

Section I. - Supervision of electronic money institutions under Belgian law

Subsection 1. - Supervision by the Bank

1.1. Principles

Article 205.
§ 1. Electronic money institutions are subject to the supervision of the Bank.
The Bank ensures that each electronic money institution continuously operates in accordance with the provisions of this law and its implementing decisions and regulations, as well as the implementing measures of Directive 2009/110/EC, and in accordance with the provisions of Regulation (EU) 2017/2402 and of Regulation (EU) 2022/2554. The Bank's supervision is proportional to and adapted to the nature, size, and complexity of the activities carried out by the electronic money institution and the risks associated with them. § 2. The Bank's supervision does not, however, cover the activities of the electronic money institution authorized under Article 192, unless this is required for the supervision of the electronic money institution's compliance with the provisions of this law and its implementing decisions and regulations, as well as the implementing measures of Directive 2009/110/EC, and of the provisions of Regulation (EU) 2017/2402 and of Regulation (EU) 2022/2554.

Art. 206. Relations between an electronic money institution, its agent or its distributor and a specific client do not fall within the competence of the Bank, unless the supervision of the electronic money institution requires it.

1.2. Prerogatives

Art. 207. For the purpose of its supervisory task, the Bank may require electronic money institutions to provide it with all information regarding their organization, operations, financial position and transactions. For that purpose, the Bank may also require information from agents or distributors of electronic money institutions or from entities to which the institution has outsourced tasks.

Art. 208. § 1. For the purpose of its supervisory task, the Bank may conduct on-site inspections at electronic money institutions and take on-site knowledge of and make a copy of all data available to the electronic money institution, 1° to verify whether the statutory and regulatory provisions concerning the status of electronic money institutions have been complied with and whether the accounting and annual accounts, as well as the statements and other information submitted by the electronic money institution, are correct and truthful; 2° to assess the appropriateness of the policy structures, the administrative and accounting organization and the internal control of the electronic money institution; 3° to ensure that the management of the electronic money institution is sound and prudent, and that its position or its transactions do not endanger its liquidity, profitability or solvency. The prerogatives referred to in the first paragraph also include access to the agendas and minutes of the meetings of the various bodies of the institution and of their internal committees, as well as to the related documents and to the results of the internal and/or external assessment of the operation of those bodies. § 2. In the context of its supervision and in particular its inspections, the Bank's staff are authorized to obtain from the leaders and employees of the electronic money institution all information and explanations they deem necessary for the performance of their tasks and may, for this purpose, require that conversations take place with leaders or employees of the institution designated by them. § 3. The inspection reports and, more generally, all documents emanating from the Bank, which it indicates are confidential, may not be made public by the electronic money institutions without the express permission of the Bank. Failure to comply with this obligation is punishable by the penalties provided for in Article 458 of the Penal Code. § 4. For the purposes of paragraph 1, the Bank may also conduct on-site inspections at agents or distributors of electronic money institutions or at entities to which the electronic money institution has outsourced tasks, and take on-site knowledge of and make a copy of all data available to them. § 5. For the performance of its supervisory task, the Bank may call upon experts it appoints to carry out useful checks and investigations. The remuneration and costs of these experts are borne by the electronic money institution.

Subsection 2. - Supervision by the Bank on activities exercised in another Member State

2.1. Definitions and principles

Art. 209. For the purposes of this Subsection, the Bank is considered in its capacity as the competent authority of the home Member State.
The supervision referred to in Article 205 also covers the activities exercised by electronic money institutions via a branch, via an agent or a distributor or via the free provision of services in another Member State.

2.2. On-site checks

Art. 210. For the purpose of the checks it exercises on activities carried out abroad, the Bank, after prior notification to the authorities of the Member State responsible for supervising electronic money institutions, may carry out the inspections referred to in Article 205 at the branches of electronic money institutions established under Belgian law abroad, as well as at agents, distributors and entities established abroad to which the institution has outsourced tasks, in particular all inspections aimed at collecting or testing data on the management and operation of the branch, as well as all data that can facilitate the supervision of the electronic money institution, in particular in terms of its financial position, administrative and accounting organization and internal control. For the same purpose and after notification to the relevant supervisors, it may appoint an expert it appoints to carry out all useful checks and investigations. The remuneration and costs of this expert are borne by the electronic money institution. Likewise, the Bank may request these authorities to carry out certain checks and investigations.

2.3. Cooperation

Art. 211. Article 107 applies mutatis mutandis, with the understanding that this article also applies when electronic money institutions operate under Belgian law via a distributor.

2.4. Extraordinary measures of the Bank

Art. 212. Article 108 applies mutatis mutandis, with the understanding that :
1° Article 108 also applies when the electronic money institution under Belgian law carries out activities via a distributor; 2° the reference to Articles 116 and 117 must be read as a reference to Articles 214 and 215.

Subsection 3. - Audit supervision

Art. 213. Articles 110 to 115 apply mutatis mutandis to electronic money institutions, with the understanding that :
1° Articles 110, second paragraph, and 115, § 12, must be read as relating to limited electronic money institutions registered in accordance with Article 200; 2° the reference to Articles 43 and 44 in Article 110, sixth paragraph, must be read as a reference to Articles 191 and 192; 3° the reference to Articles 21, § 1, 2° and 38, § 1, second paragraph, 1° in Article 115, § 2 must be read as a reference to Articles 176 and 195; 4° the reference to Articles 41 and 42 in Article 115, § 6, must be read as a reference to Article 194; 5° the reference to Article 103, § 3, in Article 115, § 8, must be read as a reference to Article 208, § 3; 6° the reference to Article 43, § 1, 1°, in Article 115, § 11, must be read as a reference to Article 191, second paragraph, 1° ; 7° the reference to Article 87, § 3, first paragraph in Article 115, § 12, must be read as a reference to Article 203, § 3; 8° the reference to the implementing measures of Directive (EU) 2015/2366 in Article 115, § 5, 2°, must be read as a reference to the implementing measures of Directive 2009/110/EG.

Section II. - Electronic money institutions in difficulty or in an irregular situation

Subsection 1. - Compulsory measures

Art. 214. Article 116 applies mutatis mutandis, with the understanding that :
1° [1 ...]1 2° the reference to Articles 17 and 33 in Article 116, § 2, 2°, must be read as a reference to Articles 173 and 182; 3° the reference to Article 77 in Article 116, § 2, 6°, must be read as a reference to Article 197, § 2, first and second paragraph. ---------- (1)<W 2022-07-20/40, art. 410, 008; Inwerkingtreding : 06-10-2022>

Subsection 2. - Exceptional recovery measures

Art. 215.§ 1. When the Bank finds that an electronic money institution does not or no longer complies with the measures taken with the application of Article 116, § 2, to which Article 214 refers, or that it has not remedied the situation after the expiry of the period established with the application of Article 116, § 1, the Bank, without prejudice to the other provisions established by or under this law :
1° appoint a special commissioner.
In this case, for all acts and decisions of all bodies of the institution, including the general meeting, as well as for those of the persons responsible for the policy, its written, general or specific authorization is required; the transactions for which authorization is required may be limited by the Bank. The special commissioner may submit any proposal he deems useful to all bodies of the institution, including the general meeting. The remuneration of the special commissioner is determined by the Bank and borne by the institution. The members of the management and policy bodies and the persons responsible for the policy who perform acts or take decisions without the required authorization of the special commissioner are jointly liable for the damage resulting therefrom for the institution or for third parties. If the Bank has announced the appointment of a special commissioner in the Belgian Official Journal, specifying the acts and decisions for which his authorization is required, all acts and decisions without this required authorization are void, unless the special commissioner ratifies them. Under the same conditions, all decisions of the general meeting without the required authorization of the special commissioner are void, unless he ratifies them. The Bank may appoint an alternate commissioner; 2° for the period it determines, suspend or prohibit the direct or indirect exercise of the business of the electronic money institution in whole or in part; this suspension may, to the extent determined by the Bank, result in the full or partial suspension of the execution of ongoing contracts. The members of the management and policy bodies and the persons responsible for the policy who perform acts or take decisions despite the suspension are jointly liable for the damage resulting therefrom for the electronic money institution or for third parties. If the Bank has announced the suspension in the Belgian Official Journal, all acts and decisions contrary to this are void; 3° impose stricter solvency requirements than those intended in Articles 173 and 182; 4° [2 order the replacement of all or part of the members of the statutory governing body, the management committee and/or, where applicable, the persons responsible for the effective management of the electronic money institution, within a period it determines and, if no replacement takes place within this period, dismiss one or more members of the statutory governing body or the management committee and/or, where applicable, one or more persons responsible for the effective management of the electronic money institution, or appoint one or more provisional administrators in place of the full management and policy bodies of the institution who alone or collectively, depending on the case, have the powers of the replaced persons. The Bank announces its decision in the Belgian Official Journal. When circumstances justify
it, the Bank may appoint one or more provisional administrators without first ordering the replacement of all or part of the leaders of the institution. With the Bank's consent, the provisional administrator(s) may convene a general meeting and set its agenda. The mandate of the replaced persons, in particular that of a member of the statutory governing body or the management committee, ends upon notification of the Bank's decision to replace them with one or more provisional administrators. The electronic money institution fulfills the disclosure formalities required in case of termination of the relevant mandates. The Bank may, taking into account the provisions of European Union law, derogate from the reporting obligations established by or under this law for the electronic money institution in respect of which it has taken a measure consisting of the appointment of one or more provisional administrators. The remuneration of the provisional administrator(s) is determined by the Bank and borne by the relevant electronic money institution. The Bank may replace the provisional administrator(s) at any time, either ex officio or at the request of a majority of shareholders or partners, when they demonstrate that the policy of the persons concerned no longer provides the necessary guarantees;]2 5° order the electronic money institution to convene a general meeting of shareholders within the period it determines, the agenda of which it sets; 6° order the electronic money institution to transfer participations it holds, where applicable, in accordance with Article 183; 7° revoke the license or registration. The Bank announces all decisions to revoke a license or registration on its website. The Bank informs the European Banking Authority of the reasons for the revocation of the license or registration. [3 In addition and without prejudice to Article XX.1 of the Code of Economic Law, the appointment of a special commissioner or a provisional administrator, under whatever name, at an electronic money institution falls within the exclusive competence of the Bank.]3 § 2. Notwithstanding the conditions for the application of the first paragraph, the Bank may, in extremely urgent cases or if the seriousness of the facts justifies it, take the measures referred to in this paragraph without first imposing a recovery period. § 3. The decisions of the Bank referred to in paragraph 1 take effect for the electronic money institution from the date of notification by registered letter with acknowledgment of receipt or by a letter with proof of receipt and, for third parties, from the date of its announcement in accordance with paragraph 1. § 4. The Bank may also take the measures referred to in this article when an electronic money institution has
obtained a license or registration by means of false statements or in any other irregular manner. § 5. Paragraph 1, first paragraph, 1°, 2°, 4° and 7°, and third paragraph, and Article 214 apply when the Bank has knowledge of the fact that an electronic money institution, its agents or distributors [1 have established a special mechanism within the meaning of Article 176, § 1/1]1. When the Bank finds that the information referred to in Article 71 provided to it by an electronic money institution under Article 190, § 2, is incorrect or incomplete, it may suspend or remove the registration of the agent from the list referred to in Article 166. § 6. Article 117, § 8, applies mutatis mutandis. ---------- (1)<W 2021-06-02/03, art. 42, 005; Inwerkingtreding : 28-06-2021> (2)<W 2022-07-20/40, art. 411, 008; Inwerkingtreding : 06-10-2022> (3)<W 2023-12-20/08, art. 61, 009; Inwerkingtreding : 25-01-2024>

Art. 215/1. [1 § 1. The special commissioner and the provisional administrator(s) referred to in Article 215, § 1, contribute to the exercise of its statutory task on behalf of the Bank. In the context of this task:

they act exclusively within the framework of the purpose laid down in Article 1, § 2, of this law;
they follow the Bank's instructions regarding the manner in which their specific entrusted task must be performed;
they are subject to the same professional secrecy obligations as those applicable to the Bank in the context of the supervisory task established by this law; prior authorization from the Bank is required for the use of statutory exceptions;
at the Bank's request, according to the modalities it determines, they report on the financial position of the institution and on the measures they have taken in the context of their task, as well as on the financial position at the beginning and at the end of that task.
§ 2. Their supporting role with regard to the Bank, as described in paragraph 1, implies that they cannot be considered as such as an administrative authority.
The replacement of the full management and policy bodies of the electronic money institution by provisional administrators, in accordance with Article 215, § 1, 4°, implies that the latter are not to be considered as directors or members of the statutory governing body within the meaning of the Code of Companies and Associations, but only that they have the powers of the replaced persons, in particular to perform the acts that enable the electronic money institution to comply with its statutory and regulatory obligations, in particular those established by or under the Code of Companies and Associations. No discharge is granted to them by a decision or vote as referred to in the Code of Companies and Associations; they are solely accountable to the Bank for their task, which grants them discharge where applicable.]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 412, 008; Inwerkingtreding : 06-10-2022>

Section III. - Termination of the license or registration

Art. 216. § 1. Without prejudice to Article 215, § 1, first paragraph, 7°, and § 4, the Bank, by decision brought to the knowledge of electronic money institutions by registered letter or letter with acknowledgment of receipt, withdraws the license or registration of electronic money institutions that :
1° have not commenced their activities within twelve months after obtaining the license or registration; 2° waive their license or registration; 3° have ceased their activities for more than six months; 4° have been declared bankrupt.
In accordance with the same formalities, it also withdraws the registration of limited electronic money institutions that no longer comply with the condition of Article 177 or 203, § 1, 1°, or § 3, first paragraph, when it finds that those institutions have not applied for a license within a period of thirty calendar days in accordance with Article 203, § 3, or if they have not obtained that license after the expiry of the period referred to in Article 169. § 2. The Bank announces all decisions to withdraw a license or registration on its website. If the license or registration of an electronic money institution is revoked or withdrawn, it is removed from the list referred to in Article 166. The Bank informs the European Banking Authority of the reasons for the withdrawal of the license or registration.

Art. 217. Electronic money institutions whose license or registration has been withdrawn or revoked on the grounds of this law remain subject to this law until their obligations towards holders of electronic money and, where applicable, payment service users, are settled, unless the Bank exempts them from certain regulations. This article does not apply in the event of withdrawal of the license or registration of a declared bankrupt electronic money institution.

Art. 217/1. [1 In the event that the Bank considers that the conditions laid down in Article XX.99 of the Code of Economic Law are met and deteriorate, the Bank may, derogating from Article XX.100 of the Code of Economic Law, bring the matter before the insolvency court by summons on its own initiative.]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 413, 008; Inwerkingtreding : 06-10-2022>

TITLE III. - Electronic money institutions subject to foreign law

CHAPTER I. - Branches, agents, distributors and activities exercised in Belgium in the framework of the free provision of services by electronic money institutions subject to the law of another Member State

Section 1. - Access to the business in Belgium

Subsection 1. - Branches

Art. 218. Articles 120 to 123 apply mutatis mutandis to electronic money institutions subject to the law of another Member State that, on the basis of their national law, may issue electronic money and wish to carry out this activity in Belgium by establishing a branch.

[Subsection 2.] - Freedom to provide services

[Art.] [219]. Articles 124 to 126 apply mutatis mutandis to electronic money institutions subject to the law of another Member State that, under their national law, are authorized to issue electronic money and that wish to exercise this activity in Belgium by providing services across borders.

[Subsection 3.] - Agents

[Art.] [220]. Articles 127 and 128 apply mutatis mutandis to electronic money institutions subject to the law of another Member State that, under their national law, are authorized to issue electronic money and to provide the payment services referred to in Annex I.A, and that wish to provide these payment services in Belgium via agents.

[Subsection 4.] - Distributors

[Art.] [221]. Article 127 applies mutatis mutandis to electronic money institutions subject to the law of another Member State that, under their national law, are authorized to issue electronic money and that transfer electronic money to Belgium via distributors.

[Section II.] - Business operations

[Art.] [222]. Articles 129 to 132 apply mutatis mutandis to the electronic money institutions referred to in Articles 218 to 221, with the understanding that:
1° the reference to Articles 120, 124 and 127 in Article 129 must be read as a reference to Articles 218 to 221; 2° Article 132 applies to electronic money institutions that provide payment services via agents and not to electronic money institutions that only transfer electronic money to Belgium via distributors.

[Section III.] - Periodic information provision, statistics and accounting rules

[Art.] [223]. Article 133 applies to electronic money institutions operating in Belgium via a branch, an agent or a distributor, with the understanding that the reference to Article 120 must be read as a reference to Article 218.

[Section IV.] - Supervision of activities

[Subsection 1.] - Definitions and principle

[Art.] [224]. Articles 134 and 135 apply to the electronic money institutions referred to in this Chapter, with the understanding that the reference to Articles 100 and 101 must be read as a reference to Articles 205 and 206.

[Subsection 2.] - Cooperation

[Art.] [225]. Articles 136 and 137 apply, even when electronic money institutions subject to the law of another Member State operate in Belgium via a distributor.

[Subsection 3.] - Prerogatives

[Art.] [226]. Articles 138 and 139 apply, with the understanding that the reference to Articles 102 and 103 in Article 138 must be read as a reference to Articles 207 and 208.

[Section V.] - Extraordinary measures

[Art.] [227].[1] Articles 140 to 143/1 apply[1], with the understanding that:
1° Article 140 also applies when the institution operates abroad via distributors; 2° the reference to Article 117, § 1, 1°, 2° and 4° and §§ 2 and 3 in Article 142, § 1, second paragraph must be read as a reference to Article 215, § 1, first paragraph, 1°, 2° and 4° and third paragraph and § 2; [1] 3° in Article 143/1 the reference to Articles 117, § 5, 120, 124 and 127 must be read as a reference to Articles 215, § 5, 218, 219 and 220.[1] ---------- (1)<W 2021-06-02/03, art. 43, 005; Inwerkingtreding : 28-06-2021>

[CHAPTER II.] - Branches in Belgium of electronic money institutions subject to the law of a third country

[Art.] [228]. After advice from the Bank, the King may establish a regulation for the status of and supervision over the branches of payment institutions subject to the law of a third country.

[TITLE IV.] - Coercive penalties and sanctions

[CHAPTER I.] - Coercive penalties and administrative sanctions

[Art.] [229].§ 1. [3] Without prejudice to the other measures prescribed by this Act, the Bank may announce that an electronic money institution subject to Belgian or foreign law has not complied with its summons to comply within the time limit it sets with the provisions of:
1° Book IV of this Act or its implementing decisions and regulations; 2° Title II of Regulation (EU) No 648/2012 [4] or of Regulation (EU) 2022/2554[4]; 3° Articles 4 and 15 of Regulation (EU) No 2015/2365 [4] or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402[4]; 4° the delegated acts adopted in accordance with the provisions referred to in points 2° or 3° or in accordance with the European directives transposed by this Act; 5° the implementing decisions adopted in accordance with the provisions referred to in points 2° or 3°, in accordance with the European directives transposed by this Act or in accordance with the delegated acts referred to in point 4°.[3] § 2. [3] Without prejudice to the other measures prescribed by this Act, the Bank may set a time limit for an electronic money institution subject to Belgian or foreign law:
1° within which it must comply with specific provisions of:
a) this Act or its implementing decisions and regulations; b) Title II of Regulation (EU) No 648/2012 [4] or of Regulation (EU) 2022/2554[4]; c) Articles 4 and 15 of Regulation (EU) No 2015/2365 [4] or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402[4]; d) the delegated acts adopted in accordance with the provisions referred to in points b) or c) or in accordance with the European directives transposed by this Act; e) the implementing decisions adopted in accordance with the provisions referred to in points b) or c), in accordance with the European directives transposed by this Act or in accordance with the delegated acts referred to in point d); 2° within which it must make the necessary adjustments to its policy structure, its administrative and accounting organization or its internal control; 3° within which it must comply with a requirement imposed by the Bank using the provisions referred to in point 1°; 4° within which it must comply with the requirements established by the Bank as conditions for a decision taken using the provisions referred to in point 1°, in particular the granting of authorization or a waiver.[3] The summons referred to in the first paragraph, 2°, does not apply to the branches of electronic money institutions subject to the law of another Member State. If the electronic money institution fails to comply upon the expiry of the time limit, the Bank, after hearing the institution or at least summoning it, may impose a coercive penalty of a maximum of 2,500,000 euros per violation or a maximum of 50,000 euros per day of delay. § 3. When determining the amount of the coercive penalty, account is taken in particular of:
a) the seriousness of the identified shortcomings and, where applicable, the potential impact of those shortcomings on the stability of the financial system and of the payment systems; b) the financial capacity of the institution concerned, as evidenced in particular by its turnover.
§ 4. The coercive penalties imposed using paragraph 2 are collected for the benefit of the Treasury by the services of the Administration within the Federal Public Service Finance responsible for non-tax claims.

(1)<W 2018-07-30/10, art. 126, 002; Inwerkingtreding : 20-08-2018> (2)<W 2019-05-02/25, art. 116, 004; Inwerkingtreding : 31-05-2019> (3)<W 2022-07-20/40, art. 414, 008; Inwerkingtreding : 06-10-2022> (4)<W 2025-03-25/05, art. 129, 010; Inwerkingtreding : 08-05-2025>

[Art.] [230].§ 1. [3] Without prejudice to other measures prescribed by this Act and without prejudice to measures prescribed by other laws, decisions or regulations, the Bank may, if it:
a) identifies an infringement of the provisions of Book IV of this Act or its implementing decisions and regulations; b) identifies an infringement of the provisions of Title II of Regulation (EU) No 648/2012 [4] or of Regulation (EU) 2022/2554[4]; c) identifies an infringement of Articles 4 and 15 of Regulation (EU) No 2015/2365 [4] or Articles 6 to 9 and 18 to 27 of Regulation (EU) 2017/2402[4]; d) identifies an infringement of the provisions of the delegated acts adopted in accordance with the provisions referred to in points b) or c) or in accordance with the European directives transposed by this Act; or e) identifies an infringement of the provisions of the implementing decisions adopted in accordance with the provisions referred to in points b) or c), in accordance with the European directives transposed by this Act or in accordance with the delegated acts referred to in point d); f) identifies that a requirement imposed by the Bank using the provisions in points a) to e) is not complied with; g) identifies that requirements established by the Bank as conditions for a decision taken using the provisions in points a) to e), in particular the granting of authorization or a waiver, are not complied with, impose an administrative fine on an electronic money institution subject to Belgian or foreign law, on one or more members of the statutory governing body of these entities and/or on the persons participating in their effective management, who are responsible for the identified shortcomings.[3] § 2. The administrative fine referred to in paragraph 1 for the same act or the same set of acts:
1° [3] ...[3] maximum 10% of the annual net turnover of the previous financial year, if it is a legal entity; 2° [3] ...[3] maximum 5,000,000 euros, if it is a natural person. [1] In the event of an infringement of Articles 4 and 15 of Regulation (EU) No 2015/2365 [3] on a delegated act adopted in accordance with these articles or on an implementing decision adopted in accordance with these articles or such a delegated act,[3] the Bank may impose an administrative fine on an [3] electronic money institution[3] subject to Belgian or foreign law established in Belgium of a) in the case of a natural person: maximum 5,000,000 euros; b) [3] in the case of a legal entity: maximum:

5,000,000 euros in the event of an infringement of Article 4 of Regulation (EU) No 2015/2365, on a delegated act adopted in accordance with that article or on an implementing decision adopted in accordance with that article or such a delegated act; and
15,000,000 euros in the event of an infringement of Article 15 of Regulation (EU) No 2015/2365, on a delegated act adopted in accordance with that article or on an implementing decision adopted in accordance with that article or such a delegated act;
or, if this is higher, 10% of the total annual turnover of that institution for the previous financial year.[3] When the infringement has generated profit for the offender or allowed him to avoid loss, this maximum may be increased to three times this profit or loss, without prejudice to points a) and b).[1] [4] In the event of an infringement of Articles 6 to 9 and 18 to 27 of Regulation 2017/2402, on a delegated act adopted in accordance with these articles or on an implementing decision adopted in accordance with these articles or such a delegated act, the administrative fine referred to in the first paragraph in the case of a legal entity is maximum 5,000,000 euros or 10% of the total annual turnover of that company for the previous financial year. When the infringement has generated profit for the offender or allowed him to avoid loss, the maximum amount of the administrative fine may be increased to twice this profit or loss, without prejudice to the first paragraph, 2°, and the fourth paragraph.[4] § 3. The fines imposed by the Bank using paragraph 2 are collected for the benefit of the Treasury by the services of the Administration within the Federal Public Service Finance responsible for non-tax claims. § 4. The amount of the fine is determined in particular on the basis of:
1° the seriousness and duration of the shortcomings; 2° the degree of responsibility of the person concerned; 3° the financial capacity of the person concerned, as evidenced in particular by the total turnover of the legal entity concerned or by the annual income of the natural person concerned; 4° the benefit or profit that these shortcomings may generate; 5° the damage suffered by third parties as a result of these shortcomings, insofar as this can be determined; 6° the degree of cooperation of the natural or legal person concerned with the Bank; 7° previous shortcomings of the person concerned; 8° the potential negative impact of the shortcomings on the stability of the financial system and of the payment systems. § 5. The Bank may make public the measures imposed in accordance with this Article. [1] The Bank notifies the European Securities and Markets Authority of its decisions regarding infringements of Articles 4 and 15 of Regulation (EU) No 2015/2365, when those decisions are not made public in accordance with the previous paragraph.[1] ---------- (1)<W 2018-07-30/10, art. 127, 002; Inwerkingtreding : 20-08-2018> (2)<W 2019-05-02/25, art. 117, 004; Inwerkingtreding : 31-05-2019> (3)<W 2022-07-20/40, art. 415, 008; Inwerkingtreding : 06-10-2022> (4)<W 2025-03-25/05, art. 130, 010; Inwerkingtreding : 08-05-2025>

[CHAPTER II.] - Criminal sanctions

[Art.] [231].§ 1. With a prison sentence of one month to one year and a fine of 50 euros to 10,000 euros or with one of those penalties alone, is punished:
1° who does not comply with Articles 4 or 163; 2° who issues electronic money in Belgium without complying with the provisions of Articles 167, 200, 218 to 221 and 229, § 1, 1°; 3° who intentionally does not make the notification referred to in Article 178, second paragraph, regarding the data referred to in Article 168, § 1, 7°; 4° who intentionally does not make the notifications referred to in Articles 25 and 29, as referred to in Article 183, who ignores the objection referred to in Article 27, second paragraph, as referred to in Article 183, or who ignores the suspension referred to in Article 32, first paragraph, 1°, as referred to in Article 183; 5° electronic money institutions and the members of their statutory governing body or the persons responsible for the effective management of the institution, who infringe Articles 184, 185, 191 to 193 and 195; 6° electronic money institutions and the members of their statutory governing body or the persons responsible for the effective management who open a branch abroad or provide services there, where applicable via agents or distributors, without having made the notifications as specified in Articles 186 to 189 or who do not comply with Articles 63 and 69, as referred to in Articles 186 to 189; 7° electronic money institutions and the members of their statutory governing body or the persons responsible for the effective management of the institution, who infringe Articles 182, 197 and 223 or the implementing decisions and regulations of these Articles; 8° who performs acts or carries out operations without having obtained the authorization of the special commissioner referred to in Article 215, § 1, first paragraph, 1°, or who violates a suspension decision taken in accordance with Article 215, § 1, first paragraph, 2°, or who does not comply with the measures taken using Article 116, § 2, as referred to in Article 214, and 142, as referred to in Article 27; 9° who, as a commissioner, recognized auditor or independent expert, certifies, approves or ratifies accounts, annual accounts or consolidated annual accounts of electronic money institutions or periodic statements or all other information while the provisions of the laws, decisions and regulations on the legal status of electronic money institutions are not met, and of which he has knowledge, or who did not do what he normally should have done to ensure that those provisions were met; 10° who prevents the investigations and controls to which he is obliged in the country or abroad or who refuses to provide the data to which he is obliged under this Act and its implementing decisions and regulations, or who knowingly provides incorrect or incomplete information; 11° any director and manager who does not comply with the provisions of Article 110, first and fourth paragraph, as referred to in Article 213; [1] 12° who intentionally establishes a special mechanism in the
sense of Article 176, § 1/1.[1] § 2. Violations of the prohibition of Article 20 of the banking law are punished with a prison sentence of three months to two years and a fine of 1,000 euros to 10,000 euros. ---------- (1)<W 2021-06-02/03, art. 44, 005; Inwerkingtreding : 28-06-2021>

[Art.] [232]. The provisions of Book I of the Criminal Code, Chapter VII and Article 85 not excepted, apply to the offenses punished by this Chapter.

[Art.] [233]. Electronic money institutions are civilly liable for the fines to which the members of their statutory governing body, the persons responsible for their effective management or the agents are sentenced using the provisions of this Chapter.

[Art.] [234]. Any investigation resulting from the violation of this Act or one of the legislations referred to in Article 20 of the banking law, against members of the statutory governing body, persons responsible for effective management, agents or recognized commissioners of electronic money institutions and any investigation resulting from a violation of this Act against any other natural or legal person, must be brought to the attention of the Bank and the Federal Public Service Economy, each within their respective competences, by the judicial authority where it is brought.

Art. 235. Any criminal proceedings based on the offenses referred to in Article 234 must be brought to the attention of the Bank and the Federal Public Service Economy, each within their respective competencies, by the Public Prosecutor's Office.

Art. 236. The Bank and the Federal Public Service Economy are entitled to intervene at any stage of proceedings before the criminal court where an offense punishable by this law is pending, without having to demonstrate the existence of any damage. Such intervention follows the rules applicable to civil parties. [1 The same applies to infringements as referred to in Article 1 of the Royal Decree No. 22 of 24 October 1934 concerning the judicial prohibition for certain convicted persons and bankrupts from exercising certain offices, professions, or activities, which have been brought before a criminal court against a person as referred to in Article 20, § 1, first paragraph.]1 ---------- (1)<W 2019-05-02/25, art. 118, 004; Inwerkingtreding : 31-05-2019>

BOEK IV/1. [1 - SPECIAL RULES IN CASE OF COLLECTIVE PROCEDURE]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 416, 008; Inwerkingtreding : 06-10-2022>

Art. 236/1. [1 § 1. Except when a summons is issued applying Article 119/1 or 217/1, the opening of bankruptcy proceedings against a payment institution or an electronic money institution may only be pronounced following the unanimous advice of the Bank. § 2. The request for advice is addressed in writing to the Bank. The request must be accompanied by the necessary documents for information. The Bank issues its advice within fifteen days after receipt of the request for advice. If a procedure concerns a payment institution or an electronic money institution of which the Bank suspects that significant developments may occur regarding system risk, or for which prior coordination with foreign authorities is required, the Bank has a longer period to issue its advice, provided that the total period does not exceed thirty days. If the Bank considers that it must use this exceptional period, it notifies the judicial authority that must make a ruling. The period available to the Bank to issue an advice suspends the period within which the judicial authority must make a ruling. If the Bank does not provide advice within the established period, the insolvency court may rule. The Bank provides its advice in writing. It is delivered by any means to the clerk, who forwards it to the president of the insolvency court and to the King's Prosecutor. The advice is added to the file.]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 417, 008; Inwerkingtreding : 06-10-2022>

Art. 236/2. [1 The curator or curators referred to in Article XX.122, § 1, of the Code of Economic Law, as well as the persons appointed as curator pursuant to the same Article XX.122, § 2, are appointed on the advice of the Bank.]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 418, 008; Inwerkingtreding : 06-10-2022>

Art. 236/3. [1 § 1. For the dissolution of a payment institution or an electronic money institution, whether voluntary or judicial, and for the subsequent liquidation within the meaning of the Code of Companies and Associations, the unanimous advice of the Bank is required. Before ruling on a ground for judicial dissolution of a payment institution or an electronic money institution recorded in the Code of Companies and Associations, the commercial court addresses a request for advice to the Bank according to the procedure of Article 236/1, § 2. § 2. In the event of voluntary or judicial dissolution of the payment institution or the electronic money institution, the liquidator, appointed in accordance with statutory or legal rules, may only be appointed with the approval of the Bank. Without prejudice to the legal provisions applicable to companies and without prejudice to Articles 119 and 217, the King, on the advice of the Bank, may determine the powers and obligations of the liquidator, particularly regarding the liquidation of obligations towards holders of electronic money and, where applicable, payment service users. The liquidator must in any case comply with requests for information from the Bank and must also inform the Bank on its own initiative about the progress of its mandate. § 3. The Bank immediately notifies the supervisors of all other concerned Member States and the Federal Public Service Economy of any dissolution, as well as of its possible concrete consequences.]1 ---------- (1)<Ingevoegd bij W 2022-07-20/40, art. 419, 008; Inwerkingtreding : 06-10-2022>

BOEK V. - TRANSITIONAL, AMENDING AND REPEALING PROVISIONS

TITEL I. - Transitional Provisions

HOOFDSTUK I. - Payment Institutions

Art. 237. § 1. Notwithstanding the provisions of Book II, Title II, Chapter I, payment institutions under Belgian law that, on the date of entry into force of this law, hold a license as a payment institution to provide payment services as referred to in points 1 to 6 of Annex I.A, may, where applicable in combination with payment services as referred to in point 7 of Annex I.A, continue to exercise these activities until 13 July 2018, excluding all other payment services. During that period, the concerned institutions are included in the list referred to in Article 8, § 1, 1°. § 2. The payment institutions referred to in paragraph 1 must, within one month after the date of entry into force of this law, communicate the following data to the Bank regarding the payment services they offer:
1° the data demonstrating that the provisions of Article 10, first paragraph, points 8° and 13° to 21° are complied with; 2° the data demonstrating that the licensing conditions of Articles 19, 20, 21, § 1, 2°, 3°, 4°, 9° and 23 are met; 3° the data demonstrating that the concerned institutions can meet the operating conditions of Book II, Title II, Chapter I, Section III, Subsections 3, 4, 5 and 9 to 15. § 3. When the Bank, based on the data received pursuant to paragraph 2, considers that the payment institutions referred to in paragraph 1 meet the licensing conditions of Book II, Title II, Chapter I, Section II, it grants those institutions a license in accordance with Article 12 and notifies the concerned institutions of its decision by registered letter or letter with acknowledgment of receipt. The Bank immediately notifies the European Banking Authority of its decision and maintains the registration of those institutions on the list referred to in Article 8, § 1, 1°. When the Bank considers that the payment institutions referred to in paragraph 1 do not meet the licensing conditions of Book II, Title II, Chapter I, Section II, it refuses to grant those institutions a license and notifies them of its decision by registered letter or letter with acknowledgment of receipt. These institutions immediately cease their payment services business. If the license is refused, the concerned payment institution is removed from the list referred to in Article 8. § 4. The Bank has in any case a period of two months after receipt of the data communicated pursuant to paragraph 2 to take its decision. If that two-month period extends beyond 13 July 2018, the authorization referred to in paragraph 1 is extended until the expiration of that two-month period. If the Bank has not taken a decision after the expiration of that period, the license is deemed to have been granted pursuant to paragraph 3, first paragraph.

Art. 238. § 1. Notwithstanding the provisions of Title II, Chapter II, Section I, legal persons under Belgian law that, on the date of entry into force of this law, may offer the payment services referred to in points 1 to 5 of Annex I.A on the basis of the exemption scheme of Article 48 of the law of 21 December 2009, may continue to exercise these activities in Belgium until 13 January 2019, excluding all other payment services. During that period, the concerned institutions are included in the list referred to in Article 8, § 1, 2°), a). § 2. The legal persons referred to in paragraph 1 must communicate to the Bank the data demonstrating that the conditions of Article 81, second paragraph, 2° and 3°, and Article 82, § 1, are met, and which have not yet been communicated to the Bank. That data must be communicated within one month after the date of entry into force of this law. § 3. When the Bank considers that the legal persons referred to in paragraph 1 meet the conditions of Article 81, second paragraph, 3° and Article 82, first paragraph, it registers them and notifies the concerned legal persons of its decision by registered letter or letter with acknowledgment of receipt. The Bank immediately notifies the European Banking Authority of its decision and maintains the registration of those institutions on the list referred to in Article 8, § 1, 2°), a). When those conditions are not met, the Bank refuses to register these legal persons and notifies them of its decision by registered letter or letter with acknowledgment of receipt. These legal persons immediately cease their payment services business. If registration is refused, the concerned legal person is removed from the list referred to in Article 8. § 4. The Bank has in any case a period of two months after receipt of the data communicated pursuant to paragraph 2 to take its decision. If that two-month period extends beyond 13 January 2019, the authorization referred to in paragraph 1 is extended until the expiration of that two-month period. If the Bank has not taken a decision after the expiration of that period, the registration is deemed to have been granted pursuant to paragraph 3, first paragraph. § 5. Legal persons under Belgian law that, on the date of entry into force of this law, may offer the payment services referred to in point 6 of Annex I.A on the basis of the exemption scheme of Article 48 of the law of 21 December 2009, may continue to exercise these activities until 13 July 2018, excluding all other payment services. During that period, the concerned legal persons are included in the list referred to in Article 8, § 1, 2°), a). The legal persons referred to in the first paragraph must, within one month after the entry into force of this law, submit a license application to the Bank accompanied by the data referred to in Article 10.
Article 237, §§ 3 and 4 apply mutatis mutandis.

Art. 239. § 1. Notwithstanding Articles 9 and 89, legal persons under Belgian law that, on the date of entry into force of this law, offer the payment services referred to in points 7 and/or 8 of Annex I.A, may continue to exercise these activities in Belgium, provided that they submit a license or registration application in accordance with the provisions of this law within three months after the date of entry into force of this law. In the absence thereof, the concerned legal persons must cease their payment services business. § 2. When the Bank, based on the data received pursuant to paragraph 1, considers that the legal persons referred to in paragraph 1 meet the licensing conditions of Book II, Title II, Chapter I, Section II, or the registration conditions of Book II, Title II, Chapter II, Section II, Subsection 2, it grants those legal persons a license or registration in accordance with Articles 12 or 91 and notifies them of its decision by registered letter or letter with acknowledgment of receipt. The Bank immediately notifies the European Banking Authority of its decision and registers these institutions on the list referred to in Article 8, § 1, 1°, if they have obtained a license, or on the list referred to in Article 8, § 1, 2°), b), if they have obtained registration. When the Bank, based on the received data, considers that the legal persons referred to in paragraph 1 do not meet the licensing conditions of Book II, Title II, Chapter I, Section II, or the registration conditions of Book II, Title II, Chapter II, Section II, Subsection 2, it refuses to grant a license or registration and notifies them of its decision by registered letter or letter with acknowledgment of receipt. These legal persons immediately cease their payment services business.

Art. 240. § 1. The Royal Decrees, the regulations of the Bank, and all other regulatory acts established to implement the law of 21 December 2009 remain applicable to the extent that the provisions of this law provide for the general or specific legal authorizations necessary for these regulatory acts and that their content is not contrary to this law. § 2. The authorizations and derogations granted by the Bank, and all acts of individual scope previously established on the basis of the aforementioned law of 21 December 2009 or the regulatory acts established to implement it, remain valid, unless they are revoked or modified in accordance with this law.

HOOFDSTUK II. - Electronic Money Institutions

Art. 241. § 1. Notwithstanding the provisions of Book IV, Title II, Chapter I, electronic money institutions under Belgian law that, on the date of entry into force of this law, hold a license as an electronic money institution, may continue to exercise the activity of issuing electronic money and providing payment services until 13 July 2018, excluding all other, new activities. During that period, the concerned institutions are included in the list referred to in Article 166, § 1, 1°. § 2. The electronic money institutions referred to in paragraph 1 must, within one month after the date of entry into force of this law, communicate the following data to the Bank regarding their activities:
1° the data demonstrating that Article 168, § 1, first paragraph, 7° and 8° is complied with; 2° the data demonstrating that the licensing conditions of Articles 174 to 175 and 177 are met; 3° the data demonstrating that the concerned institutions can meet the operating conditions of Book IV, Title II, Chapter I, Section III, Subsections 2, 7 and 8. 4° when they offer payment services on the date of entry into force of the law, the data referred to in Book V, Title I, Chapter I. § 3. When the Bank, based on the data received pursuant to paragraph 2, considers that the electronic money institutions referred to in paragraph 1 meet the licensing conditions of Book IV, Title II, Chapter I, Section II, it grants those institutions a license in accordance with Article 169 and notifies the concerned institutions of its decision by registered letter or letter with acknowledgment of receipt. The Bank immediately notifies the European Banking Authority of its decision and maintains the registration of those institutions on the list referred to in Article 166. When the Bank considers that the electronic money institutions referred to in paragraph 1 do not meet the licensing conditions of Book IV, Title II, Chapter I, Section II, it refuses to grant those institutions a license and notifies them of its decision by registered letter or letter with acknowledgment of receipt. These institutions immediately cease their activity of issuing electronic money and providing payment services. If the license is refused, the concerned electronic money institution is removed from the list referred to in Article 166. § 4. The Bank has in any case a period of two months after receipt of the data communicated pursuant to paragraph 2 to take its decision. If that two-month period extends beyond 13 July 2018, the authorization referred to in paragraph 1 is extended until the expiration of that two-month period. If the Bank has not taken a decision after the expiration of that period, the license is deemed to have been granted pursuant to paragraph 3, first paragraph. § 5. Notwithstanding the provisions of Book IV, Title II, Chapter II, Section I, legal persons under Belgian law that, on the date of entry into force of this law, may issue electronic money and offer payment services on the basis of the exemption scheme of Article 105 of the law of 21 December 2009, are subject to Article 238 regarding those payment services.

TITEL II. - Amending Provisions

HOOFDSTUK I. - Amendments to the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium

Art. 242. In Article 36/1 of the law of 22 February 1998 establishing the organic statute of the National Bank of Belgium, last amended by the law of 25 October 2016, the following amendments are made:
1° the provision under 4° is replaced as follows:
"4° 'electronic money institution': an institution as referred to in Article 2, 74° of the law of 11 March 2018 on the status of 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;"; 2° the provision under 9° is replaced as follows:
"9° 'payment institution': an institution as referred to in Article 2, 8° of the law of 11 March 2018 on the status of 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;".

Art. 243. In Article 36/3, § 2, first paragraph, of the same law, last amended by the law of 25 October 2016, the words ", payment institutions and electronic money institutions" are inserted between the words "with the exception of credit institutions, stock exchange companies" and the words "and insurance and reinsurance undertakings".

Art. 244. In Article 36/8, § 1 of the same law, last amended by the law of 24 March 2017, the words "and in Articles 50/1 and 50/2 of 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" are replaced by the words "and in Article 161 of the law of 11 March 2018 on the status of 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".

HOOFDSTUK II. - Amendments to the law of 25 April 2014 on the status of and supervision of credit institutions and stock exchange companies

Afdeling I. - Various amendments

Art. 245. In Article 4, first paragraph, 4) of the law of 25 April 2014 on the status of and supervision of credit institutions and stock exchange companies, the words "in the sense of Article 4, 1°, of 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" are replaced by the words "in the sense of Article 2, 1°, of the law of 11 March 2018 on the status of 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".

Art. 246. In Article 222 of the same Act, the third paragraph is replaced as follows:

"The College of Supervisors of Auditors, established by Article 32 of the Act of 7 December 2016 on the organization of the profession of and public supervision of auditors, shall inform the Bank whenever a procedure is initiated or a measure and/or sanction is taken by this College against an approved auditor or an approved audit firm due to a failure in the performance of their duties, stating the reasons, and whenever a report is drawn up pursuant to Article 56, § 1 of the aforementioned Act of 7 December 2016. The College shall also inform the Bank of all similar procedures, measures and/or sanctions imposed abroad on an approved auditor or an approved audit firm of which the College has knowledge."

Section II. - Amendments to transpose Directive 2014/59/EU of the European Parliament and of the Council of 15 May 2014 on the recovery and resolution of credit institutions and investment firms and amending Council Directive 82/891/EEC and Directives 2001/24/EC, 2002/47/EC, 2004/25/EC, 2005/56/EC, 2007/36/EC, 2011/35/EU, 2012/30/EU and 2013/36/EU and Regulations (EU) No 1093/2010 and (EU) No 648/2012 of the European Parliament and of the Council

Art. 247. Article 113 of the Act of 25 April 2014 on the status and supervision of credit institutions and investment firms, amended by the Act of 18 December 2015, is supplemented with a Section 6, reading:

"§ 6. The supervisor shall inform the EBA of the manner in which he has applied the provisions of this Article."

Art. 248. Article 229 of the same Act, last amended by the Act of 5 December 2017, is supplemented with a Section 5, reading:

"§ 5. The resolution authority shall inform the EBA of the manner in which it has applied the provisions of this Article."

Art. 249. Article 242 of the same Act, amended by the Royal Decree of 18 December 2015 and ratified by the Act of 27 June 2016, is supplemented with the provisions under 20° and 21°, reading:

"20° termination right: a right to terminate a contract, a right to accelerate, terminate prematurely or net an obligation, or a similar provision that suspends, modifies or declares void an obligation of a party to the contract or a provision that prevents the arising of an obligation under the contract that would otherwise have arisen; 21° debt instruments: for the purposes of Article 276, § 2, 4°/3 and 4°/4, bonds and other forms of transferable debt, instruments that create or acknowledge a debt and instruments that give the right to acquire debt instruments."

Art. 250. The same Act is supplemented with an Article 273/1, reading:

"Art. 273/1. Without prejudice to a measure imposed pursuant to Article 280, § 1, 2°, the resolution authority may request the court before which the case has been brought to grant a suspension of a judicial measure or procedure in which a credit institution in resolution is or becomes a party, for a period appropriate in light of the objectives pursued, if this is necessary for the effective application of the resolution tools and resolution powers."

Art. 251. Article 279, § 1 of the same Act is supplemented with a second paragraph, reading:

"The resolution authority is empowered to enforce the obligations imposed by resolution authorities in other Member States on group entities established in Belgium, pursuant to Article 65(1) of Directive 2014/59/EU."

Art. 252. The following amendments are made to Article 283 of the same Act:
1° Section 2 is replaced as follows:
"§ 2. The valuation referred to in Section 1 shall determine:
1° the treatment that shareholders and creditors, or the relevant deposit guarantee schemes, would have received had a liquidation procedure been opened at the time the decision referred to in Article 293 was taken against the credit institution in resolution to which the resolution measures relate; 2° the actual treatment that shareholders and creditors have received in the resolution of the credit institution in resolution; and 3° whether there is a difference between the treatment referred to in 1° and the treatment referred to in 2°;" 2° the Article is supplemented with a Section 3, reading:
"§ 3. In the valuation:
1° it shall be assumed that a liquidation procedure would have been opened against the credit institution in resolution to which the resolution measures relate, at the time the decision referred to in Article 293 was taken; 2° it shall be assumed that the resolution measures did not take place; 3° no account shall be taken of the allocation of exceptional state aid to the credit institution in resolution."

Art. 253. Article 429 of the same Act, inserted by Royal Decree of 26 December 2015 and ratified by the Act of 27 June 2016, is supplemented with a Section 3, reading:
"§ 3. The supervisor shall inform the EBA of the manner in which he has applied the provisions of this Article."

Art. 254. Article 443 of the same Act, inserted by Royal Decree of 26 December 2015 and ratified by the Act of 27 June 2016, is supplemented with a Section 5, reading:
"§ 5. The resolution authority shall inform the EBA of the manner in which it has applied the provisions of this Article."

Art. 255. Article 480 of the same Act, last amended by the Act of 5 December 2017, is supplemented with a third paragraph, reading:
"For the purposes of the first paragraph, 3°, an EEA subsidiary credit institution is a credit institution that is a subsidiary of a credit institution from a third country or of a parent undertaking from a third country."

CHAPTER III. - Amendments to the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over asset management and investment advice companies

Art. 256. In Article 2 of the Act of 25 October 2016 concerning access to the investment services business and concerning the status of and supervision over asset management and investment advice companies, amended by the Act of 21 November 2017, the provision under 42° is replaced as follows:
"42° Act of 11 March 2018: the Act of 11 March 2018 on the status of and supervision over payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money, and access to payment systems;"

Art. 257. Article 102 of the same Act is replaced as follows:
"Only the following are authorized to trade foreign exchange in Belgium for their own account or as commission agent or as agent, regardless of whether it concerns forward transactions or spot transactions:
1° the National Bank of Belgium and the European Central Bank; 2° credit institutions under Belgian law; 3° foreign credit institutions that may exercise their activities in Belgium pursuant to the Act of 25 April 2014; 4° investment firms under Belgian law referred to in Title II of Book XII of the Act of 25 April 2014; 5° foreign investment firms that may exercise their activities in Belgium pursuant to Book XII, Title III of the Act of 25 April 2014; 6° payment institutions under Belgian law to which the Bank has granted a license in accordance with Article 9 of the Act of 11 March 2018; 7° payment institutions subject to the law of another Member State that may exercise their activities in Belgium pursuant to the Act of 11 March 2018; 8° electronic money institutions under Belgian law to which the Bank has granted a license in accordance with Article 169 of the Act of 11 March 2018; 9° electronic money institutions subject to the law of another Member State that may exercise their activities in Belgium pursuant to the Act of 11 March 2018; 10° the public limited liability company bpost. For the intermediaries referred to in the first paragraph, 7° and 9°, the first paragraph applies only to currency exchange services that are closely related to the provision of payment services and/or the issuance of electronic money. Outside the persons referred to in the first paragraph, persons registered in accordance with Article 103 may also carry out transactions for the cash purchase or sale of foreign exchange, in particular in cash or with checks in foreign exchange or using a credit or debit card."

TITLE III. - Repeal Provisions

Art. 258. The Act of 21 December 2009 on the status of payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money and access to payment systems is repealed.

BOOK VI. - ENTRY INTO FORCE

Art. 259. This Act shall enter into force on the day on which it is published in the Belgian State Gazette.
By way of exception, the security measures referred to in Articles 48, § 1, 2° and § 2, 1° and 2°, 55, first paragraph, 3°, 57, § 2, and 98, § 3, 1° and 2°, shall apply eighteen months after the entry into force of the technical regulatory standards referred to in Article 98 of the Directive. Pending the expiry of the eighteen-month period referred to in the second paragraph, payment initiation services or account information services may be offered provided that the relevant license or registration covers these services.

ANNEX.
(Inserted by Erratum, see B.St. 06-04-2018, p. 32331)

Art. 259 N. Annex I.A.
For the purposes of this Act, the following are considered payment services:

Services that make it possible to deposit cash on a payment account, as well as all transactions required for the management of a payment account
Services that make it possible to withdraw cash from a payment account, as well as all transactions required for the management of a payment account
Execution of payment transactions, including money transfers, on a payment account held with the payment service provider of the user or with another payment service provider:

execution of direct debits, including one-off direct debits;
execution of payment transactions via a payment card or a similar instrument;
execution of transfers, including standing payment orders

Execution of payment transactions where the funds are covered by a credit line granted to the payment service user:

execution of direct debits, including one-off direct debits;
execution of payment transactions via a payment card or a similar instrument;
execution of transfers, including standing payment orders

Issuance of payment instruments and/or acceptance of payment transactions
Money transfers
Payment initiation
Account information.
Annex I.B.
For the purposes of this Act, the following are not considered payment services:
Execution of payment transactions carried out exclusively in cash, directly by the payer to the payee, without any intermediary
Execution of payment transactions between the payer and the payee via a commercial agent who is authorized to negotiate or conclude the sale or purchase of goods or services on behalf of only the payer or only the payee or on behalf of the payer and the payee, provided that the agent does not come into possession of the funds
Professional physical transport of banknotes and coins, including their collection, processing and delivery
Execution of payment transactions consisting in the non-professional collection and delivery of cash in the context of a non-profit-making activity or for charitable purposes
Services where the payee provides cash to the payer in the context of a payment transaction, after the payment service user has explicitly requested this immediately before the payment transaction is executed by means of a payment for the purchase of goods or services
Money exchange transactions, i.e. cash transactions where the funds are not held on a payment account
Execution of payment transactions based on one of the following documents issued by a payment service provider with the intention of making funds available to the payee:
i) a paper cheque as referred to in Article 1 of the Act of 1 March 1961 concerning the implementation in national law of the uniform law on cheques and the entry into force of this Act, and any other similar form of paper cheque, such as a postal cheque within the meaning of the Act of 2 May 1956 on postal checks, a circular cheque, or any other title that, regardless of its name or form, has the same legal effects; ii) a paper bill of exchange as referred to in Article 1 of the coordinated laws on bills of exchange and promissory notes, as inserted in Title VIII of Book I of the Commercial Code, and any similar form of paper bill of exchange that, regardless of its name or form, has the same legal effects; iii) a paper credit voucher, such as a paper service voucher as referred to in Article 2, 1°, of the Act of 20 July 2001 on the promotion of neighborhood services and jobs, or a paper meal voucher; iv) a paper travel cheque
Execution of payment transactions carried out within a payment or securities settlement system between settlement institutions, central counterparties, clearing houses and/or central banks and other participants in the system, and payment service providers, without prejudice to the provisions of Book III
Execution of payment transactions related to securities services, including the payment of dividends, income and the like, and redemption and sale, carried out by persons referred to in point 8 or by investment firms, credit institutions, collective investment undertakings or asset managers providing investment services, as well as other institutions authorized to hold financial instruments
Services provided by technical service providers to support the provision of payment services, where the providers in question do not come into possession of the funds to be transferred at any time, including processing and storage of data, services for the protection of trust and privacy, authentication of data and entities, provision of information technology (IT) and communication networks, as well as provision and maintenance of machines and instruments used for payment services, with the exception of payment initiation services and account information services
Execution of payment transactions between payment service providers, their agents or branches, for their own account
Execution of payment transactions and related services between a parent undertaking and its subsidiary or between subsidiaries of the same parent undertaking, without the intervention of another payment service provider other than an undertaking belonging to the same group
Cash withdrawal services offered via cash dispensers by service providers acting on behalf of one or more card issuers who are not a party to the framework agreement with the client withdrawing cash from a payment account, provided that those providers do not carry out other payment services."

Parliamentary proceedings

Chamber of Representatives (www.dekamer.be) Documents: K54-2896 Full report: 8 March 2018.

Signature

Given at Brussels, 11 March 2018.
FILIP
By the King:
The Minister of Finance,
J. VAN OVERTVELDT
Sealed with the State Seal:
The Minister of Justice,
K. GEENS

Preamble

FILIP, King of the Belgians,
To all whom these presents shall come, Greeting.
The Chamber of Representatives has adopted and We ratify the following:

Amendment(s)

Act of 22-07-2026 published on 07-08-2026

Amended articles:
5; 103; 110/1; 113; 119; 152; 163; 208; 217; 234

Amended article: 112

Act of 11-12-2025 published on 24-12-2025

Amended articles:
2; 21; 44; 45; 59; 64/1; 65; 67; 71; 87; 168; 186; 187; 191; 192/1; 193; 203

Act of 23-09-2025 published on 06-10-2025

Amended articles:
2; 42; 154; 154/1-154/6; 161; 194

Act of 25-03-2025 published on 28-04-2025

Amended articles:
2; 10; 21; 51; 52; 53; 100; 103; 115; 116; 147; 148; 205; 229; 230

Act of 20-12-2023 published on 15-01-2024

Amended articles:
20; 21; 36/1; 37; 39/1; 42; 117; 175; 180/1; 181; 184; 194; 215

Act of 20-07-2022 published on 26-09-2022

Amended articles:
1; 2; 5; 17; 21; 33; 37/1; 110; 110/1; 111; 112; 114; 115; 116; 117; 117/1; 119/1; 147; 148; 149; 163; 173; 176; 181/1; 182; 214; 215; 215/1; 217/1; 229; 230; 236/1; 236/2; 236/3

Act of 26-11-2021 published on 07-12-2021

Amended article: 21

Act of 27-06-2021 published on 09-07-2021

Amended articles:
16; 17; 30; 31; 31/1; 40; 95; 110; 115; 111; 114; 117; 146/1; 147; 172; 173

Act of 02-06-2021 published on 18-06-2021

Amended articles:
21; 115; 117; 143/1; 149; 176; 215; 227; 231

Act of 02-05-2019 published on 21-05-2019

Amended articles:
2; 6; 7; 18; NL21; 44; 110; 110/1; 114; NL115; 147; 148; 164; 229; 230; 236

Act of 30-07-2018 published on 10-08-2018

Amended articles:
2; 147; 148; 229; 230

Act of 15-04-2018 published on 27-04-2018

Amended articles:
30; 32; 113; 117

Links

https://www.ejustice.just.fgov.be/eli/wet/2018/03/11/2018030643/justel Image of the official publication PDF consolidated version

External links

Council of State The Chamber of Representatives

Act of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions and on access to the activity of payment service provider, to the issuance of electronic money and to payment systems

Titel

Table of Contents

Text

1.1. Principles

1.2. Prerogatives

Subsection 2. - Supervision by the Bank of activities exercised in another Member State

2.1. Definitions and principles

2.2. On-site checks

2.3. Cooperation

2.4. Extraordinary measures by the Bank

Subsection 3. - Audit supervision

§ 3. If the Bank does not take the FSMA's advice into account, this is stated in its decision on the license application, along with the reasons for the deviation.

§ 3. Article 20 of the Banking Act applies to the persons referred to in paragraph 1.

If the electronic money institution has close links with a natural or legal person governed by the law of a third country, the legal and regulatory provisions applicable to that person or their implementation must not hinder the prudential supervision of the electronic money institution.

Parliamentary proceedings

Signature

Preamble

Amendment(s)

Links

External links

Lineage: In force