Regulatory Alerts2015-03-02 | NBB_2015_11Added · Updated
NBB_2015_11 - Exemption Policy of the National Bank of Belgium under Article 105 of the Law of 21 December 2009 (Electronic Money)
The National Bank of Belgium defines the exemption policy for legal persons issuing electronic money under Article 105 of the Payment and Electronic Money Institutions Act, applying to entities with an average circulation not exceeding 5,000,000 euros. Exempt entities are relieved from most Book 3 provisions but must maintain own funds of at least 2% of circulating electronic money, protect user funds, and comply with anti-money laundering obligations. They are required to submit semi-annual reports on average circulation and annual balance sheet data to the Bank, while their appointed auditors must verify compliance with fund protection measures and the circulation ceiling every six months.