An Act To Amend The Act Of December 21, 2009 The Status Of Payment Institutions, The Access To The Activity Of Payment Service Provider And Access To Payment Systems And Other Legislation Insofar As They Are Related

Original Language Title: Loi modifiant la loi du 21 décembre 2009 relative au statut des établissements de paiement, à l'accès à l'activité de prestataire de services de paiement et à l'accès aux systèmes de paiement et d'autres législations dans la mesure où elles sont relatives

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Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2012003357&caller=list&article_lang=F&row_id=1400&numero=1432&pub_date=2012-11-30&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2012-11-30 Numac: 2012003357 SERVICE PUBLIC FEDERAL finance and SERVICE PUBLIC FEDERAL economy, P.M.E., CLASSES average and energy November 27, 2012. -Act to amend the Act, December 21, 2009, relating to the status of payment institutions, the access to the activity of payment service provider and access to payment systems and other legislation insofar as they are related to the status of payment and electronic money institutions institutions and associations (1) ALBERT II professional Credit network credit , King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: title 1. -Provisions General Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
S. 2. this law transposes Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the business of electronic money institutions, pursuit and prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.
TITLE 2. -Amendments to the law of December 21, 2009 on the status of payment institutions, the access to the activity of payment service provider and payment Art. systems access 3. the title of the Act of December 21, 2009 the status of payment institutions, the access to the activity of payment service provider and access to payment systems, as amended by the Act of July 28, 2011 and by the royal decree of 3 March 2011, is replaced by the following: "Act of December 21, 2009, relating to the status of payment and electronic money institutions institutions". access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems. » Art. 4. in the same Act, the title of title 1 is replaced by the following: '1 book. -Object. -Field of application.
-Definitions.
S. 5. in article 2 of the Act, the following amendments are made: 1 ° in the paragraph 1, the words "This Act" are replaced by the words "the book 2 of this Act."
2 ° article is supplemented by a paragraph worded as follows: "book 3 of this law transposes Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the business of electronic money institutions, pursuit and prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing directive 2000/46/EC. '.
S. 6. in section 3 of the Act, the following amendments are made: 1 ° in the paragraph 1, the words "This Act" are replaced by the words "the book 2 of this Act."
2 ° article is supplemented by a paragraph worded as follows: "The book 3 of this Act rule the activity of issuing electronic money, electronic money institutions status, as well as the control of compliance with the provisions of this Act and the orders and regulations for its execution."
S. 7. in section 4 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: has) in 11 °, the words ' within the meaning of article 3, § 1, 7 ° of the Banking Act "are replaced by the words"within the meaning of article 4, 33 °. "
(b) article is supplemented by the 29 ° to 37 ° worded as follows: ' 29 ° Directive 2009/110/EC: Directive 2009/110/EC of the European Parliament and of the Council of 16 September 2009 on the business of electronic money institutions, pursuit and prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing directive 2000/46/EC;
30 ° law of December 10, 2009: the payment services act of December 10, 2009;
31 ° electronic money institution: an electronic money issuer referred to in book 3, title 2.
32º issuers of electronic money: institutions and other entities referred to in article 59, whose activity is to issue electronic money, as well as legal persons who benefit from an exemption under section 105;
33 ° e-money: a monetary value that is stored in an electronic form, including magnetic, representing a claim on the issuer which is issued on receipt of funds for the purposes of payment transactions within the meaning of article 4 (2) of this Act and which is accepted by a person or entity other than the issuer of electronic money;
34 ° electronic money holder: a natural or legal person that delivers funds to an issuer of electronic money in Exchange for the issuance of electronic money by this transmitter;
35 ° average outstanding electronic money: the average of the total amount of financial liabilities related to electronic money issued at the end of each calendar for the previous six calendar months day, calculated on the first calendar day of each calendar month and applied for the month calendar in question;
36 ° Distributor: a natural or legal person that distributes or refund of electronic money on behalf of an institution of electronic money in accordance with article 76;
37 ° FSMA: the authority of financial markets and services referred to in article 44 of the law of 2 August 2002 on the supervision of the financial sector and financial services. »;
38 ° day: a day as defined in article 2, 17 ° of the law of December 10, 2009. By way of exception, for the purposes of articles 39, paragraph 1 and 91, business day means any day from Monday to Friday. » Art. 8. in the same Act, it is inserted a book 2, containing the 5-58 articles, entitled "book 2. -Status of payment institutions and access to the activity of payment service provider and payment systems.
S. 9. in book 2 of the same Act, inserted by section 8 of this Act, there shall be inserted a title 1, with article 5, title "title 1 -Payment service providers' s. 10. article 5 of the Act, as amended by the royal decree of 3 March 2011 and by the Act of July 28, 2011, is replaced by the following: «art.» 5. without prejudice to provisions governing the status of institutions or authorities listed below, only are allowed to provide payment in Belgium: 1 ° Belgian credit institutions, credit institutions governed by the law of another Member State of the EEA, authorised to provide payment in their State of origin, and operating in Belgium under articles 65 or 66 of the banking law , as well as branches of credit institutions governed by the law of a non-Member State of the EEA, established in Belgium in accordance with article 79 of the Banking Act;
2 ° Belgian law electronic money institutions, electronic money institutions governed by the law of another EEA Member State and operating in Belgium under article 91, as well as for payment services necessary for their activity of issuing electronic money, branches of electronic money institutions under the law of a non-EEA State established in Belgium pursuant to book 3, title 2, Chapter 3;
3 ° the Société anonyme public bpost.
4 ° the National Bank of Belgium and the European Central Bank, when they are not acting as monetary authority or other public authority;
5 ° the Federal, regional, community and local authorities Belgian, when they are not acting as a public authority;
6 ° the payment institutions referred to in title 2, including legal persons benefiting from an exemption, full or partial, in accordance with article 48. ».
S. 11. in article 6 of the same Act, amended by the royal decree of March 3, 2011, the following changes are made: 1 ° 1st paragraph is replaced by the following: "any legal person incorporated under Belgian law which intends to provide services for payment in Belgium as a payment institution, is required, before starting its operations, to approve the Bank regardless of the other places for the exercise of its activities. »;
2 ° article is supplemented by a paragraph worded as follows: "only settlements of payment established in Belgium and governed by the law of another EEA Member State payment institutions operating in Belgium under the regime of the free provision of services under article 39 are entitled to public use in Belgium of the terms «payment institution» including in their name, in the description of their objects, in their titles, effects or documents or in their advertising. » Art.
12. in section 7 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in the 4th, the words "for payment institutions which pursue, in addition to payment services, other activities within the meaning of article 21," are repealed.
2 12 ° ° is repealed.
S. 13. in article 8, paragraph 1 of the Act, as amended by the royal decree of 3 March 2011, the words ", as it gets to a generally favorable assessment" are repealed.
S. 14. in article 11, paragraph 2 of the same Act, the word "cumulative" is repealed.
S. 15. in article 14 of the same Act, amended by order

Royal March 3, 2011, the following changes are made: 1 ° in § 3, a paragraph worded as follows is inserted between paragraphs 3 and 4: "they shall take the measures necessary to permanently an adequate independent compliance function, available to ensure compliance by the establishment, its administrators, its senior managers, its employees and its agents, rules of law relating to the integrity of the activities of payment institutions. »;
2 ° in § 4, the words 'and adequate risk management function' shall be replaced by the words "adequate risk management function and adequate independent compliance function".
3 ° in § 5, paragraph 1, the words '§§ 1, 2 and 3' shall be replaced by the words "(§§ 1, 2 and 3 and article 23, paragraph 1, f)";
4 ° in § 5, paragraph 2, the words "§§ 1, 2 and 3 and paragraph 1 of this paragraph" are replaced by the words "(§§ 1, 2 and 3 of this article, of article 1 of this paragraph and article 23, paragraph 1, f)";
5 ° in § 5, paragraph (2) and § 6, the words ", where appropriate through the audit committee," are each repealed.
S. 16. in article 21 of the same Act, amended by the royal decree of March 3, 2011, the following changes are made: 1 ° the § 1 is replaced by the following: 'payment institutions are empowered to carry out activities other than payment services, subject to the prior consent of the Bank.
Without prejudice to article 25, last paragraph, if the bank allows a payment institution to perform activities other than payment services, it may, to ensure sound and prudent management and a master of risk appropriate by the establishment of payment, or for the purposes of appropriate prudential control of the said establishment, subject to certain additional conditions the exercise of activities other than payment services or activities referred to in § 2.
In addition, the Bank may require the exercise of payment services to be housed in a separate legal entity from the entity engaged in other activities. »;
2 ° in the Dutch version of § 2, 2 °, 'het exploiteren van betalingssystemen' shall be replaced by the words 'het beheer van betalingssystemen '.
3 ° in § 4, paragraph 2, and in § 5, the words 'within the meaning of article 3, 7 °, of the banking law"are each repealed;
4 ° in § 6, paragraph 1, the words "unless from ' are replaced by the words" consent of ';
5 ° in § 6, paragraph 2, the words 'and operation of payment systems' shall be replaced by the words "and management of payment systems".
S. 17. in article 22 of the same Act, amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in the § 1, paragraph 1, "where a payment institution carries on activities other than payment services and services referred to in article 21, § 2, 1 °, the funds received were' shall be replaced by the words"the funds received by a payment institution ";
2 ° in the § 1, paragraph 1, c), the words "for an amount that is equal to the amount that would be disposed of in the absence of insurance, a guarantee or a surety", are replaced by the words ' (for an amount that would have been assigned in accordance with point b).
3 ° article is supplemented by a § 4 worded as follows: ' ' § § 4 4 Without prejudice to the powers vested in the legal governing body with regard to the determination of the general policy, as provided for by the companies Code, the persons responsible for the effective management of the payment institution, appropriate Management Committee, take the necessary measures to ensure the respect of §§ 1 and 2 under the supervision of the legal governing body.
The legal Board of the payment institution must control at least once a year if the facility complies with the provisions of §§ 1 and 2 and paragraph 1 of this subsection, and becomes aware of the appropriate measures taken.
The persons responsible for the effective management, appropriate Management Committee, shall report at least once a year to the body of legal administration, the Bank and the Commissioner certified on compliance with the provisions of the paragraph 1 of this subsection and adequate measures taken.
This information is transmitted to the Bank and the Commissioner approved in the manner determined by the Bank.
» Art. 18 article 28, paragraph 4 of the same Act, amended by the royal decree of March 3, 2011, the words "in articles 144 and 148 of the Code of corporations' shall be replaced by the words" in article 33, paragraph 1, 2 °.
S. 19. at article 33, paragraph 1, 1 ° of the Act, as replaced by the Act of July 28, 2011, the words 'in accordance with article 14, § 3, paragraph 1' shall be replaced by the words "in accordance with articles 14, § 3, paragraph 1, and 23, paragraph 1, f).
S. 20. in article 35 of the same Act, amended by the royal decree of March 3, 2011, the following changes are made: a) the § 1 is replaced by the following: "§ 1.» When the bank notes that a payment institution does not in accordance with the provisions of this Act and orders and regulations for its execution, its management or its financial situation are likely to jeopardize the successful completion of its commitments or do not offer sufficient in terms of his solvency guarantees its liquidity or profitability, its structures of management, his administrative organisation or accountant, his network of agents or branches, or its internal control are serious gaps, or the continuation of his activities a threat to the stability of the payment system, it shall determine the period within which it must be remedied to the observed situation.
If, at the end of this period, it has not remedied the situation, the Bank may: 1 ° appoint a special Commissioner.
In this case, General or special of it written permission is required for all decisions of all bodies of the institution, including the General Assembly, and for those of the persons responsible for the management and acts; the Bank may, however, limit the scope of the operations subject to authorisation.
The special Commissioner may submit to the deliberation of all bodies of the institution, including the General Assembly, all proposals which it considers relevant. The remuneration of the special Commissioner is set by the Bank and supported by the institution.
The members of the bodies of administration and management and management personnel who carry out acts or take decisions without obtaining the required permission from the special Commissioner are responsible for jointly for the damage resulting for the institution or third parties.
If the Bank has published in the Belgian monitor the designation of the special Commissioner and specified the acts and decisions subject to authorization, the acts and decisions made without this permission was required are void, unless the special Commissioner not ratifying. Under the same conditions any decision of General Assembly taken without obtaining the required permission from the special Commissioner is void, unless the special Commissioner ratifies.
The Bank may appoint a Deputy Commissioner.
2 ° suspend for the duration that it determines the exercise direct or indirect of any part of the activity of the payment institution or prohibit this exercise; to the extent determined by the Bank, this suspension may involve the total or partial suspension of the execution of contracts in progress.
The members of the bodies of administration and management and management personnel who carry out acts or making decisions in violation of the suspension are responsible for jointly for the damage resulting for the payment institution or third parties.
If the Bank issued the suspension in the Moniteur belge, the acts and decisions intervened against it are void.
Similarly, the Bank may require a payment institution to transfer shares that it holds, as appropriate, in accordance with article 21, § 6;
3 ° impose, solvency, requirements more stringent than those referred to in article 17;
4 ° require the replacement of the directors or managers of the payment institution within a period which it shall determine and, in the absence of such a replacement within this period, substitute for all administration and management bodies one or several directors or interim managers who have, singly or collectively as appropriate, powers of replaced individuals. The Bank publishes its decision in the Moniteur belge.
The remuneration of the directors or interim managers is set by the Bank and supported by the payment institution.
The Bank may, at any time, replace the Administrators or interim managers, either ex officio or at the request of a majority of shareholders or associated when they justify that interested parties management no longer has the necessary guarantees;
5 ° withdraw the approval. The Bank shall make public, on its website, any decision of revocation of an approval.
In the event of extreme urgency, the Bank may adopt the measures referred to in this paragraph without the need a period of adjustment laid down in advance. (' b) in paragraph 3, paragraph 1, the words "§ 1, paragraphs 1 and 2, 1 °» are replaced by the words" § 1, paragraphs 1 and 2, 2 °.

».
S. 21. article 40 of the Act, as amended by the royal decree of 3 March 2011, including the current text will form the § 1 is added to § 2 worded as follows: ' ' § § 2 2 Leaders of the branch shall report at least once per year to the Bank and the auditor or the company auditors approved on the adequacy of the internal control measures adopted by the branches to comply with the provisions applicable by virtue of § 1. » Art. 22. article 48 of the Act, as amended by the royal decree of 3 March 2011, is replaced by the following: "§ 1.» The Bank may exempt from the application of all or part of the provisions of this book and its orders of execution legal persons: 1 ° including the average total for the previous 12 months, payment operations performed by them, or by any agent which they assume full responsibility, does not exceed 3,000,000 euros a month. This criterion is evaluated against the projected total amount of payment transactions in their business plan, and subject to any adjustment of the plan required by the Bank. and 2 ° which none of physical persons responsible for the management or the exercise of the activity has been sentenced for offences relating to money laundering, the financing of terrorism or referred to in article 19, § 1, 1 ° and 2 ° of the banking law.
The Bank may exempt these people moral of the implementation of articles 21 and 22.
§ 2. Legal persons referred to the § 1, which are exempt, are entered in the register referred to in article 9. Article 9 shall apply by analogy to these legal persons with regard to the information provided on the website of the Bank and their regular updating. Without prejudice of § 1, last paragraph, the website mentions that these corporations are exempted, total or partial, in application of this article.
§ 3. Legal persons benefiting from an exemption by virtue of § 1: 1 ° must have their headquarters in Belgium, and effectively exercise their activities of services of payment on Belgian territory;
2 ° do not benefit from the mutual recognition arrangements provided for in article 39;
3 ° inform the Bank of any change in their situation impacting on the conditions in the § 1 and report periodically to the Bank, the average total for the previous 12 months, payment operations performed by them, or by any agent which they assume full responsibility. The Bank determines the frequency of this report;
4 ° the provisions of Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism that are applicable to the institutions of payment, and the orders and regulations for its execution.
§ 4. The King may provide than a corporation benefiting from an exemption by virtue of § 1 may not exercise that some of the activities listed in article 21, §§ 1 to 3.
§ 5. When the conditions set out in §§ 1 and 3, 1 ° are no longer fulfilled, exempt corporations require approval within a period of 30 days calendar in accordance with articles 6 and following.
Establishments that have not requested authorisation within this period are prohibited, in accordance with article 5, to provide services for payment in Belgium. ».
S. (23. in article 51 of the Act, the following amendments are made: a) in 2 °, the words ", paragraphs 1 and 2" are repealed;
(b) in 8 °, the words ' in accordance with article 35 § 1, paragraph 2, 1 °» are replaced by the words "in accordance with article 35 § 1, paragraph 2, 2 °.
S. 24. in article 58 of the Act, as amended by the royal decree of 3 March 2011, "This Act" shall be replaced by the words 'the present book'.
S.
25. in the same Act, it is inserted a 3 book, entitled ' book 3 - the business of issuing money electronics and status of electronic money institutions.
S. 26. in book 3 of the same Act, inserted by article 25, it is inserted a title 1, entitled "title 1. -Issuers of electronic money.
S. 27. in book 3, title 1 of the Act, inserted by article 26, it is inserted a section 59 as follows: «art.» 59. without prejudice to provisions governing the status of institutions or authorities listed below, only could exercise the activity of issuing of Emoney in Belgium: 1 ° credit institutions under Belgian law, credit institutions governed by the law of another EEA Member State, authorised to issue money electronically in their original state and operating in Belgium under articles 65 or 66 of the banking law branches of credit institutions falling within the right of a State not member of EEA, established in Belgium in accordance with article 79 of the Act Bank;
2 ° the electronic money institutions under Belgian law, the electronic money institutions governed by the law of another EEA Member State and operating in Belgium under article 91, branches of electronic money institutions within the right of a State not member of EEA, established in Belgium pursuant to book 3, title 2, Chapter 3, as well as persons morales benefiting from an exemption , in accordance with section 105;
3 ° the Société anonyme public bpost.
4 ° the Bank and the European Central Bank, when they are not acting as monetary authority or other public authority;
5 ° the Federal, regional, community and local authorities Belgian, when acting as a public authority. ».
S. 28. in the same title 1, inserted a section 60 as follows: «art.» 60 § 1. This Act does not apply to monetary value stored on instruments that can be used for the acquisition of goods or services, only in the premises used by the issuer or under a commercial with the issuer agreement, within a limited network of providers of services or for a range limited goods or services.
§ 2. This Act does not apply to monetary value used to perform payment transactions executed by means of a telecommunications or another digital device or computer, when the goods or services purchased are delivered and must be used by means of a telecommunication or computer, or digital device unless the operator of telecommunication system Digital, or computer does not only act as an intermediary between the electronic money holder and the provider of goods or services. » Art. 29. in book 3 of the same Act, inserted by article 25, it is inserted a heading 2, entitled "heading 2. -Electronic money institutions.
S.
30. in book 3, title 2 of the same Act, inserted by article 29, there shall be inserted a chapter 1, entitled: "Chapter 1. -Electronic money under Belgian law institutions.
S. 31. in book 3, title 2, Chapter 1 of the Act, inserted by article 30, it is inserted a 1st section entitled "Section 1st. -An accreditation requirement.
S. 32. in book 3, title 2, Chapter 1, Section 1 of the Act, inserted by article 28 article be inserted a 61 as follows: «art.» 61. any legal person incorporated under Belgian law which intends to issue electronic money in Belgium acting as electronic money institution, is required, before starting its operations, to approve the bank regardless of other venues for the exercise of its activities.
Only Belgian law electronic money institutions governed by the law of another EEA Member State electronic money institutions operating in Belgium under article 91, as well as branches of electronic money institutions governed by the law of a non-EEA State, established in Belgium in accordance with article 99 are entitled to public use in Belgium of the terms 'electronic money institution '. including in their name, in the description of their objects, in their titles, effects or documents or in their advertising. ».
S.
33. in the same section 1, inserted a section 62 as follows: «art.» 62 § 1. The application for authorisation is accompanied by the following information: 1 ° a programme of activities indicating the activities envisaged and, including, where appropriate, the other activities referred to in article 77, §§ 1 and 2.
2 ° a business plan containing including a financial programme for the first three years, showing that the applicant has, to ensure sound management of issuance of electronic money, systems, resources and procedures appropriate to the activities it exercised or intends to exercise;
3 ° the proof that the applicant has the initial capital referred to in article 66;
4 ° a description of the measures taken by the institution in accordance with article 78, § 1, to protect the funds that have been received in Exchange for electronic money issued.
5 ° a device description prepared by the applicant in terms of corporate governance and control mechanisms internal, including the procedures for administrative and accounting organization and risk management, which demonstrates respect for article 69, §§ 1 to 3;
6 ° a description of the internal control mechanisms which the applicant has put in place

to comply, where applicable, the obligations laid down in Regulation (EC) No 1781/2006 of the European Parliament and of the Council of 15 November 2006 on information on the payer accompanying transfers of funds and to the law of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism;
7 ° a description of the organizational structure of the applicant, including, where appropriate, a description of the proposed action to distributors, agents and branches and a description of outsourcing, as well as agreements for its participation in a national or international payment system;
8 ° the identity of the natural or legal persons directly or indirectly holding a qualifying within the meaning of article 3, § 1, 3 ° of the banking law in the capital of the applicant, the size of their participation in fractions of capital and voting rights, as well as proof of their qualifications with regard to the need to ensure a sound and prudent management of the electronic money institution.
The voting rights shall be calculated in accordance with the provisions of the law of May 2, 2007 on advertising of major holdings in issuers whose shares are admitted to trading on a market regulated and amending various provisions, and in accordance with the provisions of its orders of execution;
9 ° the identity of persons involved in the administration or management of the electronic money institution, as well as people involved in the actual direction of the activity of issuing electronic money, and if applicable payment services, in the electronic money institution and the proof of their professional repute, their expertise and their relevant experience within the meaning of article 68;
10 ° the identity of the Auditor (s) - accredited auditor (s);
11 ° the legal form and the statutes of the applicant;
12 ° the address of the central administration of the applicant.
For the purposes of paragraph 1, 4 °, 5 ° and 7 °, the applicant shall provide a description of the provisions on internal audit and organization that it has agreed to take all reasonable measures to protect the interests of holders of electronic money and where applicable, users of payment services and guarantee the continuity and reliability of its activity of issuing electronic money , and where appropriate, provision of payment services.
The applicant must provide to the Bank, at its request, any further information to enable the Bank to verify that the applicant meets the conditions laid down in paragraphs 1 and 2 and enable it to make an appropriate assessment.
§ 2. The Bank shall decide on the application for approval on the advice of the FSMA with respect to professional repute of individuals who are called to take part in the administration, management or the effective management of the electronic money institution, if such persons are proposed for the first time for such a function in a financial company controlled by the Bank pursuant to article 36/2 of the law of 22 February 1998.
The FSMA communicate its opinion to the Bank within a period of one week from the receipt of the request for an opinion. In the absence of opinion of the FSMA within that period, the Bank may take a decision. ».
S. 34. in the same 1st section, inserted a section 63 as follows: «art.» 63. the Bank grants approval applied to establishments which meet the conditions of article 62 and section 2.
Within three months following submission of the complete dossier, the Bank shall decide on the request and wears its decision known to the applicant by registered mail or with proof of receipt.
With regard to the need to ensure a sound and prudent management of the institution, the Bank may impose approval conditions relating to the exercise of some of the activities envisaged. » Art. 35. in the same section 1, it is inserted a section 64 as follows: «art.» 64. the establishments in respect of establishment of electronic money under this chapter, are inscribed on a list maintained for this purpose by the Bank. The Bank publishes on its website the list of electronic money institutions to which it has granted approval. The Bank shall regularly update the information provided on its website.
The list referred to in the paragraph 1 indicates for each electronic money institution at least the following information:-where appropriate, payment services whose delivery is envisaged;
-the address of its branches abroad and the identity of its agents, as referred to in articles 75 and 76, § 3, respectively. » Art. 36. in book 3, title 2, Chapter 1 of the Act, inserted by article 30, it is inserted a section 2 entitled 'Section 2. -Conditions for approval.
S. 37. in book 3, title 2, Chapter 1, Section 2 of the Act, inserted by article 36, it is inserted an article 65, as follows: «art.» 65. the Belgian law electronic money institutions shall be constituted in the form of commercial company, with the exception of the private company form limited liability partnership established by one person.
S. 38. in the same section 2, inserted a section 66 as follows: «art.» 66. all electronic money institution shall, at the time of approval, have capital of 350,000 euros at least.
For the calculation of the initial capital referred to in paragraph 1, the following are taken into account: the paid-in capital, share premium, reserves and the result moved, excluding applicable preferential shares and reserves revaluation, and after deduction of carried-over losses and goodwill. ».
S. 39. in the same section 2, inserted a section 67 as follows: «art.» 67. accreditation is denied if the Bank has grounds for considering that the natural or legal persons referred to in article 62, § 1, paragraph 1, 8 °, do not have the necessary qualifications against the need to ensure a sound and prudent management of the electronic money institution. ».
S. 40. in the same section 2, inserted a section 68 as follows: «art.» 68 § 1.
The effective management of the electronic money institution shall be entrusted to two persons at least.
Those involved in the administration or management of the electronic money institution, as well as those who participate in the actual direction of the activity of issuing electronic money and where appropriate, payment within the electronic money institution services must have the professional repute of expertise and appropriate experience to perform their duties on the issuance of electronic money and if applicable payment services.
§ 2. Article 19 of the Banking Act shall apply.
» Art. 41. in the same section 2, inserted a section 69 as follows: «art.» 69 § 1. Electronic money institutions shall have a structure management, an administrative and accounting organization, control and security in the computer field and an internal control mechanisms appropriate to the activities of issuing electronic money, payment services and the activities referred to in article 77, § 2, 2 °, that they operate or propose to exercise.
They take into account in this regard the nature, volume and complexity of these activities, as well as risks y related.
§ 2. Electronic money institutions shall have an adequate management structure, consisting inter alia of the following: an organizational structure consistent and transparent, providing for adequate separation of functions; a device of allocation of responsibilities that is well-defined, transparent and consistent; and adequate procedures for identification, measurement, management, monitoring and reporting internal risks incurred by the establishment of Emoney due to activities that it has or intends to exercise.
§ 3. Electronic money institutions must arrange adequate internal control, whose operation is evaluated at least once per year. With regard to their administrative and accounting organization, they must organise a system of internal control which provides a reasonable degree of certainty about the reliability of the financial reporting process, so that the annual accounts comply with the accounting rules in force.
Electronic money institutions shall take the necessary measures to be able to have an adequate independent internal audit function permanently.
Electronic money institutions shall develop a policy of adequate integrity, which is regularly updated.
They shall take the measures necessary to provide permanently to a compliance function independent adequate, intended to ensure compliance by the institution, its directors, its senior managers, its employees and its agents, rules of law relating to the integrity of the business of electronic money institutions.
Electronic money institutions shall have an adequate independent risk management function.
§ 4. The Bank may, without prejudice to the provisions of §§ 1, 2 and 3, specifying what it is appropriate to hear

by adequate management structure, internal control of proper, proper, proper integrity policy independent internal audit function, adequate risk management function and adequate independent compliance function.
§ 5. Without prejudice to the powers vested in the legal governing body with regard to the determination of the general policy, as provided for by the companies Code, the persons responsible for the effective management of the electronic money institution, appropriate Management Committee, take the necessary measures to ensure compliance with §§ 1 under the supervision of the legal governing body, (, 2 and 3, and of article 79, paragraph 1, f).
The legal Board of the electronic money institution shall check at least once a year if the establishment complies with the provisions of §§ 1, 2 and 3 of this article, of article 1 of this paragraph and article 79, paragraph 1, f), and becomes aware of the appropriate measures taken.
The persons responsible for the effective management, appropriate Management Committee, shall report at least once a year to the body of legal administration, the Bank and the Commissioner certified on compliance with the provisions of the paragraph 1 of this subsection and adequate measures taken.
This information is transmitted to the Bank and the Commissioner approved in the manner determined by the Bank.
§ 6. Authorized Commissioner address in a timely manner to the legal governing body, a report on the important issues emerged in the exercise of its legal mission control, and in particular on the serious deficiencies found in the process of financial reporting on activities of issuing electronic money, payment services and activities referred to in article 77 § 2, 2 °.
§ 7. If there are close links between the electronic money institution and other natural or legal persons, these links can hinder the exercise of the prudential supervision of the electronic money institution.
If the electronic money institution has close links with a physical or legal person under the law of a non-EEA State, laws, regulations and administrative provisions applicable to that person or their implementation may not hinder the exercise of the prudential supervision of the electronic money institution. ».
S. 42. in the same section 2, inserted a section 70 as follows: «art.» 70. the central administration of the electronic money institution should be in Belgium. ».
S. 43. in book 3, title 2, Chapter 1 of the Act, inserted by article 30, it is inserted a 3 section entitled "Section 3. -Conditions for the exercise of the activity.
S. 44. in book 3, title 2, Chapter 1, Section 3 of the Act, inserted by article 43, it is inserted a section 71 worded as follows: «art.» 71. the electronic money institutions are required to meet the conditions laid down in articles 65, 68, 69 and 70 at any time.
Where the information provided for the purposes of the application for registration under article 62 undergo modifications, the electronic money institution shall inform without delay the Bank. ».
S. 45. in the same section 3, it is inserted a section 72 as follows: «art.» 72. § 1.
The own funds of an electronic money institution cannot at any time be less than the amount of capital required in application of article 66.
§ 2. The Bank determines, in accordance with the provisions of the Directive 2009/110/EC, by way of regulation, solvency obligations that must be respected by all electronic money institutions or by category of electronic money institutions both in relation to their activity of issuing electronic money, in what concerns their activities referred to in article 77 § 2, 1 °, which are not related to the issuance of electronic money. In relation to these activities, regulation may provide different methods to calculate solvency obligations and the Bank is authorized to specify which method is applicable to one or more electronic money institutions or to one or more categories of electronic money institutions.
When an electronic money institution is part of a group with other electronic currency, payment institutions or businesses regulated institutions, the Bank takes measures to avoid any dual use of own funds within the group. The Bank may specify what methods should be to calculate the multiple use of own funds. This paragraph shall apply by analogy where an electronic money institution carries on directly or indirectly from activities other than the issuing of electronic money, referred to in article 77.
Without prejudice of the solvency requirements laid down in the § 1 and paragraphs 1 and 2, the Bank may take further action in the case of an electronic money institution which exercises directly or indirectly from activities other than the provision of payment services and the issuance of electronic money, referred to in article 77, when these other activities affect or may affect the financial soundness of the electronic money institution.
The Bank may, in special cases, authorize exemptions to the provisions of the regulations made pursuant to this section.
The regulations referred to in paragraph 1 shall be taken in accordance with article 12bis, paragraph 2, of the law of 22 February 1998. ».
S. 46. in the same section 3, it is inserted a section 73 read as follows: «art.» 73. § 1. Without prejudice to article 67 and act of 2 May 2007 on the disclosure of important shareholdings, any natural or legal person who took the decision, either to acquire or sell, directly or indirectly, a qualifying within the meaning of article 3, § 1, 3 ° of the Banking Act in a facility of electronic money under Belgian law , either to increase or reduce, directly or indirectly, this qualifying holding so that the proportion of shares held voting rights or capital would reach, exceed or would become less than the thresholds of 20%, 30% or 50% or that the money institution electronic would become its subsidiary or cease to be, is required to inform the Bank in advance, and to notify him in writing in advance the amount of the holding and relevant information referred to in article 24, paragraph 3, subparagraph 3 of the banking law.
§ 2. The Bank evaluates if the influence exercised by the persons referred to the § 1 is likely to be at the expense of a healthy and prudent management of the institution. This assessment is made on basis of the following criteria: has) the reputation of the candidate purchaser;
b) the reputation and experience of any person referred to in article 62 § 1, 9 ° which will ensure the direction of the activities of the establishment of electronic money as a result of the proposed transaction;
(c) the financial soundness of the proposed acquirer, in particular in relation to the type of business pursued and envisaged in the electronic money institution covered by the operation envisaged;
(d) the ability of the electronic money institution comply and continue to comply with the prudential requirements arising from this Act and the orders and regulations made pursuant to it, in particular the point whether the group to which it belongs has a structure that allows effective monitoring, to actually exchange information between the competent authorities and to determine the sharing of responsibilities among the competent authorities;
e) the existence of reasonable grounds to suspect that a transaction or an attempt of laundering of capital and financing of terrorism within the meaning of article 1 of Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism is in progress or has occurred in relation to the proposed transaction , or that the proposed transaction could increase risk.
The Bank carries out the assessment referred to in paragraph 1 in full consultation with any other competent authority, or, as appropriate, with the FSMA, if the proposed acquirer is: has) a credit institution, an insurance undertaking, a reinsurance undertaking, investment firm or a collective investment management company authorised in another Member State, or , as appropriate, by the FSMA.
(b) the parent undertaking of a company with one of the qualifications referred to in the a);
c) a natural or legal person controlling a company with one of the qualifications referred to in the a);
§ 3. When, on the basis of the assessment referred to in § 2, the Bank has grounds for considering that the influence exercised by the persons referred to the § 1 is likely to compromise the sound and prudent management of the institution, it may oppose the completion of the proposed transaction.
The decision of the Bank shall be notified to the electronic money institution by registered letter or with acknowledgement of receipt no later than two months after the receipt of the notification referred to the § 1.
§ 4. In the case of forbearance to prior notification prescribed in the § 1, or in the case of acquisition, increase or assignment of a

participation despite the opposition of the Bank referred to in § 3, the Bank may: 1 ° suspend the exercise of the voting rights attached to shares held by the shareholder or the shareholder in question; It may, at the request of any interested person, grant the lifting of the measures ordered by it; its decision shall be notified in the manner most appropriate to the shareholder or the shareholder in question; his decision is binding as soon as it has been notified; the Bank may make its decision public;
2 ° give injunction to the shareholder or the shareholder subject to transfer, within the time limit laid down of shareholder rights it holds.
Absence of assignment within the deadline, the Bank may order the receivership of the fees associated with such institution or person it shall determine.
The receiver gives knowledge to the electronic money institution which amends accordingly the register of shares or sell personal and that accepts the exercise of rights attached thereto by the only receiver. It is in the interests of a healthy and prudent management of the electronic money institution and the holder of the rights of the shareholders were the subject of the receiver. It exercises all the rights attached to the shares or of the shareholders. Them are collected by him in respect of dividend or otherwise are provided by him to the supra holder if it has complied with the injunction referred to in paragraph 1, 2 °. Subscription to increases of capital or other securities conferring or the right to vote, the option of dividend payable in the company's securities, the response to public purchase or Exchange offers and the release of not fully released titles are subordinated to the supra cardholder agreement.
Rights of shareholders acquired under these operations are, of right, the object of the above intended receiver. The remuneration of the receiver is set by the Bank and is in charge of the supra holder.
The receiver may charge such remuneration on the amounts that are paid to him in his capacity as receiver or by the supra holder for the purpose or as a consequence of the transaction referred to above.
When voting rights were exercised by the holder or by a person, other that the receiver, acting on behalf of the holder after the expiry of the time limit in accordance with paragraph 1, 2 °, first sentence, notwithstanding a suspension of their exercise pronounced pursuant to the paragraph 1, 1 °, the commercial court in the jurisdiction in which the company has its registered office may on request of the Bank, decide the invalidity of all or part of the deliberations of the General Assembly, without voting rights exercised illegally, presence or majority quorum required by such deliberations have not met;
3 ° ask the president of the commercial court within the jurisdiction of which the electronic money institution has its headquarters, acting as in interlocutory proceedings, to annul all or part of the votes issued by the acquirer or the shareholder or partner concerned. The procedure is initiated by citation from the Bank. Article 516, § 3 of the Code of corporations shall apply.

§ 5. When the Bank has grounds for considering that the influence exerted by a natural or legal person owning, directly or indirectly, a qualifying holding in an electronic money institution is likely to endanger its sound and prudent management, and without prejudice to other measures provided for in this Act, it may take the measures referred to in § 4, 1 ° and 2 °. ».
S. 47. in the same section 3, it is inserted a section 74 as follows: «art.» 74 are subject to the authorisation of the bank mergers between electronic money institutions and mergers between electronic money institutions and other financial institutions.
Are, for the purposes of this article, assimilated to mergers, activity assignments, and assignments of the whole or a part of the network.
The Bank may refuse the authorisation within three months of prior notification which has been made of the project with presentation of a complete file, and for reasons specific to the sound and prudent management of the electronic money institution.
If it is not involved in the above deadline, permission is deemed to be earned. » Art.
48. in the same section 3, it is inserted a section 75 as follows: «art.» 75. the electronic money institution that plans to open a branch in the territory of another Member State of the EEA to carry out an activity of issuing electronic money, or who plans to exercise an activity of issuing electronic money on the territory of another EEA Member State without establishing branch shall notify its intention to the Bank.
This notification is accompanied by a programme of activities in which are particularly indicated the proposed activities and, where appropriate, the other activities referred to in article 77, paragraph 2, and, in the case of the establishment of a branch, the structure of organization of the branch, the domiciliation of correspondence in the State concerned and the name of the branch leaders.
The Bank may oppose the project by decision motivated by the adverse impact of the opening of the branch on the Organization, the financial situation or the control of the electronic money institution.
The decision of the Bank shall be notified to the electronic money institution by registered mail or with proof of receipt at the latest four weeks after the receipt of the complete file containing the information referred to in section 2.
Provided that it makes no opposition, the Bank shall, within a period of one month from the receipt of the notification referred to in paragraph 1, the information referred to in paragraph 2 to the authority responsible for the control of electronic money institutions in the country concerned.
This article also applies, with the exception of paragraph 5, in the opening of branches in a non-EEA State, regardless of the activities that intend to exercise these branches. In this case, the Bank may agree with the supervisory authority of the electronic money institutions of that State of the rules for opening and control of the branch as well as exchanges of useful information between the two authorities.
The electronic money institution which opened a branch abroad informs the Bank at least one month in advance, of the changes to the information provided under paragraph 2. » Art. 49. in the same section 3, it is inserted a section 76 as follows: «art.» 76. § 1. Without prejudice to article 63, paragraph 3, electronic money institutions are authorized to distribute and to reimburse the electronic money through distributors.

§ 2. Where an electronic money institution wishes to distribute electronic money in another Member State of the EEA, through a distributor established in that State, article 75 shall apply by analogy.
§ 3. Electronic money institutions are allowed to provide payment services referred to in article 77, § 2, 1 °, through agents.
In this case, article 20 shall apply by analogy.
Electronic money institutions are not allowed to issue electronic money through agents.
§
4. Electronic money institutions are solely responsible for actions by their distributors and their agents. » Art. 50. in the same section 3, it is inserted a section 77 as follows: «art.» 77 § 1. Electronic money institutions are empowered to carry out activities other than the issuing of electronic money, subject to the prior consent of the Bank.
Without prejudice to article 81 § 3, if the bank allows an electronic money institution to carry out activities other than the issuing of electronic money, it may, to ensure sound and prudent management and a master of risk appropriate by the establishment of electronic money, or for the purposes of appropriate prudential control of the said establishment, subject to certain additional conditions the exercise of activities other than the issuing of electronic money or activities referred to in § 2.
In addition, the Bank may require that the exercise of the activity of issuing electronic money and, where appropriate, payment services, is housed in a separate legal entity from the entity engaged in other activities.
§
2. By way of derogation to the § 1, paragraph 1, and without prejudice to article 72, § 2, paragraph 3, electronic money institutions are entitled to exercise the following activities: 1 ° the provision of payment services listed in annex Ire of this Act;
2 ° the provision of operational services and ancillary services closely related to the issuance of electronic money or to the provision of payment services referred to in point 1 °;
3 ° the management of payment systems, without prejudice to article 49;

§ 3. Electronic money institutions may grant credit related to payment services referred in points 4, 5 or 7 of annex Ire of this Act only under the conditions referred to in article 21, § 3.
The appropriations referred to in paragraph 1 may be granted on the basis of the funds received in Exchange for electronic and detained currency in accordance with article 78, § 1.
§ 4. Electronic money institutions

are not allowed to exercise the activity of receipt of money deposits or other repayable funds within the meaning of article 1 of the Banking Act.
§ 5. Funds received from the holders of electronic money by institutions of electronic currency are exchanged without delay for electronic money.
These funds are not deposits or other repayable funds within the meaning of article 1 of the Banking Act, provided that the obligation referred to in the preceding paragraph is respected.
÷ failure to comply with the obligation referred to in paragraph 1, the receipt of these funds shall be treated as a receipt of money deposits or other repayable funds illegal in violation of § 4 and section 68bis of the law of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets.
§ 6. Article 21, §§ 4 and 5 applies to funds received in the context of activities described in § 2, 1 °, which are not related to the activity of issuing electronic money.
§ 7. Electronic money institutions cannot, without the consent of the Bank, hold stakes in commercial companies or who borrowed the form of a commercial company.
The prohibition referred to in paragraph 1 does not apply to investments in companies operating in whole or in part on the issuance of electronic money, payment services, ancillary services to the issuance of electronic money or the provision of payment services, or management of payment systems, referred to in § 2, or in companies whose object is to main title in the holding of shares in such companies.
To ensure sound and prudent management and an adequate control of risks, the Bank may impose conditions on the holding of participations. ».
S. 51. in the same section 3, it is inserted a section 78 as follows: «art.» 78 § 1. Funds received by an electronic money institution in Exchange for electronic money issued must: a) can be distinctly identified in its accounting records and be never mixed with other funds, and b) when these funds are still held by the establishment of Emoney at the end of the working day following the day on which they were received: (i) be filed on a global or individual account separate from one or several entities having the status of credit institution governed by the law of a Member State of the EEA or of credit institution established in the EEA and governed by the law of a State not a member of EEA, or (ii) be invested in low-risk, liquid and safe assets as defined by the Bank, in accordance with the provisions of section 7.2. Directive 2009/110/EC, by regulation;
(c) or be covered in a manner satisfactory to the Bank, insurance, a guarantee or a deposit of an insurance undertaking or of a credit institution governed by the law of a Member State of the EEA or having an establishment in the EEA and under the law of a non-EEA State, which insurance company or credit institution may belong to the same group as the electronic money institution (, for an amount that is equal to the amount that would have been assigned in accordance with point b), and which is payable if the electronic money institution is not able to meet its financial obligations.
The entities referred to in paragraph 1, b), (i), on the funds in a separate account, can assert right resulting from specific claims on the electronic money institution who has opened this account. Similarly, these accounts and their balances cannot be the subject of any garnishment by creditors of the electronic money institution.
The Bank may authorize that the funds referred to in paragraph 1, b), are deposited in a credit institution under the law of a non-EEA State and lacking an establishment in the EEA, or warranties, guarantees or sureties referred to in paragraph 1, c), are provided by an insurance undertaking or a credit institution under the law of a non-EEA State and lacking an establishment in the EEA If that credit institution or insurance company is subject himself to supervision by a supervisory authority which is equivalent to the prudential supervision of credit institutions and insurance undertakings defined in the EU.
When the electronic currency is acquired by means of a payment instrument, the protection relating to funds received in Exchange for electronic money must be assured that from the moment the funds are credited to the account for payment of the electronic money institution or by any other means at the disposal of the electronic money institution as appropriate, in accordance with the execution time provisions in the Act, December 10, 2009. In any case, these funds must be protected at the latest five working days after the issuance of electronic money.
The regulations referred to in paragraph 1, point b), ii) are taken in accordance with article 12bis, paragraph 2, of the law of 22 February 1998.

§ 2. When a portion of the funds received in Exchange for electronic money issued is potentially intended to be used in other activities of the electronic money institution, this portion of the funds is not the obligations under the § 1. If this part is variable or cannot be determined in advance, electronic money institutions may calculate this amount assuming that a representative portion of the funds will be used to the issuance of electronic money, provided that, on the basis of historical data, it is reasonably possible to estimate this representative portion in a manner satisfactory to the Bank.

§ 3. Article 22 applies to the electronic money institutions to the activities referred to in article 77 § 2, 1 °, which are not related to the activity of issuing electronic money.

§ 4. En_cas_de insolvency proceedings opened against the electronic money institution, the cash deposited in a separate account in application of § 1, paragraph 1, a) and b), are affected by special privilege to the repayment of the funds received in Exchange for electronic money issued.
§ 5. Electronic money institutions shall inform the Bank in advance of any significant change affecting the measures taken in pursuance of § 1.
»
§ 6. Without prejudice to the powers vested in the legal governing body with regard to the determination of the general policy, as provided for by the companies Code, the persons responsible for the effective management of the electronic money institution, appropriate Management Committee, take the necessary measures to ensure the respect of §§ 1 and 2 under the supervision of the legal governing body.
The legal Board of the electronic money institution must control at least once a year if the facility complies with the provisions of §§ 1 and 2 and paragraph 1 of this subsection, and becomes aware of the appropriate measures taken.
The persons responsible for the effective management, appropriate Management Committee, shall report at least once a year to the body of legal administration, the Bank and the Commissioner certified on compliance with the provisions of the paragraph 1 of this subsection and adequate measures taken.
This information is transmitted to the Bank and the Commissioner approved in the manner determined by the Bank.
» Art. 52. in the same section 3, it is inserted a section 79 as follows: «art.» 79. electronic money institutions can outsource operational duties important information on the activity of issuing electronic money, or delivery of payment services only under the following conditions: has) they shall previously inform the Bank;
(b) outsourcing causes no delegation of responsibility for the general direction of the electronic money institution;
(c) the relationship of the electronic money with the holders of electronic money institution and the obligations it has towards them under this Act and the orders and regulations made pursuant to it are not amended.
d) respecting conditions that the electronic money institution is required to fill out to receive and store its approval is not altered;
(e) none of the other conditions to which the approval of the electronic money institution was subject is removed or modified;
(f) outsourcing cannot be made in a way that seriously harm the quality of the internal control of the money institution electronics and keeps the Bank to monitor compliance by the electronic money institution, of its obligations.
In the outsourcing of activities of electronic money institutions remain fully responsible for the acts performed by the service provider.
» Art. 53. in the same section 3, it is inserted a section 80 as follows: «art.» 80. electronic money institutions shall communicate periodically to the Bank a detailed financial situation. It is established in accordance with the rules laid down by the Bank, which also determines the frequency. In addition, the Bank may prescribe the regular transmission of other information

encrypted or descriptive necessary for verification of compliance with the provisions of this Act or of the orders and regulations made pursuant to these.
The effective management of the electronic money institution, appropriate Management Committee, said the Bank conform the above periodic States passed by the hotel if necessary at the end of the first half of social and in any case at the end of the financial year, accounting and inventories.
It is therefor required periodic financial statements are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct, that is, they are exactly consistent with accounting and inventories on the basis of which they are established. The actual direction confirms have made arrangements for the above States are established according to the applicable regulations of the Bank, as well as by application of the rules of accounting and evaluation for the preparation of the annual accounts, or, in the case of periodic financial statements that do not relate to year end, by applying the rules of accounting and assessment that led to the establishment of the annual accounts relating to the last year.
The King determines, on the advice of the Bank for the whole of the electronic money institutions or by electronic money institutions category: 1 ° the rules according to which electronic money institutions keep their accounts, conduct assessments of inventory and establish and publish their annual accounts;
2 ° rules to be respected by the electronic money institutions for the establishment, control and publication of their consolidated accounts, as well as for the preparation and publication of these consolidated accounts management and control reports.
The Bank may, for certain categories of establishments of electronic money or, in special cases, authorise exemptions in the orders and regulations referred to in paragraphs 1 and 3, for all facilities of electronic money in comparable circumstances.
Electronic money institutions to file their annual accounts and consolidated bank accounts.
The orders and regulations referred to in this article are taken after consultation with the electronic money institutions, if represented by their associations. » Art. 54. in book 3, title 2, Chapter 1 of the Act, inserted by article 30, it is inserted a section 4 Section 4. -Control of electronic money institutions.
S.
55. in book 3, title 2, Chapter 1, Section 4 of the Act, inserted by article 54 article be inserted an 81 as follows: «art.» 81 § 1.
Electronic money institutions are subject to the control of the Bank.
The Bank shall ensure that every electronic money institution operates continuously in accordance with the provisions of this Act and the orders and regulations for its execution. The control exercised by the Bank is proportionate and adequate, in view of the nature, volume and complexity of the activities of the electronic money institution, as well as risks y related.
§ 2. The Bank may be provide by electronic money institutions all information relating to their organization, their operation, their financial situation and their operations. To this end, the Bank can also get information by agents or distributors of electronic money institutions, by the service providers referred to in article 4, 17 ° and other bodies to which tasks are outsourced.
The Bank may proceed with electronic money institutions inspections on-site and take knowledge and copy, without moving, any information held by the electronic money institution, in order: 1 ° to verify compliance with the legal provisions and regulations relating to the status of the electronic money institutions as well as accuracy and sincerity of the accounting and the annual accounts as well as States and other information which are transmitted by the electronic money institution;
2 ° to verify the adequacy of the structures of management, administrative and accounting organization and internal control of the electronic money institution;
3 ° ensure that the management of the electronic money institution is sound and prudent, and that its situation or its operations are not likely to endanger its liquidity, profitability or solvency.
To this end, the Bank may also carry out on-site inspections from agents or distributors of electronic money institutions, of the service providers referred to in article 4, 17 ° and other bodies to which tasks are outsourced, and to hear and copy, without moving, any information held by them.
§ 3. The control of the Bank is however not about the activities of the electronic money institution other than the activity of issuing electronic money, the provision of activities in article 77, § 2, 1 ° and 2 °, and the holding of shares referred to in article 77, § 7, except to the extent required for the control of compliance by the electronic money institution of the provisions of this Act and the orders and regulations for its execution. ».
S. 56. in the same section 4, it is inserted an article 82 as follows: «art.» 82. the Bank knows relationships between the electronic money institution, its agent or its Distributor and a customer determined that to the extent required for the control of the electronic money institution. ».
S. 57. in the same section 4, it is inserted a section 83 as follows: «art.» 83. the Bank may proceed with branches of the Belgian, agents right electronic money institutions, distributors, service providers referred to in article 4, 17 ° and other bodies to which tasks are outsourced, established abroad, subject to the prior information of the concerned State authorities control of electronic money institutions, to the inspections referred to in article 81 , § 1, paragraph 3, as well as any inspection to collect or verify on-site information about the direction and management of the branch and all information likely to facilitate the monitoring of the electronic money institution, especially in terms of its financial situation, its administrative and accounting organization and internal control.
It can, for the same purposes, and after notice to the supervisory authorities referred to in paragraph 1, appoint an expert, it means, to carry out the checks and useful expertise. The remuneration and expenses of the expert are responsibility of the electronic money institution.
Similarly, it can request these authorities to conduct the audits and expertise referred to in paragraph 1 that she said them. ».
S. 58. in the same section 4, it is inserted a section 84 read as follows: «art.» 84. articles 28 to 32 shall apply to electronic money institutions. ».
S. 59. in the same section 4, it is inserted a section 85 as follows: «art.» 85. Chartered Auditors collaborate to the control exercised by the Bank, under their personal and exclusive responsibility and in accordance with this section, the rules of the profession and to the instructions of the Bank. To this end: 1 ° they assess the internal control measures adopted by the electronic money institutions in accordance with articles 69, § 3, paragraph 1 and 79, paragraph 1, f), and they communicate their findings to the Bank;
2 ° they report to the Bank on: has) the results of the review of periodic statements sent by the electronic money institutions to the Bank at the end of the first half of social, confirming that they have no knowledge of facts which it would appear that these interim statements are not, in all material respects significantly, established according to the applicable regulations of the Bank. They also confirm that periodic States arrested at the end of six months are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also did not have knowledge of facts which it would appear that periodic States arrested at the end of semester have not been established by application of accounting and valuation rules that led to the establishment of the annual accounts relating to the last year; the Bank may specify what in this case is the periodic States referred;
(b) the results of the control of periodic statements sent by the electronic money institutions to the Bank at the end of the financial year, confirming that these periodic financial statements have, in all respects significantly important, summer

established according to the applicable regulations of the Bank. They also confirm that periodic States arrested at year-end are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They also confirm that the periodic States arrested year-end have been established by application of the rules of accounting and evaluation for the preparation of the annual accounts; the Bank may specify what in this case is the periodic States referred;
3 ° they do at the Bank, at its request, special reports on the Organization, the activities and the financial structure of the electronic money institution, reports whose preparation costs are supported by the electronic money institution;
4 ° as part of their mission to the electronic money institution or a mission revisorale from a company linked to the electronic money institution, they do own-initiative report to the Bank as soon as they find: has) decisions, facts or developments which influence or may influence significantly the situation of the electronic money institution in financial terms or in terms of its administrative and accounting organization and internal control;
(b) decisions or facts that may constitute violations of the Code of corporations, of the Statute, this Act and the orders and regulations for its execution;
(c) other decisions or facts which are likely to result in refusal or reservations on certification of accounts;
5 ° they report at least annually to the Bank on the adequacy of the provisions taken by the electronic money institutions to preserve the funds they receive electronic money holders, in accordance with article 78, §§ 1 and 2.
No civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against Chartered Auditors who proceeded in good faith to information referred to in 4 a 1 paragraph, 4 °.
Chartered Auditors shall communicate to the leaders of the electronic money institution reports they send to the Bank in accordance with paragraph 1, 3 °. Such communications fall under the secret organized by article 35 of the law of 22 February 1998.
They shall transmit to the Bank copy of communications they make to these leaders and which relate to matters likely to be of interest to the control exercised by it.
Commissioners approved and licensed Auditors companies can perform the audits and expertise within their duties with branches abroad of the establishment they control.
They can be loaded by the Bank at the request of the European Central Bank to confirm that the information that electronic money institutions are required to communicate to these authorities are complete, correct and established according to the rules that apply. ».
S. 60. in book 3, title 2, Chapter 1 of the Act, inserted by article 30, it is inserted a section 5 entitled 'Section 5 - exceptional measures and sanctions for electronic money institutions '.
S. 61. in book 3, title 2, Chapter 1, Section 5 of the Act, inserted by article 60 article be inserted a 86 as follows: «art.» 86. the Bank shall cancel, by decision notified by registered mail or with proof of receipt, approval of electronic money institutions which have not begun their activities within 12 months of approval, who renounce the approval, who stopped their activities during a period longer than six months, who have been declared bankrupt or ceased to carry on business.
The Bank shall make public, on its website, any cancellation of an approval decision. ».
S.
62. in the same section 5, it is inserted a section 87 read as follows: «art.» 87 § 1. When the bank notes that an electronic money institution does not in accordance with the provisions of this Act and orders and regulations for its execution, its management or its financial situation are likely to jeopardize the successful completion of its commitments or do not offer sufficient in terms of his solvency guarantees its liquidity or profitability, its structures of management, his administrative organisation or accountant, its network of agents, distributors or branches, or its internal control are serious gaps, or the continuation of his activities a threat to the stability of the payment system, it shall determine the period within which it must be remedied to the observed situation.
If, at the end of this period, it has not remedied the situation, the Bank may: 1 ° appoint a special Commissioner.
In this case, General or special of it written permission is required for all decisions of all bodies of the institution, including the General Assembly, and for those of the persons responsible for the management and acts; the Bank may, however, limit the scope of the operations subject to authorisation.
The special Commissioner may submit to the deliberation of all bodies of the institution, including the General Assembly, all proposals which it considers relevant.
The remuneration of the special Commissioner is set by the Bank and supported by the institution.
The members of the bodies of administration and management and management personnel who carry out acts or take decisions without obtaining the required permission from the special Commissioner are responsible for jointly for the damage resulting for the institution or third parties.
If the Bank has published in the Belgian monitor the designation of the special Commissioner and specified the acts and decisions subject to authorization, the acts and decisions made without this permission was required are void, unless the special Commissioner not ratifying. Under the same conditions any decision of General Assembly taken without obtaining the required permission from the special Commissioner is void, unless the special Commissioner ratifies.
The Bank may appoint a Deputy Commissioner;
2 ° suspend for the duration that it determines the exercise direct or indirect of any part of the activity of the electronic money institution or prohibit this exercise; to the extent determined by the Bank, this suspension may involve the total or partial suspension of the execution of contracts in progress.
The members of the bodies of administration and management and management personnel who carry out acts or making decisions in violation of the suspension are responsible for jointly for the prejudice resulting to the electronic money institution or third parties.
If the Bank issued the suspension in the Moniteur belge, the acts and decisions intervened against it are void.
Similarly, the Bank may require an electronic money institution to transfer shares that it holds, as appropriate, in accordance with article 77, § 7;
3 ° requirements, solvency, more stringent than those referred to in article 72;
4 ° require the replacement of the directors or managers of the electronic money institution within a period which it shall determine, and in the absence of such a replacement within this period, substitute for all administration and management bodies one or several directors or interim managers who have, singly or collectively as appropriate, powers of replaced individuals. The Bank publishes its decision in the Moniteur belge.
The remuneration of the directors or interim managers is set by the Bank and supported by the electronic money institution.
The Bank may, at any time, replace the Administrators or interim managers, either ex officio or at the request of a majority of shareholders or associated when they justify that interested parties management no longer has the necessary guarantees;
5 ° withdraw the approval. The Bank shall make public, on its website, any decision of revocation of an approval.
In the event of extreme urgency, the Bank may adopt the measures referred to in this paragraph without the need a period of adjustment laid down in advance.
§ 2. The decisions of the Bank referred to the § 1 have effect with respect to the electronic money institution from the date of their notification by registered letter or with acknowledgement of receipt and with respect to third parties, from the date of their publication in accordance with paragraph 1.

§ 3. The § 1, paragraphs 1 and 2, 2 °, and § 2 shall apply in the event that the Bank is aware that an electronic money institution, its agents or distributors have implemented a particular mechanism having purpose or effect of promoting tax evasion by third parties.
Where the Bank finds that the information referred to in article 20, § 1, which communicated by an establishment of electronic money under section 76, § 3, are inaccurate or incomplete, it may suspend or cancel the registration of the agent on the list referred to in article 64.
§ 4.

The § 1, paragraph 1, and paragraph 2 shall not apply in the event of cancellation of the registration of an electronic money institution declared bankrupt. ».
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63. in the same section 5, it is inserted a section 88 as follows: «art.» 88. when the supervisory authorities of the electronic money institutions of another Member State of the EEA in which an electronic money under Belgian law institution employs an agent, or intends to do so, inform the Bank that they have good reason to suspect that a transaction or an attempt of laundering of capital and financing of terrorism within the meaning of Directive 2005/60/EC is underway or has taken place , or that the agent could increase the risk of laundering of capital and financing of terrorism, the Bank takes in the shortest delays, of the measures referred to in article 87, § 1st, which is needed. Article 87, paragraph 2, is also apply.
In this case, the Bank may require that the electronic money institution more recourse to the relevant agent and may either refuse, or expunge the registration of the agent referred to in article 20 § 2. ».
S. 64. in the same section 5, it is inserted a section 89 as follows: «art.» 89. the Bank shall promptly inform the supervisory authorities of the electronic money institutions of the other Member States of the EEA in which an electronic money under Belgian law institution established a branch or performs of activities under the regime of the free provision of services, decisions it has taken in accordance with articles 86, 87 and 88. It takes these informed authorities of follow-up to actions taken against these decisions. ».
S. 65. in the same section 5, it is inserted an article 90 as follows: «art.» 90. the electronic money institutions whose registration has been cancelled or revoked under this Act, shall remain subject to this Act the winding up of their commitments to the holders of electronic money, and where applicable, users of payment services, unless the Bank not to exempt certain provisions.
This article is not applicable in the event of cancellation of the registration of an electronic money institution declared bankrupt. ».
S. 66. in book 3, title 2 of the same Act, inserted by article 29, there shall be inserted a chapter 2, entitled: "Chapter 2. -Branches and activities of delivery of services in Belgium of electronic money institutions governed by the law of another EEA Member State'.
S. 67. in book 3, title 2, Chapter 2, inserted by article 66, inserted a section 91 as follows: «art.» 91 institutions electronic money governed by the law of another EEA Member State, which are entitled under national law to issue electronic in their State of origin money can start these activities in Belgium, either by way of installation branches, either under the regime of the free provision of services, as soon as the Bank has notified these institutions the receipt of the communication that it was made by the supervisory authority of the State of origin of these institutions on activities which they intend to practice in Belgium. The notification is issued by the Bank to the electronic money institution concerned within three working days of the receipt of the communication. ÷ failure to notify within that period, the electronic money institution may initiate activities announced, after informing the Bank. The Bank publishes on its website the list of electronic money institutions which come under the law of another EEA Member State and operating in Belgium, or refer to the internet site of the competent authority in the State of origin of these electronic money institutions.
These electronic money institutions are, in the exercise of their activity in Belgium, accompany their designation of the reference to their State of origin and, in the case of freedom to provide services from their headquarters. ».
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68. in the same chapter 2, it is inserted a section 92 as follows: «art.» 92 § 1. The provisions of this chapter are not prejudicial to respect, when the issuance of electronic money, or where appropriate, in the provision and execution of payment services, legal and regulatory provisions applicable in Belgium to electronic money and institutions in their operations for reasons of general interest.
The Bank gives to electronic money institutions referred to in article 91 communication of the provisions which, to his knowledge, have this character.
The provisions of this chapter do not further prejudice compliance with legal and regulatory provisions applicable in Belgium, to activities other than the issuing of electronic money and the provision of payment services.

§ 2. Leaders of the branch shall report at least once per year to the Bank and the auditor or the company auditors approved on the adequacy of the internal control measures adopted by the branches to comply with the provisions applicable by virtue of § 1.
» Art. 69. in the same chapter 2, inserted a section 93 as follows: «art.» 93. the electronic money institutions referred to in article 91 shall transmit to the Bank, on the basis that it determines, of periodic reports for statistical purposes relating to the transactions in the country, through their branches established in Belgium. Article 80, paragraph 2, shall apply by analogy.
The King determines, on the advice of the Bank, the rules according to which the branches referred to in article 91: 1 ° keep their accounts and conduct assessments of inventory;
2 ° establish annual accounts;
3 ° publish annual accounting information related to their operations. » Art. 70. in the same chapter 2, it is inserted a section 94 as follows: «art.» 94 § 1. The branches referred to in article 91 are subject to the supervision of the Bank for the purposes laid down in articles 92 and 93, insofar as matters covered by these provisions fall within the competence of the Bank. Articles 81 and 82 shall apply to this extent.
The Bank may agree to undertake, at the request of the supervisory authorities of the State of origin of the electronic money institution to perform with these branches of inspections for the purpose of assistance to these authorities on the matters referred to in paragraph 1 as those referred to in article 83, paragraph 1.
The costs of such inspections and audits are the responsibility of the applicant authority.
In case of emergency and notice immediately to the supervisory authority of the State of origin of the electronic money institution, the Bank may verify that the activities of the branch in Belgium complies with the legislation which is applicable to him.
§ 2. The foreign competent authorities for the control of electronic money institutions having opened in Belgium a branch referred to in article 91 may, subject to prior notice to the Bank, print or have, at their own expense, by experts they designate, verification, to these branches, the information referred to in article 83, paragraph 1. » Art. 71. in the same chapter 2, it is inserted a section 95 as follows: «art.» 95 § 1. Managers of the branches referred to in article 91 designate, for renewable periods of three years, one or more Chartered Auditors or one or more firms of Auditors approved by the Bank.
Articles 31 and 32, paragraphs 1 to 4, are applicable to these editors and societies. The revocation of the functions of the Chartered Auditors and licensed Auditors companies is subject to prior notice of the Bank.
§ 2. Chartered Auditors or reviewers companies approved, designated in accordance with the § 1, collaborate in the control exercised by the Bank on their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and to the instructions of the Bank. To this end: 1 ° they assess internal control measures adopted by the branches for compliance with the laws, orders and regulations applicable to the branches under article 93, and they communicate their findings to the Bank;
2 ° they report to the Bank on: has) the results of the review of periodic statements sent by the branches referred to in article 91 at the Bank at the end of the first half of social, confirming that they have no knowledge of facts which it would appear that these interim statements are not, in all material respects significantly, was established according to the applicable regulations of the Bank. They also confirm that periodic States arrested at the end of six months are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They confirm also have no knowledge of facts which it would appear that periodic States arrested at the end of semester have not been determined by applying the rules of accounting and evaluation

who presided over the preparation of the annual accounts relating to the last year; the Bank may specify what in this case is the periodic States referred;
(b) the results of the control of periodic statements sent by the branches referred to in article 91 at the Bank at the end of the financial year, confirming that these periodic financial statements have, in all respects significantly important, established according to the applicable regulations of the Bank. They also confirm that periodic States arrested at year-end are, as regards the accounting data, in all respects significantly important, consistent with accounting and inventories, in the sense that they are complete, that they mention all the data contained in the accounts and inventories on the basis of which they are established, and that they are correct that they are exactly consistent with accounting and inventories on the basis of which they are established; They also confirm that the periodic States arrested year-end have been established by application of the rules of accounting and evaluation for the preparation of the annual accounts; the Bank may specify what in this case is the periodic States referred.
They can be loaded by the Bank, at the request of the Central Bank European, confirm, similarly, information that the branches are required to communicate to these authorities pursuant to article 93, paragraph 1;
3 ° they do the Bank's periodic reports or, at his request, special reports on the Organization, the activities and the financial structure of branches in the areas of competence of the Bank with respect to these;
(4 ° they do own-initiative report to the Bank in the areas of competence and to collaboration with the supervisory authority of the head office, as soon as they find: has) decisions, the facts or developments that influence or may influence significantly the situation of the branch in financial terms or in terms of its organization administrative and accounting procedures and internal control;
(b) decisions or facts that may constitute violations of the provisions of this Act and the orders and regulations for its execution or other laws and regulations applicable to their activity in Belgium where the matters covered by these provisions fall within the competence of the Bank;
5 ° they report to the Bank, on request, where it is seized by another authority Belgian violations to laws of general interest applicable to the branch.
No civil, criminal or disciplinary action may not be brought or professional sanctions pronounced against authorized reviewers who proceeded in good faith to information at 4 ° in the paragraph 1, 4 °.
They communicate to the leaders of the branch reports they send to the Bank in accordance with paragraph 1, 3 °. Such communications fall under the secrecy provided for in article 35 of the law of 22 February 1998. They shall transmit to the Bank copy of communications they make these leaders on matters falling within the field of control of the Bank.
In branches where a Works Council is established under the Act of 20 September 1948 on the organisation of the economy, Chartered reviewers, or licensed Auditors companies perform the functions provided for in article 15a of this Act.
Subject to prior notification of the Bank, they can agree to undertake, at the request and at the expense of the supervisory authorities of the State of origin of the branch, to perform with this branch for the purpose of assistance to these authorities, checks on the materials referred to in articles 83, paragraph 1, and 94, § 1.
§ 3. The Chartered Auditors or licensed Auditors companies certify the annual accounting information published under article 93, paragraph 2. » Art. 72. in the same chapter 2, it is inserted a section 96 as follows: «art.» 96 when the bank notes that an electronic money institution governed by the law of another EEA Member State and operating in Belgium through a branch or by way of provision of services complies with the legal and regulatory provisions applicable in Belgium in the field of competence of the Bank, she puts the electronic notice of remedy money institution within the time limit which it shall determine, to the situation observed.
If, at the end of this period, it has not remedied the situation, the Bank seized his observations the supervisory authority of the State of origin of the electronic money institution.
When the Bank has reasonable grounds to suspect that a transaction or an attempt of laundering of capital and financing of terrorism within the meaning of Directive 2005/60/EC is underway or has taken place in the head of an agent of an electronic money institution or its activities could increase the risk of laundering of capital and financing of terrorism It shall inform the authorities responsible for the control of the establishment of electronic money in question. ».
S. 73. in the same chapter 2, it is inserted a section 97 as follows: «art.» 97. the Bank may disclose to the authority of an electronic money institution governed by the law of another EEA Member State the reasons to consider that the situation of the hotel Belgium Branch does not present the necessary guarantees on the administrative organization plan or accounting or internal control.
In case cancellation or revocation of the authorisation of the institution of electronic money by the supervisory authority of its state of origin, the Bank ordered after in giving notice to this authority, the closure of the branch Hotel established in Belgium. It may, if necessary, appoint a Manager provisional who is entitled to take all protective measures in the interest of the creditors. » Art. 74. in book 3, title 2 of the same Act, inserted by article 26, it is inserted a chapter 3, entitled "Chapter 3. -Branches in Belgium of electronic money institutions within the right of States which are not members of EEA".
S. 75. in book 3, title 2, Chapter 3 of the same Act, inserted by article 74 article be inserted a 98 as follows: «art.» 98. for the purposes of this chapter, there are electronic money institution means any undertaking under the law of a non-EEA State and whose activity is to issue electronic money. » Art. 76. in book 3, title 2, Chapter 3 of the same Act, inserted by article 74, inserted a Section entitled "Section 1st 1st. -Access to the activity.
S. 77. in book 3, title 2, Chapter 3, Section 1, inserted by article 76, it inserted a section 99 as follows: «art.» 99 § 1. Apply the following provisions: 1 ° articles 61, 62 and 63 of the Act: understanding that before deciding on the request for the approval of the branch, the Bank shall consult the supervisory authorities of the State of origin of the electronic money institution;
2 ° article 64, paragraph 1: understanding that branches referred to in this chapter are listed in a special section of the list referred to in this article;
3 ° article 65: may, however, be approved branches of electronic money institutions with legal personality but have no form of commercial company;
4 ° article 66: the initial capital is replaced by an endowment, the Bank has jurisdiction to assess the elements of the staffing;
5 ° sections 67 to 69.
§ 2. The Bank may refuse to accept the branch of an electronic money institution governed by the law of a State that does not provide the same opportunities for access to its market for electronic money under Belgian law institutions.
§ 3. The Bank may refuse the registration of a branch covered by this chapter if it considers that the protection of holders of electronic money or the sound and prudent management of the institution requires the incorporation of a company under Belgian law.
».
S. 78. in book 3, title 2, Chapter 3 of the same Act, inserted by article 74, inserted a Section 2 entitled 'Section 2. -Pursuit of the activity.
S. 79. in book 3, title 2, Chapter 3, Section 2 of the Act, inserted by article 78 article be inserted a 100 as follows: «art.» 100 shall apply the following items: 1 ° article 72;
2 ° article 73, § 1; When the Bank has grounds for considering that the influence exerted by the natural or legal persons directly or indirectly holding a qualifying within the meaning of article 3, § 1, 3 ° of the Banking Act is likely to endanger the sound and prudent management of the institution of electronic money, and without prejudice to the other measures provided for by this Act the Bank may suspend or revoke, for the duration that it determines the granting of the branch; article 87 § 1, 2 ° and 5 °, and § 2 applies to these decisions.
3 ° sections 74, 76, § 1, 3 and 4, 77-80. » Art. 80. in book 3, title 2, Chapter 3 of the same Act, inserted by article 74, inserted a Section 3 entitled "Section 3. -Control.
S. 81. in book 3, title 2, Chapter 3, Section 3 of the Act, inserted by article 80 article be inserted a 100 as follows:

«Art.» 101. articles 81 and 82 shall apply. ».
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82. in the same section 3, it is inserted a section 102 worded as follows: «art.» 102. the leaders of the branches referred to in this chapter are required to appoint one or more authorized Auditors or one or more companies of Auditors approved in accordance with articles 84 and 28. They may designate one alternate according to the same procedure.
In the case of designation of a firm of réviseurs, article 29 shall apply.
Articles 31, 32, paragraphs 1 to 4, and 85, paragraphs 1 to 3 and 5, are applicable.
The revocation of the functions of the Chartered Auditors and licensed Auditors companies is subject to prior notice of the Bank.
In branches where a Works Council is established under the Act of 20 September 1948 on the organisation of the economy, auditors or firms of Chartered Auditors perform the functions provided for in article 15a of this Act.
Reviewers chartered or licensed Auditors companies certify the accounting information published under section 80. » Art. 83. in book 3, title 2, Chapter 3 of the same Act, inserted by article 74, inserted a Section 4 entitled "Section 4. -Cancellation of approval, exceptional measures and sanctions.
S. 84. in book 3, title 2, Chapter 3, Section 4 of the Act, inserted by article 83 article be inserted a 103 as follows: «art.» 103. articles 86, 87, 90, 106 and 107 shall apply.
».
S. 85. in book 3, title 2 of the same Act, inserted by article 29, there shall be inserted a chapter 4 entitled "Chapter 4. -Exchange of information and cooperation between authorities.
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86. in book 3, title 2, Chapter 4 of the same Act, inserted by article 85, it is inserted a section 104 as follows: «art.» 104. § 1. For the purposes of articles 35 and 36/13 to 36/15 of the law of 22 February 1998 on the exchange of information and cooperation between the Bank and the other EEA Member States authorities responsible for the control of electronic money institutions, electronic money institutions activity extends to the activity they perform through distributors, agents branches or providers of services within the meaning of article 4, 17 °.
§ 2. The Bank provides initiative to the authorities of other EEA Member States, referred to the § 1, all the essential information and will provide them on request all relevant information. » Art. 87. in book 3, inserted by article 25, it is inserted a heading 3, entitled 'title 3. -Exemption ".
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88. in book 3, title 3 of the same Act, inserted by article 87 article be inserted a 105 as follows: «art.» 105 § 1. The Bank may exempt from the application of all or part of the provisions of sections 1 to 3 of chapter I of title 2 of this book and its orders of execution legal persons: 1 ° which the business as a whole generate an average of outstanding electronic money which does not exceed 5.000.000 euros. and 2 ° which none of physical persons responsible for the management or the exercise of the activity has been sentenced for offences relating to money laundering, the financing of terrorism or referred to in article 19, § 1, 1 ° and 2 ° of the banking law.
The Bank may exempt these entities from the application of articles 77 and 78 of this Act.
Where an electronic money institution carries on activities referred to in article 77, § 2, 1 °, which are not related to the issuance of electronic money or activities referred to in article 77 § 1, § 2, 2 ° and 3 °, or § 3, and that the amount of the outstanding electronic money cannot be determined in advance, this electronic money institution can benefit from the application of the first subparagraph (1) on the basis of a representative part of the Fund who is alleged to be used for the issuance of electronic money, provided that, on the basis of historical data, it is reasonably possible to estimate this representative portion in a manner satisfactory to the Bank. Where an electronic money institution has not completed a period of long enough activity, this condition is evaluated on the basis of the estimate of the outstanding electronic money resulting from its business plan, and subject to any adjustment of the plan required by the Bank.
§ 2. Legal persons referred to the § 1, which are exempt, are included in the list referred to in article 64. Article 64 shall apply by analogy to these legal persons with regard to the information provided on the website of the Bank and their regular updating. The website mentions that these corporations benefit from exemption pursuant to this section.
§ 3. Legal persons benefiting from an exemption granted under paragraph 1: 1 ° must have their headquarters in Belgium, and effectively exercise their activity of issuing electronic money on Belgian territory;
2 ° do not benefit from the mutual recognition arrangements provided for in article 91 of this Act;
3 ° shall include in the contract governing the issuance of electronic money, the amount loaded on the electronic medium storing electronic money may not exceed 150 euros;
4 ° can provide payment services not related to electronic money issued pursuant to this section only if the conditions set out in article 48 are satisfied;
5 ° inform the Bank of any change in their situation impacting on the conditions in the § 1 and report periodically to the Bank of the average outstanding electronic money. The Bank determines the frequency of this report;
6 ° the provisions of Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism, which are applicable to electronic money, and institutions of the orders and regulations for its execution.

§ 4. The King may provide than a corporation benefiting from an exemption by virtue of § 1 may not exercise that some of the activities listed in article 77, §§ 1 to 3.
§ § 5 5 When the requirements of §§ 1 and 3, 1 °, 3 °, 4 ° are no longer fulfilled, exempted electronic money institutions ask approval within a period of 30 days calendar in accordance with articles 61 and following.
Establishments that have not requested authorisation within this period are prohibited, in accordance with article 59, to issue electronic money. ».
S. 89. in book 3 of the same Act, inserted by article 25, it is inserted a title 4, entitled 'Title 4. -Sanctions.
S. 90. in book 3, Title 4 of the Act, inserted by article 89, inserted a chapter 1 entitled "Chapter 1 -Administrative sanctions.
S. 91. in book 3, Title 4, Chapter 1 of the Act, inserted by article 90 inserted a section 106 as follows: «art.» 106 § 1.
Without prejudice to other measures provided for in this Act, the Bank may publish that a Belgian electronic currency or foreign institution is not complied with orders that were made to comply within the time limit that it determines provisions of this Act or of the orders and regulations for its execution.
§ 2. Without prejudice to other measures provided for in this Act, the Bank may set a time limit in which a Belgian law electronic money institution or foreigner established in Belgium: a) it must comply with provisions of this Act or of the orders and regulations for its execution, or b) should make the adjustments that are necessary to its management structure in its administrative and accounting organisation or its control internal.
The injunction referred to in paragraph 1, littera b), is not applicable to branches of electronic money institutions governed by the law of another EEA Member State.
If the electronic money institution remains in default upon the expiry of the time limit, the Bank can, the institution heard or any the less convened, impose a penalty at the rate of a maximum of 2,500,000 euros per offence and maximum 50,000 euros per day of delay.
§ 3. Without prejudice to any other measures provided for by this Act and without prejudice to the measures provided for by other laws, orders or regulations, the Bank may, where it finds a breach of the provisions of this Act or measures taken in pursuance thereof, to an electronic money institution of Belgian law or established in Belgium abroad, impose an administrative fine which shall not be less than 2,500 euros or more for the same offence, or to the same set of facts, 2,500,000 euros.
§ 4. The penalties and fines imposed pursuant to §§ 2 and 3 are recovered for the benefit of the Treasury by the administration within the Federal Public Service Finance responsible for non-tax collections. ».
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92. in book 3, Title 4 of the Act, inserted by article 89, inserted a chapter 2 entitled "Chapter 2. -Penal sanctions.
S. 93. in book 3, title 3, Chapter 2 of the same Act, inserted by article 92, inserted a section 107 as follows: «art.» 107 shall be punished by a term of imprisonment of one month to one year and a fine of 50 euros to 10,000 euros, or one of those penalties only: 1 ° those who issue electronic money in Belgium without satisfying

the provisions of articles 59, 91 and 99, § 1, 1 °;
2 ° those who contravene article 68, § 2;
3 ° those who, knowingly, fail to make the declaration provided for in article 71, paragraph 2, with respect to the information referred to in article 62, paragraph 1, 8 °;
4 ° those who knowingly fail to make the notifications provided for in article 73, § 1, those who spend in addition to the opposition referred to in article 73, § 2, or those who spend in addition to the suspension referred to in article 73, § 4, 1 °;
5 ° the institutions electronic money, as well as their directors, managers or directors, which contravened sections 74, 77 and 79.
6 ° the electronic money institutions, and their directors, managers or directors, who opened a branch abroad or who use agents or distributors without the notifications provided for in articles 75 and 76, § 2 and § 3 or who abide not in sections 75 and 76, § 2 or § 3;
7 ° the electronic money institutions, and their directors, managers or directors, which contravene the orders or regulations referred to in articles 72, 80 and 93;
8 ° the electronic money institutions, as well as their directors, managers or directors, who do conform not to articles 80, paragraphs 1, 2 and 6, and 93, paragraph 1;
9 ° those who carry out acts or operations from a suspension decision taken in accordance with article 87 § 1, paragraph 2 (2);
10 ° those who, as Commissioner, auditor or independent expert, certified, approved or confirmed accounts, accounts or the consolidated to electronic money institutions, or periodic statements or any other information, while the provisions of the laws, orders and regulations relating to the legal status of electronic money institutions have not been met , knowing that they it had not been, either in not having not completed normal diligence to ensure that they were respected.
11 ° those who put obstacles to the inspections and checks that they are kept in the country or abroad or refuse to provide information that they are required to provide under this Act and of the regulations and orders taken for execution, or who knowingly provide information inaccurate or incomplete;
12 ° those who contravene article 49, § 1. » TITLE 3. -Other provisions Chapter 1. -Other amending provisions Section 1. -Modifications of the article consumer credit Act of 12 June 1991
94 article 74, paragraph 2, of the law of 12 June 1991 relating to the consumer credit, inserted by the Act of February 11, 1994 and amended by the law of December 10, 2009, the words 'and payment institutions referred to in the Act, December 21, 2009, relating to the status of payment institutions, the access to the activity of service provider of payment and access to payment systems' are replaced by the words «» payment institutions and electronic money institutions referred to in the Act of December 21, 2009 the status of payment institutions and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems.
S. 95. in article 75, § 6, of the Act, inserted by the law of December 10, 2009 and amended by the royal decree of March 3, 2011, the second subparagraph is replaced by the following: "shall also be deemed meet the conditions referred to in paragraph 1, payment institutions and electronic money institutions subject to the control of the National Bank of Belgium in accordance with the law of December 21, 2009 relating to the status of payment institutions and. of electronic money institutions, the access to the activity of service provider payment, to activity of issuing electronic money and access to payment systems to which an approval has been granted on basis of which the additional credit, related to the services of payment referred to in points 4, 5 or 7 of annex I and fulfilling the conditions of article 21 , § 3, of the Act of December 21, 2009, can be offered. ».
S. 96A section 75A of the Act, inserted by the Act of February 11, 1994 and amended by laws of March 24, 2003, August 24, 2005, December 10, 2009 and the Royal Decrees of April 4, 2003 and March 3, 2011, the following changes are made: 1 ° in the § 1, paragraph 1, in the French version, the words "and payment institutions in accordance with article 39 of the Act of December 21, 2009 relating to the status of". payment institutions, the access to the activity of payment service provider and access to payment systems", are replaced by the words", or in accordance with articles 39 or 91 of the Act of December 21, 2009 relating to the status of settlements of payment and electronic money institutions, the access to the activity of payment service provider. the activity of issuing electronic money and access to payment systems.
2 ° in § 2, the words "credit, financial institutions and payment institutions" shall be replaced by the words 'credit institutions, financial institutions, payment institutions and electronic money institutions';
3 ° in § 3, paragraph 1, the words "credit institution, financial institution or payment institution" are replaced by the words "credit institution, financial institution, payment institution or electronic money institution.
Section 2. -Changes of the Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism article 97A article 2, § 1, of Act of 11 January 1993 on the prevention of the use of the financial system for the purpose of laundering of capital and financing of terrorism, as last amended by the royal decree of June 2, 2012, the following changes are made: 1 3 ° ° is replaced by the following: «3 ° the Société anonyme public bpost for its postal financial services or the issuance of electronic money;
»;
2 ° to 4 ° ter, 'December 21, 2009 law on the status of payment institutions, the access to the activity of payment service provider and access to payment systems' shall be replaced by the words "Act of December 21, 2009 the status of settlements of payment and electronic money institutions, the access to the activity of payment service provider. the activity of issuing electronic money and access to payment systems.
3 ° it is inserted a 4 ° c worded as follows: '4 ° c. (a) the issuers of electronic money referred to in article 59, 4 ° and 5 ° of the law of December 21, 2009 relating to the status of settlements of payment and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems;
(b) electronic money under Belgian law institutions;
c) branches established in Belgium of electronic money institutions referred to in book 3, title 2 of this Act;
d) exempt institutions referred to in article 105 of this Act;
(e) electronic money institutions governed by the law of another Member State of the European economic area which broadcast in Belgium of electronic money through a person who is established and which represents the establishment for this purpose"art. 98. in article 11, § 2, of the Act 4 is replaced by the following: "the issuance of electronic money within the meaning of article 4, 33 °, of the law of December 21, 2009 relating to the status of settlements of payment and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems provided that the maximum capacity of loading electronic media does not exceed EUR 250 if support cannot be charged or, if support can be recharged provided that a limit of 2,500 euros is fixed for the total amount of transactions in a calendar year. However, articles 7 and 8 shall apply where the electronic money holder request reimbursement of at least 1,000 euros in the same calendar year in accordance with article 58/2 of the payment services act of December 10, 2009; ».
S. 99. in article 18 of the same Act, inserted by the Act of January 18, 2010, is supplemented by a paragraph as follows: "(in the cases referred to in article 2, § 1, 4B, c) and 4 c, e), a person responsible for the application of this Act shall be lodged in Belgium. ''
Section 3. -Amendments of Act of 22 March 1993 on the status and control of Art. credit institutions 100a article 1 of Act of 22 March 1993 on the status and control of credit institutions, as amended by the Act of 25 February 2003, the following changes are made: 1 ° paragraph (2), is replaced by the following: "are defined as credit institution Belgian or foreign companies whose business is to receive deposits of money or other repayable funds public and to grant credits for their own account. ';
2 ° paragraph (3) is repealed.

S. 101a article 2 of the Act, as amended by the laws of 30 October 1998 and 25 February 2003 and the royal decree of March 3, 2011, the following changes are made: 1 ° to the § 1, 1 °, the "La Poste (Postchèque)" shall be replaced by the words "the Société anonyme public bpost.
2 ° § 2, is repealed.
S. 102. Article 3 of the same Act, as last amended by the Act of September 3, 2012, the following changes are made: has) in the § 1, 5 °, 'activities referred to in points 2 to 12 of the list contained in paragraph 2 of this article' shall be replaced by the words 'activities referred to in points 2 to 12 and 15 of the list contained in paragraph 2 of this article';
(b) in the § 1, 7 °, is repealed.
(c) in paragraph 2, 4) 'December 21, 2009 law on the status of payment institutions, the access to the activity of payment service provider and access to payment systems' shall be replaced by the words "Act of December 21, 2009 the status of payment institutions, the access to the activity of service provider of payment and access to payment systems and other laws to the extent they are related the status of payment and electronic money institutions institutions. »;
(d) in paragraph 2, paragraph 1 is supplemented by 15) worded as follows: "issuance of electronic money.
S. 103. in title I of the Act, chapter IIIbis, containing the articles 5bis to 5quater, inserted by the Act of February 25, 2003, is repealed.
S. 104. at article 6 of the Act, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in the § 1, paragraph 1, the words 'electronic money institution', are repealed;
2 ° § 2 is repealed.
S. 105. in article 41, paragraph 1 of the Act, as amended by the Act of 25 February 2003, the words "other than electronic money institutions" are repealed.
S. (106. in article 43, § 1, paragraph 1 of the same Act, replaced by the law of 15 May 2007 and amended by the royal decree of 3 March 2011, b) is repealed.
S. 107. in article 57, § 1, paragraph 2 (2), as amended by the Act of July 31, 2009 and the royal decree of March 3, 2011, the first sentence is supplemented by the words «;» This suspension may, to the extent determined by the Bank, involved the total or partial suspension of the execution of contracts in progress.
S. 108. in the Act Title IIa, inserted by the law of 25 February 2003, containing the articles 64quinquies 64bis is repealed.
S. 109. article 66bis from the Act, inserted by the Act of February 25, 2003, is repealed.
S. 110. in title IV of the same Act, chapter V inserted by the law of 25 February 2003, with article 84A is repealed.
S. 111. in article 104, § 1, 1 ° of the Act, amended by the Act of 25 February 2003 and the royal decree of 3 March 2011, the words "which contravene article 5bis or" are repealed.
S.
112. in article 110bis2, § 2 of the Act, section 2, inserted by the Act of February 25, 2003, is repealed.
S. 113. article 152quater of the Act, inserted by the Act of February 25, 2003, is repealed.
Section 4. -Amendments to the coordinated Act of 24 December 1996 on the organisation of the public sector credit and the detention of the interests of the public sector in some financial companies under private law Art. 114. article 57 of the coordinated Act of 24 December 1996 on the organisation of the public sector credit and the detention of the interests of the public sector in some financial companies under private law is replaced by the following: «art.» 57. the credit associations can resign the network of Credit Professional by simple notification to the Board of Directors of the professional Credit, under registered mail, with acknowledgement of receipt.
Credit associations may also, until November 30, 2013, decide voluntarily to no longer be subject to the provisions of this Act and thus out of its scope, by simple notification addressed to the State, represented in the person of the Minister of finance by registered letter with acknowledgement of receipt.
Any decision to voluntarily exit from the scope of this Act, taken in accordance with paragraph 2 no later than November 30, 2013, as well as any resignation voluntarily by the network, will be subject to the condition of compliance by the association of a notice period expiring on 31 December of the year in which the resignation or decision of output has been notified provided that the resignation or the output has been notified on 30 November at the latest. Failing resignation or decision to exit notified on 30 November at the latest, the resignation or the output will produce its effects only to December 31 of the year following that during which the resignation or decision to exit from the scope of this Act has been notified. The Board of Directors of the SA Credit Professional or the State, represented in the person of the Minister of finance, may, by reasoned decision, allow the resignation or decision of output to produce its effects at an earlier date.
The association resigned may adapt its statutes in the direction indicated in article 56, paragraph 2.
The association which has decided to get out of the scope of this Act is no longer member of the professional Credit network and can adapt its statutes without being bound by any restriction under the provisions of this Act.
Credit associations which are collectively subject to control on a basis consolidated by the National Bank of Belgium should jointly take the decision to voluntarily exit. ».
S.
115. article 58 of the Act, which the text existing will be the § 1, is supplemented by a paragraph 2, as follows: ' ' § § 2 2 The provisions of § 1 do not apply to credit associations which are excluded from the network of professional at the latest Credit 31 December 2013 because they do not respect or cease to meet the conditions laid down in article 54, c), e) or (f)), or make a decision to leave voluntarily from the scope of application of this Act in accordance with article 57.
A exclusion, permanently, from the application of the provisions of article 219bis, § 1, of the 1992 income tax Code, any association of credit referred to in the first subparagraph is required to pay to the State, in the month following the exclusion or notification, in accordance with article 57 of the output decision, a special contribution equal to 28 per cent of the sum of the following accounting items : K' R + M + (F x 0.50) + r – (E x 0.50) where K' = the total amount of the appropriations allocated by assignments and levies 1 January 1994 with a capital of the company, decreased by 150% of the amount outstanding at January first, two thousand twelve commitments to the cooperators shares held by the public (included in section IX, code 209.000);
R = reserve (section XII, code 212,000);
M = the amount that the credit concerned association, prior to exclusion or the decision of release, liquid or planned in its accounting records in accordance with article 219bis, § 1, of the 1992 income tax Code;
F = the Fund for general banking risks at 31 December 2011 (item VII, code 207,000);
r = positive (+) or negative (-) postponed (section XIII, 213.000);
E = outstanding subordinated public emissions which will process credit association before the date of the first of January two thousand twelve (included in section VIII, code 208,000).
The accounting items referred to here by the letters K', R and O are those defined by the regulations on the annual accounts of credit institutions, as they were counted at the close of the last financial year preceding exclusion or the decision to exit.
The special contribution due under this provision is applicable, reduced by the amount that was actually liquidated credit association concerned prior to exclusion or the decision of release in application of article 219bis, § 1, of the 1992 income tax Code.
When indebted credit associations of the special contribution expressed their intention to merge, the special contribution is calculated on the basis of the merger balance sheet certified by the auditor.
The auditor of each credit associations is responsible to inform the State of any circumstances likely to lead to an exclusion as referred to in paragraph 1.
A same association of credit cannot be held only once to the payment of the special contribution to the State. » Section 5. -Amendments to the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium art. 116. in article 36/1 of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, inserted by the royal decree of 3 March 2011 implementing the evolution of the structures of supervision of the financial sector, the following changes are made: has) 4 is replaced by the following: ' 4 ° 'electronic money institution': any institution referred to in article 4. 31 ° of the law of December 21, 2009 relating to the status of payment institutions and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems';

(b) in 9 ° ', access to payment service provider activity and access to payment systems' shall be replaced by the words "and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems."
S.
117. in article 36/2, paragraph 1 of the same Act, inserted by the royal decree of 3 March 2011 the words ", including electronic money institutions ' are hereby repealed and the words"and payment institutions"shall be replaced by the words"payment institutions and electronic money institutions.
S. 118. article 36/14, § 1 of the Act, inserted by the royal decree of 3 March 2011, is complemented by 17 ° as follows: '17 ° to agents commissioned by the Minister having Affairs economic in charge, responsible for search and find infringements to the provisions of articles 58/1, 58/2 and 58/3 of the Act of December 10, 2009. as part of their mission referred to in article 72 of the Act. "Section 6. -Changes of the Act of 16 June 2006 on public offers of investment instruments and admission of investment instruments to trading on regulated markets.
S.
119. in section 68bis, § 1, 1 ° of the law of 16 June 2006 on public offers of instruments of investment and the admission of investment instruments to trading on regulated markets, inserted by the royal decree of 3 March 2011 implementing the evolution of the structures of supervision of the financial sector, the words ", with the exception of electronic money institutions" are repealed.
Section 7. -Amendments to the payment Art. services act of December 10, 2009 120. in article 2 of the law of December 10, 2009 on payment services, the following changes are made: a) to the 2 °, paragraph 1, the b) is replaced by the following: 'b) the electronic money institutions as referred to in article 4, 31 °, of the law of December 21, 2009 on the status of payment and electronic money institutions institutions '. access to the activity of provider of payment services, the activity of issuing electronic money and access to payment systems; »;
(b) in point 2 °, paragraph 2, the words 'or recovering from the electronic currency to electronic currency holder' shall be inserted between the words "to a user of payment services" and the words "without authorisation";
(c) article is supplemented by the 29 ° to 33 °, worded as follows: ' 29 ° 'electronic money': a monetary value that is stored in an electronic form, including magnetic, representing a claim on the issuer which is issued against the receipt of funds for the purposes of payment transactions and which is accepted by a natural person or legal entity other than the issuer of electronic money;
30 ° "electronic money issuer": the issuer of Emoney as referred to in article 4, 32 ° of the law of December 21, 2009, relating to the status of settlements of payment and electronic money institutions, the access to the activity of provider of payment services, the business of issuing electronic money and access to payment systems;
31 ° 'electronic money institution': the electronic money institution as referred to in article 4, 31 ° of the Act;
32 ° "electronic money holder": a natural or legal person that delivers funds to an issuer of electronic money in Exchange for the issuance of electronic money by this transmitter;
33 ° "law of December 21, 2009": Act of December 21, 2009 on the status of payment institutions and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems. ».
S. 121 article 3, of the Act, is supplemented by paragraph 3, reading as follows: "§ § 3 3» This law is also applicable to the issuance and repayment of electronic money issuers of electronic money. » Art. 122. in article 44, § 2, paragraph 2, of the Act, 'European Union' shall be replaced by the words "EEE".
S. 123. in article 64, 11 °, of the Act, the words "37, §§ 1-4» are replaced by the words ' 37, §§ 1-3.
S. 124. in the Act, it is inserted a title III/1, entitled: ' title III/1. -Issuance and repayment of electronic money. » Art. 125. in title III/1, inserted by article 124, inserted a chapter 1, entitled "Chapter 1. -Issuance and repayment.
S.
126. in Chapter 1, inserted by article 125, there is inserted an article 58/1, as follows: «art.» 58/1. Electronic money issuers issue electronic money at par value against the receipt of funds. » Art. 127. in Chapter 1, inserted by article 125, there is inserted an article 58/2, as follows: art. 58/2. § 1. Issuers of electronic money refund, at the request of the electronic money holder, at any time and at face value, the monetary value of the electronic money held.
§ 2. The contract between the issuer of electronic money and electronic money holder clearly and prominently the repayment terms, including any costs y, and the electronic money holder is notified of these conditions before he is bound by a contract or an offer.
§ 3. Reimbursement cannot give rise to the collection of fees if the agreement in accordance with § 2 and only in one of the following cases: a) the refund is requested before the expiry of the contract;
b) the contract specifies an expiry date and the electronic money holder ended the contract before that date, or (c)) reimbursement is requested more than a year after the date of expiry of the contract.
The amount of the fees must be proportionate and in relation to the real costs borne by the issuer of electronic money.
The King may determine the criteria for determining the actual costs borne by the issuer of electronic money.

§ 4. When the refund is requested before the expiry of the contract, the electronic money holder may request repayment of electronic money in whole or in part.

§ 5. When reimbursement is requested by the electronic money holder on the date of expiry of the contract or within a period of one year after this: a) the total monetary value of the electronic money held shall be refunded or b) where the electronic money institution carries out one or more activities in accordance with article 77, § 1, of the Act of December 21, 2009 and that the proportion of funds that will be used in the form of electronic money is not known in advance all the funds which the refund is requested by the electronic money holder are reimbursed.
§ 6. Notwithstanding §§ 3 to 5, the right to reimbursement of persons, other than consumers, that accept the electronic money is subject to the contractual agreement between the issuers of electronic money and these people. » Art. 128. in title III/1, inserted by article 124, inserted a chapter 2, entitled "Chapter 2. -Prohibition of interests ".
S. 129. in Chapter 2, inserted by article 128 article be inserted a 58/3, worded as follows: «art.» 58/3. Issuers of electronic money may grant interest or any other benefit related to the duration during which the electronic money holder holds electronic money. ».
S. 130. in the Act, it is inserted an article 63/1 as follows: «art.» 63/1. In the event of non-compliance by the issuer of electronic money of the obligations arising out of article 58/2 and without prejudice to the sanctions of common law:-the electronic money holder is exempt from full right to the payment of any costs related to the refund;
-the electronic money holder may terminate without delay and free of charge or penalty, by letter recommended to the position and motivated, the contract of electronic currency and, where appropriate, the framework contract on payment services, from the time where he has knowledge or ought to have knowledge of failure to fulfil its obligations. » Art. 131. article 64 of the Act is supplemented by 20 ° as follows: '20 ° of articles 58/1-58/3 relating to the activity of issuing electronic money, the repayability of electronic money and the prohibition to grant interests.'
S. 132. in article 71 of the Act, the words "a payment service provider does not meet one or more provisions of this Act, they shall communicate these findings to the supervisory authority which has granted the authorization to offer payment services ', are replaced by the words" a payment service provider or an electronic money issuer does not meet one or several provisions of this Act. they communicate these findings to the supervisory authority which has granted the approval to offer payment services or issuing electronic money. » Art. 133. in section 75 of the Act, the following amendments are made: 1 ° 1st paragraph is replaced by the following: "in order to settle any disputes arising out of the present".

Act and by regulation 924/2009 of the European Parliament and of the Council of 16 September 2009 on cross-border payments in the community and repealing Council Regulation (EC) No 2560/2001, relating to the rights and obligations between respectively the users of payment services, electronic money holders and their payment service providers, their issuers of electronic money they establish a suitable procedure of complaints where the decisions by an independent body, can be accepted respectively by payment service providers and issuers of electronic money. »;
2 ° between paragraphs 1 and 2, are inserted two paragraphs, worded as follows: "the payment services provider or the issuer of electronic money, must either have acceded to such a system of handling complaints, or be a member of a professional association which had acceded to such a system. '' It shall contribute to the financing of the said system.
The King may create an extrajudicial complaints system respectively, firstly, payment service providers and issuers of electronic money and whose mission is to help resolve disputes between users of payment services and electronic money holders, and other stakeholders, including consumer associations by giving advice on the subject, or by acting as a mediator. »;
3 ° in paragraph 2 former, becoming paragraph 4, the words 'or the electronic money holder' shall be inserted between the words "payment service user" and the words "is a consumer.
Section 8. -Amendments to the Act of 28 July 2011 to implement various directives relating to the supervision of the financial sector and laying down various provisions art.
134 "in article 34, paragraph 3, of the Act of July 28, 2011 transposing various guidelines for the supervision of the financial sector and on the miscellaneous provisions,"2011"is replaced by «2012»
CHAPTER 2. -Transitional provisions and entry into force article 135 § 1. Electronic money institutions authorised in Belgium before the entry into force of this Act shall be approved for the purposes of the provisions of book 3 of the Act of December 21, 2009, introduced by this Act. They are inscribed on the list referred to in article 64 of the law of December 21, 2009.
§ 2. Electronic money institutions that benefited from an exemption prior to the entry into force of this Act are exempt from right to the application of the provisions of book 3 of the Act of December 21, 2009, introduced by this Act. They are inscribed on the list referred to in article 64 of the law of December 21, 2009.
§
3. Electronic money institutions approved and exempt corporations referred to in §§ 1 and 2 shall immediately notify the National Bank of Belgium the activities referred to in article 77, paragraph 2 of the law of December 21, 2009, as introduced by this Act, that they intend to exercise.
S. 136. this Act comes into force the day of its publication in the Moniteur belge.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given in Brussels, November 27, 2012.
ALBERT by the King: the Deputy Prime Minister and Minister of finance, S. VANACKERE Deputy Prime Minister and Minister of the economy, consumers and the North Sea, J. VANDE LANOTTE sealed with the seal of the State: the Minister of Justice, Mrs.
TURTELBOOM _ Note (1) Session 2011-2012.
House of representatives parliamentary Documents. -Bill, no. 53 - 2431/1. -Annex, no. 53-2431/2. -Amendments, no. 53-2431/3.
-Notice of the State Council, no. 53-2431/4. -Amendments, no. 53 - 2431/5 and 6. -Report on behalf of the Committee, no. 53-2431/7. -Text adopted by the commission, no. 53-2431/8. -Text adopted in plenary meeting and transmitted to the Senate, no. 53-2431/9.
Compte rendu intégral. -14 November 2012.
Senate parliamentary Documents. -Draft transmitted by the Chamber, no. 5-1841/1.
Annals. -26 November 2012.