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27 NOVEMBER 2012. - An Act to amend the Act of 21 December 2009 relating to the status of payment establishments, access to the activity of payment service provider and access to payment systems and other legislation to the extent that they relate to the status of payment institutions and electronic currency institutions and credit associations of the network of professional credit (1)

ALBERT II, King of the Belgians,
To all, present and to come, Hi.
The Chambers adopted and We sanction the following:
PART 1^er. - General provisions
Article 1^er. This Act regulates a matter referred to in Article 78 of the Constitution.
Art. 2. This Act transposes Directive 2009/110/EC of the European Parliament and the Council of 16 September 2009 on access to the activity of electronic currency institutions and its exercise and the prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC.
PART 2. - Amendments to the Act of 21 December 2009 relating to the status of payment institutions, access to the activity of payment service provider and access to payment systems
Art. 3. The title of the Act of 21 December 2009 relating to the status of payment institutions, access to the activity of payment service provider and access to payment systems, as amended by the Act of 28 July 2011 and the Royal Decree of 3 March 2011, is replaced by the following:
"Act of December 21, 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment services provider, electronic currency issuance activity and access to payment systems. »
Art. 4. In the same law, title 1^er is replaced by the following:
« LIVRE 1^er. - Subject. - Application field. - Definitions."
Art. 5. In section 2 of the Act, the following amendments are made:
1° in paragraph 1^erthe words "This Act" are replaced by the words "Book 2 of this Act";
2° the article is supplemented by a paragraph written as follows:
"Book 3 of this Act transposes the Directive 2009/110/EC of the European Parliament and the Council of 16 September 2009 on access to the activity of electronic currency institutions and its exercise and the prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/CE and repealing Directive 2000/46/EC. »
Art. 6. In section 3 of the Act, the following amendments are made:
1° in paragraph 1^erthe words "This Act" are replaced by the words "Book 2 of this Act";
2° the article is supplemented by a paragraph written as follows:
"Book 3 of this Act regulates the activity of issuing electronic currency, the status of electronic currency institutions, as well as the monitoring of compliance with the provisions of this Act and the orders and regulations made for its enforcement. »
Art. 7. In section 4 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
(a) in the 11th, the words "in the sense of Article 3, § 1^er, 7° of the banking law" are replaced by the words "as defined in section 4, 33°";
(b) the article is supplemented by the 29° to 37° written as follows:
"29° Directive 2009/110/EC: Directive 2009/110/EC of the European Parliament and the Council of 16 September 2009 on access to the activity of electronic currency institutions and its exercise, as well as the prudential supervision of these institutions, amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC;
30th Act of 10 December 2009: the Act of 10 December 2009 on payment services;
31° electronic currency establishment: an electronic currency issuer referred to in Book 3, Title 2;
32° electronic currency issuers: establishments and other entities referred to in section 59, whose activity is to issue electronic currency, as well as legal persons who receive an exemption under section 105;
33° electronic currency: a monetary value that is stored in an electronic form, including magnetic, representing a debt on the issuer, which is issued against the remittance for payment transactions within the meaning of section 4, 2° of this Act and is accepted by a natural or legal person other than the issuer of electronic currency;
34° electronic currency holder: a natural or legal person who remits funds to an electronic currency issuer in exchange for the issuance of electronic currency by that issuer;
Average of the electronic currency in circulation: the average of the total amount of the financial commitments related to the electronic currency issued at the end of each calendar day for the preceding six calendar months, calculated on the first calendar day of each calendar month and applied for the calendar month in question;
36° Distributor: a natural or legal person who distributes and/or reimburses electronic currency on behalf of an electronic currency establishment in accordance with section 76;
37° FSMA: the Autorité des services et marchés financiers referred to in section 44 of the Act of 2 August 2002 on financial sector surveillance and financial services. »;
38° working day: a day as defined in section 2, 17° of the law of 10 December 2009. By exception, for the purposes of articles 39, paragraph 1^er and 91, the concept of working day covers all day from Monday to Friday included. »
Art. 8. In the same law, a Book 2, containing articles 5 to 58, entitled “Book 2. - Status of payment institutions and access to the activity of payment service provider and payment systems".
Art. 9. In Book 2 of the same Law, inserted by Article 8 of this Law, a Title 1 is inserted^erincluding Article 5, entitled "ITTRE 1^er. - Payment Service Providers »
Art. 10. Section 5 of the Act, as amended by the Royal Decree of 3 March 2011 and by the Act of 28 July 2011, is replaced by the following:
“Art. 5. Without prejudice to the provisions governing the status of the following institutions or authorities, only payment services are allowed in Belgium:
1° Belgian credit institutions, credit institutions under the law of another EEA Member State, authorized to provide payment services in their State of origin, operating in Belgium under Articles 65 or 66 of the Banking Law, as well as branches of credit institutions under the law of a non-EEA State established in Belgium in accordance with Article 79 of the Banking Law;
2° the establishments of electronic currency of Belgian law, the establishments of electronic currency under the law of another Member State of the EEA and operating in Belgium under Article 91, as well as, for the payment services necessary for their electronic currency issuance activity, the branches of electronic currency establishments under the law of a non-member State of the EEA, established in Belgium under Book 3, Title 2, Chapter 3;
3° the anonymous public law company bpost;
4° the National Bank of Belgium and the European Central Bank, when they do not act as a monetary authority or other public authority;
5° Belgian federal, regional, community and local authorities, when they do not act as public authority;
6° the payment institutions referred to in Title 2, including legal persons with an exemption, total or partial, in accordance with section 48. "
Art. 11. In section 6 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1st paragraph 1^er is replaced by the following:
"Every Belgian legal entity intending to provide payment services in Belgium as a payment institution shall, before commencing its operations, be required to be accredited to the Bank, regardless of the other places of exercise of its activities. »;
2° the article is supplemented by a paragraph written as follows:
"Only payment establishments established in Belgium and payment establishments under the law of another EEA Member State operating in Belgium under the regime of the free provision of services under Article 39 are authorized to make public use in Belgium of the terms "payment institution", in particular in their social name, in the designation of their social object, 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 3 March 2011, the following amendments are made:
1° in the 4th, the words "for payment establishments that exercise, in addition to payment services, other activities within the meaning of section 21," are repealed.
2° the 12° is repealed.
Art. 13. In Article 8, paragraph 1^er the same Act, as amended by the Royal Decree of 3 March 2011, the words ", provided that it reaches a globally favourable assessment" are repealed.
Art. 14. In section 11, paragraph 2 of the Act, the word "cumulative" is repealed.
Art. 15. In section 14 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in § 3, a paragraph written as follows is inserted between paragraphs 3 and 4:
"They take the necessary measures to be able to have an adequate independent compliance function at all times, to ensure that the institution respects its directors, its effective officers, its employees and its agents, the rules of law relating to the integrity of the activity of the payment establishments. »;
2° in § 4, the words "and appropriate risk management function" are replaced by the words ", appropriate risk management function and adequate independent compliance function";
3° in § 5, paragraph 1, the words “of §§ 1^er, 2 and 3 are replaced by the words "§ 1^er, 2 and 3 and 23, paragraph 1^er(f)
4° in § 5, paragraph 2, the words “of §§ 1^er, 2 and 3 and 1^er of this paragraph shall be replaced by the words “§ 1^er, 2 and 3 of this section, paragraph 1^er of this paragraph and article 23, paragraph 1^er(f)
5° in § 5, paragraph 2 and § 6, the words ", if any through the audit committee" are repealed each time.
Art. 16. In section 21 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° § 1^er is replaced by the following:
"Payment institutions are authorized to carry out activities other than payment services, with the prior authorization of the Bank.
Without prejudice to section 25, last paragraph, if the Bank authorizes a payment institution to carry out activities other than payment services, the Bank may, for the purpose of sound and prudent management and control of the appropriate risks by the payment establishment, or for the purpose of appropriate prudential control of that institution, provide for certain additional conditions the exercise of activities other than the payment services or the activities referred to in § 2.
In addition, the Bank may require that payment services be housed in a separate legal entity of the entity carrying on other activities. »;
2° in the Dutch version, at § 2, 2°, the words "het exploiten van betalingssystemen" are replaced by the words "het beheer van betalingssystemen";
3° in § 4, paragraph 2, and in § 5, the words "in the meaning of Article 3, 7°, of the banking law" are repealed each time;
4° in § 6, paragraph 1, the words "except authorization of" are replaced by the words "except prior authorization of";
5° in § 6, paragraph 2, the words "and operation of payment systems" are replaced by the words "and management of payment systems".
Art. 17. In section 22 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in § 1^erParagraph 1^er, the words "When a payment institution carries out activities other than the payment services and the services referred to in Article 21, § 2, 1°, the funds received are replaced by the words "The funds received by a payment institution";
2° in § 1^erParagraph 1^er, c), the words "for an amount equal to the amount that would be disposed of in the absence of insurance, warranty or bail" are replaced by the words "for an amount that would have been allocated under point (b)".
3° the article is supplemented by a § 4 written as follows:
“§4. Without prejudice to the powers vested in the legal body of administration with regard to the determination of general policy, as provided for in the Code of Companies, the persons responsible for the effective management of the payment institution, if any the steering committee, shall take, under the supervision of the legal body of administration, the necessary measures to ensure compliance with § 1^er and 2.
The legal body of administration of the payment establishment must control at least once a year if the establishment complies with the provisions of §§ 1^er and 2 and paragraph 1^er and takes note of the appropriate measures taken.
Effective management, where appropriate, the steering committee, shall report at least once a year to the legal body of administration, the Bank and the authorized commissioner on compliance with paragraph 1^er and on the appropriate measures taken.
This information is forwarded to the Bank and to the approved Commissioner as the Bank determines. »
Art. 18. In section 28, paragraph 4 of the Act, as amended by the Royal Decree of 3 March 2011, the words "in sections 144 and 148 of the Code of Companies" are replaced by the words "in section 33, paragraph 1^er, 2°".
Art. 19. Article 33, paragraph 1^er, 1° of the same law, as replaced by the law of 28 July 2011, the words "in accordance with article 14, § 3, paragraph 1^er are replaced by the words "in accordance with articles 14, § 3, paragraph 1^er and 23, paragraph 1^er, f)".
Art. 20. In section 35 of the Act, as amended by the Royal Decree of 3 March 2011, the following amendments are made:
(a) § 1^er is replaced by the following:
« § 1^er. When the Bank finds that a payment institution does not operate in accordance with the provisions of this Act and the orders and regulations made for its execution, that its management or financial situation are likely to jeopardize the successful termination of its commitments or offer sufficient guarantees in respect of its creditworthiness, liquidity or profitability, whether its management structures, administrative or accounting organization, its network of agents or branches
If, at the end of this period, the situation has not been resolved, the Bank may:
1st appoint a special commissioner.
In this case, the written, general or special authorization of the institution is required for all acts and decisions of all organs of the institution, including the General Assembly, and for those of persons responsible for the management; However, the Bank may limit the scope of operations subject to authorization.
The Special Commissioner may submit to the deliberation of all organs of the institution, including the General Assembly, any proposals that he considers appropriate. The remuneration of the Special Commissioner is fixed by the Bank and supported by the institution.
Members of the administrative and management bodies and those responsible for the management who perform acts or make decisions without having obtained the required authorization from the Special Commissioner are responsible in solidarity with the resulting harm to the establishment or third parties.
If the Bank has published to the Belgian Monitor the designation of the Special Commissioner and specifies the acts and decisions submitted to the Bank's authorization, the acts and decisions taken without that authorization while required are null unless the Special Commissioner ratifies them. Under the same conditions, any decision of a general assembly made without obtaining the required authorization of the Special Commissioner is null unless the Special Commissioner ratifies it.
The Bank may designate an alternate commissioner.
2° suspend for the duration that it determines the direct or indirect exercise of all or part of the activity of the payment establishment or prohibit that exercise; the suspension may, to the extent determined by the Bank, involve the total or partial suspension of the performance of the contracts in progress.
The members of the administrative and management bodies and those responsible for the management who perform acts or make decisions in violation of the suspension are responsible in solidarity with the resulting harm to the payment institution or to third parties.
If the Bank has issued the suspension to the Belgian Monitor, the actions and decisions against it are null and void.
The Bank may, as well, enjoin a payment institution to assign any participations it holds, if any, in accordance with Article 21, § 6;
3° impose stricter requirements on solvency than those referred to in Article 17;
4° enjoin the replacement of the administrators or managers of the payment establishment within such time as it determines and, in the absence of such a replacement within that time limit, substitute one or more provisional directors or managers to all the administrative and management bodies of the establishment that have, as the case may be, the powers of the replaced persons. The Bank publishes its decision to the Belgian Monitor.
The remuneration of the director(s) or provisional manager is fixed by the Bank and supported by the payment establishment.
The Bank may, at any time, replace the director(s) or provisional manager(s), either on its own motion or at the request of a majority of shareholders or associates when warranting that the management of the persons concerned no longer presents the necessary guarantees;
5° revoke the approval. The Bank makes public, on its website, any decision to revoke an approval.
In the event of an extreme emergency, the Bank may adopt the measures referred to in this paragraph without prior adjustment. »
(b) in paragraph 3, paragraph 1^erthe words “§ 1^erParagraphs 1^er and 2, 1° are replaced by the words "§ 1^erParagraphs 1^er and 2, 2°".
Art. 21. Article 40 of the same law, as amended by the Royal Decree of 3 March 2011, whose current text will form § 1^er, is supplemented by § 2 written as follows:
“§2. The executives of the branch report at least once a year to the Bank and the approved reviewer or the approved reviewer company on the adequacy of the internal control measures adopted by the branches to comply with the provisions applicable under § 1^er. »
Art. 22. Section 48 of the Act, as amended by the Royal Decree of 3 March 2011, is replaced by the following:
« § 1^er. The Bank may exempt from the application of all or part of the provisions of this Book and its enforcement orders the legal persons:
1° whose average total amount, for the preceding twelve months, of the payment transactions carried out by them, or by any agent of which they assume full responsibility, does not exceed 3.000.000 euros over a month. This criterion is assessed against the total planned amount of payment transactions in their business plan, and subject to any adjustment of the plan required by the Bank; and
2° of which none of the natural persons responsible for the management or exercise of the activity was sentenced for offences related to money laundering, the financing of terrorism or referred to in Article 19, § 1^er, 1° and 2° of banking law.
The Bank cannot exempt these legal persons from the application of sections 21 and 22.
§ 2. Legal persons referred to in § 1^er, which are exempted, are registered in the registry referred to in section 9. Section 9 applies by analogy to these legal persons with respect to the information provided on the Bank's website and their regular update. Without prejudice to § 1^er, last paragraph, the website states that these legal persons are granted an exemption, total or partial, pursuant to this section.
§ 3. Legal persons with an exemption granted under § 1^er :
1° must have their central administration in Belgium, and effectively carry out their payment services activities in Belgian territory;
2° do not benefit from the mutual recognition regime provided for in Article 39;
3° inform the Bank of any changes in their situation affecting the conditions set out in § 1^er and report periodically to the Bank, on the average total amount, for the preceding 12 months, of the payment transactions carried out by them, or by any agent of which they bear the entire responsibility. The Bank determines the frequency of this report;
4° shall apply the provisions of the Act of 11 January 1993 on the prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism that are applicable to payment institutions, and the decrees and regulations made for its execution.
§ 4. The King may provide that a legal person with an exemption granted under § 1^er may exercise only some of the activities listed in Article 21, §§ 1^er 3.
§ 5. When the conditions set out in §§ 1^er, and 3, 1° are no longer completed, exempt legal persons apply for approval within thirty calendar days in accordance with Articles 6 et seq.
Institutions that have not requested approval within this period are prohibited, in accordance with Article 5, to provide payment services in Belgium. "
Art. 23. In section 51 of the Act, the following amendments are made:
(a) in 2°, the words ", subparagraphs 1^er and 2" are repealed;
(b) in the 8th, the words "in accordance with Article 35, § 1^er, paragraph 2, 1° are replaced by the words "in accordance with Article 35, § 1^er2°.
Art. 24. In section 58 of the Act, as amended by the Royal Decree of 3 March 2011, the words "This Act" are replaced by the words "This Book".
Art. 25. In the same law, it is inserted a Book 3, entitled "LIVRE 3 - Access to electronic currency issuance activity and status of electronic currency institutions".
Art. 26. In Book 3 of the same Law, inserted by Article 25, a Title 1^erentitled “ITTRE 1^er. - Electronic currency transmitters."
Art. 27. In Book 3, Title 1^er of the same law, inserted by section 26, an article 59 is inserted as follows:
"Art. 59. Without prejudice to the provisions governing the status of the institutions or authorities set out below, only electronic currency issuance activity may be carried out in Belgium:
1° Belgian credit institutions, credit institutions under the law of another EEA Member State, authorized to issue electronic currency in their State of origin and operating in Belgium under Articles 65 or 66 of the Banking Law, branch offices of credit institutions under the law of a non-EEA State established in Belgium in accordance with Article 79 of the Banking Law;
2° the establishments of electronic currency of Belgian law, the establishments of electronic currency under the law of another member State of the EEA and operating in Belgium under Article 91, the branches of electronic currency establishments under the law of a non-member State of the EEA, established in Belgium pursuant to Book 3, Title 2, Chapter 3, as well as legal persons granted an exemption, in accordance with Article 105;
3° the anonymous public law company bpost;
4° the Bank and the European Central Bank, when they do not act as a monetary authority or other public authority;
5° the Belgian federal, regional, community and local authorities, when acting as public authority. "
Art. 28. In the same title 1^er, an article 60 is inserted as follows:
"Art. 60. § 1^er. This Act does not apply to the monetary value stored on instruments that cannot be used, for the acquisition of goods or services, only in the premises used by the issuer or, as part of a commercial agreement with the issuer, within a limited network of service providers or for a limited range of goods or services.
§ 2. This Act does not apply to the monetary value used to perform payment transactions carried out by a telecommunications device or other digital or computer device, where the goods or services purchased are delivered and must be used by means of a telecommunications device or a digital or computer device, provided that the operator of the telecommunications, digital or computer system does not act solely as an intermediary between the carrier and the supplier »
Art. 29. In Book 3 of the same Act, inserted by Article 25, a Title 2, titled "ITTRE 2. - Electronic currency institutions."
Art. 30. In Book 3, Title 2 of the same Law, inserted by Article 29, it is inserted a Chapter 1^erentitled “Chapter 1^er. - Institutions of electronic currency of Belgian law".
Art. 31. In Book 3, Title 2, Chapter 1^er of the same Act, inserted by section 30, a section 1 entitled "Section 1^re. - Requirement of approval."
Art. 32. In Book 3, Title 2, Chapter 1^er, Section 1^re of the same law, inserted by section 28, an article 61 is inserted as follows:
"Art. 61. Any Belgian legal entity intending to issue electronic currency in Belgium as an electronic currency institution shall, before commencing its operations, be required to be aggregated with the Bank, regardless of the other places of exercise of its activities.
Only institutions of electronic currency of Belgian law, electronic currency institutions under the law of another EEA Member State operating in Belgium under Article 91, as well as branches of electronic currency institutions under the law of a non-member State of the EEA, established in Belgium in accordance with Article 99 are authorized to make public use in Belgium of the terms "electronic currency establishment", in particular in their name, "
Art. 33. In the same section 1^re, an article 62 is inserted as follows:
"Art. 62. § 1^er. The application for approval is accompanied by the following information:
1° a programme of activities indicating the activities envisaged and, where applicable, other activities referred to in Article 77, §§ 1^er and 2;
2° a business plan including a financial program for the first three fiscal years, demonstrating that the applicant has, in order to ensure sound management in the issue of electronic currency, systems, resources and procedures appropriate to the activities that the applicant carries out or intends to carry out;
3° evidence that the applicant has the initial capital referred to in section 66;
4° a description of the measures taken by the establishment in accordance with Article 78, § 1^erto protect funds received in exchange for the emitted electronic currency;
5° a description of the device established by the applicant on the plan of the corporate government and of the internal control mechanisms, including the procedures for administrative and accounting organization and risk management, which demonstrates compliance with section 69, §§ 1^er to 3;
6° a description of the internal control mechanisms that the applicant has put in place to comply, where appropriate, with the obligations set out in Regulation (EC) No 1781/2006 of the European Parliament and the Council of 15 November 2006 relating to information concerning the donor accompanying transfers of funds and to the Act of 11 January 1993 on the prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism;
7° a description of the applicant's structural organization, including, where appropriate, a description of the proposed use of distributors, agents and branches and a description of the outsourcing agreements, as well as its participation in a national or international payment system;
8° the identity of natural or legal persons holding directly or indirectly a qualified participation within the meaning of Article 3, § 1^er, 3° of the bank law in the capital of the applicant, the size of their participation in fractions of capital and voting rights, as well as the proof of their qualities, necessary in view of the need to guarantee a sound and prudent management of the establishment of electronic currency.
The voting rights shall be calculated in accordance with the provisions of the Act of 2 May 2007 on the advertisement of significant participations in issuers whose shares are allowed to negotiate on a regulated market and bearing various provisions, and in accordance with the provisions of its enforcement orders;
9° the identity of persons participating in the administration or management of the electronic currency establishment, as well as persons participating in the effective direction of the electronic currency issuance activity, and, where applicable, payment services, in the establishment of electronic currency and proof of their professional honourability, expertise and appropriate experience within the meaning of section 68;
10° the identity of the auditor(s)-revisor(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^er, 4°, 5° and 7°, the applicant shall provide a description of the provisions for internal audit and organization that it has arrested in order to take reasonable measures to protect the interests of electronic currency holders and, where applicable, users of payment services and to ensure the continuity and reliability of its electronic currency issuance activity, and, where applicable, the provision of payment services.
The applicant shall provide to the Bank, at the request of the Bank, any additional information to enable the Bank to verify whether the applicant meets the conditions referred to in paragraph 1^er and 2 to allow it to conduct an appropriate evaluation.
§ 2. The Bank shall decide on the application for approval on the advice of the MSDS regarding the professional honesty of natural persons who are called to participate in the administration, management or effective management of the electronic currency establishment, if such persons are first proposed for such a function in a financial enterprise controlled by the Bank pursuant to section 36/2 of the Act of 22 February 1998.
FSMA shall notify the Bank within one week of receipt of the notice request. In the absence of a notice by the MSDS within that time limit, the Bank may make a decision. "
Art. 34. In the same section, an article 63 is inserted as follows:
"Art. 63. The Bank grants the required approval to institutions that meet the requirements of section 62 and section 2.
Within three months of the submission of the complete file, the Bank shall decide on the application and make its decision to the applicant by registered letter or with acknowledgement of receipt.
The Bank may, in the light of the need to ensure sound and prudent management of the establishment, provide for the approval of certain activities. »
Art. 35. In the same section 1^re, an article 64 is inserted as follows:
"Art. 64. Electronic currency establishments under this chapter are registered on a list maintained by the Bank. The Bank publishes on its website the list of electronic currency institutions to which it has granted approval. The Bank regularly updates the information provided on its website.
The list referred to in paragraph 1^er indicates for each electronic currency institution at least the following information:
- where applicable, the payment services for which the benefit is considered;
- 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^er of the same Act, inserted by section 30, a section 2 entitled "Section 2. - Conditions of accreditation."
Art. 37. In Book 3, Title 2, Chapter 1^er, Section 2 of the Act, inserted by section 36, inserts section 65, as follows:
"Art. 65. Electronic currency institutions of Belgian law must be constituted in the form of a commercial corporation, with the exception of the form of a private limited liability corporation constituted by a single person".
Art. 38. In the same section 2, an article 66 is inserted as follows:
"Art. 66. Any electronic currency establishment must, at the time of registration, have a capital of at least 350,000 euros.
For the calculation of the initial capital referred to in paragraph 1^er, the following elements are taken into account: the released capital, the emission premiums, the reserves and the deferred result, excluding, where applicable, preferential shares and re-evaluation reserves, and after deduction of deferred losses and goodwill. "
Art. 39. In the same section 2, an article 67 is inserted as follows:
"Art. 67. Accreditation is refused if the Bank has reasons to consider that the natural or legal persons referred to in Article 62, § 1^erParagraph 1^er, 8°, do not present the qualities necessary to ensure a healthy and prudent management of electronic currency establishment. "
Art. 40. In the same section 2, an article 68 is inserted as follows:
"Art. 68. § 1^er. The effective management of the electronic currency establishment must be entrusted to at least two physical persons.
Those involved in the administration or management of the electronic currency establishment, as well as those involved in the effective management of the electronic currency issuance activity and, where appropriate, payment services in the electronic currency establishment, must have the professional, expertise and experience necessary to carry out their duties in the issue of electronic currency and, where appropriate, payment services.
§ 2. Article 19 of the Banking Law is applicable. »
Art. 41. In the same section 2, an article 69 is inserted as follows:
"Art. 69. § 1^er. Electronic currency institutions must have a management structure, an administrative and accounting organization, control and security mechanisms in the IT field and an internal control, appropriate to the issuance of electronic currency, payment services and the activities referred to in Article 77, § 2, which they exercise or intend to exercise.
They take into account the nature, volume and complexity of these activities, as well as the risks associated with them.
§ 2. Electronic currency institutions must have an adequate management structure, including the following: a coherent and transparent organizational structure, providing adequate separation of functions; a well-defined, transparent and coherent accountability framework; and adequate procedures for the identification, measurement, management, monitoring and internal reporting of significant risks incurred by the establishment of electronic currency because of the activities it carries out or intends to carry out.
§ 3. Electronic currency institutions must organize adequate internal control, which is evaluated at least once a year. With respect to their administrative and accounting organization, they must organize an internal control system that provides a reasonable degree of certainty as to the reliability of the financial reporting process, so that the annual accounts are consistent with the existing accounting regulations.
Electronic currency institutions take the necessary measures to be able to have an adequate independent internal audit function on an ongoing basis.
Electronic currency institutions develop an adequate integrity policy, which is regularly updated.
They take the necessary measures to be able to have an adequate independent compliance function at all times, to ensure that the institution respects its directors, its effective officers, its employees and its agents, the rules of law relating to the integrity of the activity of electronic currency institutions.
Electronic currency institutions must have an adequate independent risk management function.
§ 4. The Bank may, without prejudice to the provisions of §§ 1^er, 2 and 3, specify what should be heard by appropriate management structure, adequate internal control, adequate independent audit function, adequate integrity policy, adequate risk management function and adequate independent compliance function.
§ 5. Without prejudice to the powers vested in the legal body of administration with regard to the determination of general policy, as provided for in the Code of Companies, the persons responsible for the effective management of the establishment of electronic currency, if any the steering committee, shall take, under the supervision of the legal body of administration, the necessary measures to ensure compliance with § 1^er, 2 and 3 and 79, paragraph 1^er, f).
The legal authority for the administration of the electronic currency establishment must control at least once a year if the establishment complies with the provisions of §§ 1^er, 2 and 3 of this section, paragraph 1^er of this paragraph and article 79, paragraph 1^er(f) and takes note of the appropriate measures taken.
Effective management, where appropriate, the steering committee, shall report at least once a year to the legal body of administration, the Bank and the authorized commissioner on compliance with paragraph 1^er and on the appropriate measures taken.
This information is forwarded to the Bank and to the approved Commissioner as the Bank determines.
§ 6. The Authorized Commissioner shall, in due course, address to the legal body of administration, a report on important issues arising in the exercise of his legal oversight mission, and in particular on the serious deficiencies found in the financial reporting process concerning the activities of e-mail issuance, payment services and the activities referred to in Article 77, § 2, 2°.
§ 7. If there are close links between the establishment of electronic currency and other natural or legal persons, these links cannot hinder the exercise of the prudential control of the establishment of electronic currency.
If the establishment of an electronic currency has close ties with a natural or legal person under the law of a non-EEA State, the legislative, regulatory and administrative provisions applicable to that person or their implementation cannot hinder the exercise of the prudential control of the electronic currency establishment. "
Art. 42. In the same section 2, an article 70 is inserted as follows:
"Art. 70. The central administration of the electronic currency establishment must be established in Belgium. "
Art. 43. In Book 3, Title 2, Chapter 1^er of the same Act, inserted by section 30, a section 3 entitled "Section 3. - Conditions of activity".
Art. 44. In Book 3, Title 2, Chapter 1^er, Section 3 of the Act, inserted by section 43, an article 71 is inserted as follows:
"Art. 71. Electronic currency institutions are required to meet the requirements of articles 65, 68, 69 and 70 at any time.
Where the information provided for the purposes of the application for approval under section 62 is subject to change, the electronic currency establishment shall promptly inform the Bank. "
Art. 45. In the same section 3, an article 72 is inserted as follows:
"Art. 72. § 1^er. The equity of an electronic currency institution cannot at any time become less than the amount of capital required under section 66.
§ 2. The Bank determines, in accordance with the provisions of Directive 2009/110/EC, by regulation, the solvency obligations that must be met by all electronic currency establishments or by category of electronic currency establishments both with respect to their electronic currency issuance activity, and with respect to their activities referred to in Article 77, § 2, 1°, which are not related to the issue of electronic currency. With respect to these activities, the Regulations may provide different methods for calculating solvency obligations and the Bank is authorized to specify which method is applicable to one or more electronic currency establishments or to one or more categories of electronic currency establishments.
When an electronic currency institution is part of a group with other electronic currency institutions, payment institutions or regulated companies, the Bank shall take steps to avoid duplication of equity within the group. The Bank may specify how to calculate the multiple use of equity. This paragraph shall apply by analogy when an electronic currency establishment exercises directly or indirectly other activities other than the issuance of electronic currency referred to in section 77.
Without prejudice to solvency obligations under § 1^er and sub-items 1^er and 2, the Bank may take additional measures in the case of an electronic currency institution that operates directly or indirectly other activities other than the provision of payment services and the issuance of electronic currency referred to in section 77, where such other activities adversely affect or may affect the financial strength of the electronic currency establishment.
In special cases, the Bank may authorize derogations based on the provisions of the regulations under this section.
The regulations referred to in paragraph 1^er are taken in accordance with Article 12bis, § 2, of the Law of 22 February 1998. "
Art. 46. In the same section 3, an article 73 is inserted as follows:
"Art. 73. § 1^er. Without prejudice to section 67 and the Act of 2 May 2007 relating to the advertisement of important participations, any natural and legal person who has made the decision, either to acquire or give, directly or indirectly, qualified participation within the meaning of Article 3, § 1^er, 3° of the banking law in an electronic currency institution of Belgian law, either to increase or reduce, directly or indirectly, this qualified participation in such a way that the proportion of shares of capital or voting rights held would reach, exceed or become less than the thresholds of 20%, 30% or 50% or that the electronic currency establishment would become its subsidiary or cease to be, is required to notify the bank of the amount referred to in §
§ 2. The Bank assesses whether the influence of persons referred to in § 1^er is likely to be at the expense of a healthy and prudent management of the facility. This evaluation is based on all of the following criteria:
(a) the reputation of the acquirer candidate;
(b) the reputation and experience of any person referred to in Article 62, § 1^er, 9° that will manage the activities of the electronic currency establishment following the proposed transaction;
(c) the financial strength of the winning candidate, particularly in the light of the type of activities carried out and envisaged in the electronic currency establishment referred to in the proposed transaction;
(d) the ability of the electronic currency establishment to comply with and continue to comply with the prudential obligations under this Act and the orders and regulations made pursuant to this Act, in particular whether the group to which it belongs has a structure that allows for effective monitoring, to effectively exchange information between the competent authorities and to determine the sharing of responsibilities between the competent authorities;
(e) the existence of reasonable grounds to suspect that an operation or attempt to laundering capital or financing terrorism within the meaning of section 1^er the 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 money laundering and the financing of terrorism is in progress or has taken place in connection with the proposed transaction, or that the envisaged transaction could increase the risk of the operation.
The Bank conducts the assessment referred to in paragraph 1^er in full consultation with any other competent authority concerned, or, as the case may be, with the MSDS, if the applicant acquires:
(a) a credit institution, an insurance company, a reinsurance company, an investment company or a collective investment organization management company approved in another Member State, or, as the case may be, by the MSDS;
(b) the parent company of a company with one of the qualities referred to in (a);
(c) a natural or legal person controlling a company having one of the qualities referred to in (a);
§ 3. Where, on the basis of the assessment referred to in § 2, the Bank has reason to consider that the influence of the persons referred to in § 1^er is likely to jeopardize the sound and prudent management of the facility, it may oppose the completion of the planned operation.
The Bank's decision shall be notified to the establishment of electronic currency by registered letter or with acknowledgement of receipt no later than two months after the notification referred to in § 1 is received.^er.
§ 4. In case of forbearance to make the prior notification prescribed in § 1^er, or in the event of the acquisition, increase or transfer of an interest despite the opposition of the Bank referred to in § 3, the Bank may:
(1) suspend the exercise of the voting rights attached to the shares or shares held by the shareholder or partner in question; it may, at the request of any interested person, grant the lifting of the measures ordered by it; its decision is notified in the most appropriate manner to the shareholder or partner in question; its decision is enforceable as soon as it has been notified; the Bank may make its decision public;
2° give injunction to the shareholder or partner in question to assign, within the time limit fixed, the rights of associate he holds.
In the absence of an assignment within the specified time limit, the Bank may order the sequestration of the rights of partners from any institution or person it determines. The receiver informs the establishment of electronic currency which accordingly amends the register of shares or shares of nominative partners and which only accepts the exercise of the rights attached to it by the sole receiver. It acts in the interest of sound and prudent management of electronic currency establishment and in that of the holder of the rights of associates who have been the subject of the receiver. He exercises all rights attached to the shares or shares of partners. The amount paid by the holder for the dividend or any other title shall only be paid by him if the holder has satisfied the injunction referred to in paragraph 1^erTwo. The subscription to capital increases or other securities conferring or not the right to vote, the option for dividends payable in the corporation's securities, the response to public tenders for acquisition or exchange and the release of unreleased securities are subject to the agreement of the above-mentioned holder. The rights of associates acquired under these operations are, in full right, the subject of the receiver provided above. The remuneration of the receiver is fixed by the Bank and is borne by the holder mentioned above. The receiver may charge such remuneration on the amounts paid to it as a receiver or the holder referred to above for the purposes or as a consequence of the above transactions.
When voting rights have been exercised by the original holder or by a person other than the receiver, acting on behalf of the holder after the expiry of the time limit set in accordance with paragraph 1^er, 2°, first sentence, notwithstanding a suspension of their exercise in accordance with paragraph 1^er, 1°, the commercial court in whose jurisdiction the company has its seat may, upon request of the Bank, declare the nullity of all or part of the proceedings of the general assembly if, without the illegally exercised voting rights, the quorums of presence or majority required by the said deliberations would not have been gathered;
3° ask the president of the trade tribunal in whose jurisdiction the electronic currency establishment has its seat, deciding as a reference, to pronounce the cancellation of all or part of the votes cast by the purchaser or the shareholder concerned. The procedure is initiated by a quotation from the Bank. Article 516, § 3 of the Corporate Code is applicable.
§ 5. Where the Bank has reasons to consider that the influence of a natural or legal person holding, directly or indirectly, qualified participation in an electronic currency establishment is likely to compromise its sound and prudent management, and without prejudice to the other measures provided for in this Act, it may take the measures referred to in § 4, 1 and 2°. "
Art. 47. In the same section 3, an article 74 is inserted as follows:
"Art. 74. Mergers between electronic currency institutions and mergers between electronic currency institutions and other financial institutions are subject to the Bank's authorization.
For the purposes of this section, amalgamations, assignments of activity and assignments of the whole or part of the network shall be.
The Bank can only refuse authorization within three months of the prior notification made to it of the project with presentation of a complete file, and for reasons consistent with the sound and prudent management of the electronic currency establishment. If it does not intervene within the time limit set out above, the authorization is deemed to be acquired. »
Art. 48. In the same section 3, an article 75 is inserted as follows:
"Art. 75. The electronic currency establishment that plans to open a branch in the territory of another EEA Member State to conduct an electronic currency issuance activity, or plans to conduct an electronic currency issuance activity in the territory of another EEA Member State without establishing a branch, notifies its intention to the Bank.
This notification is accompanied by a programme of activities in which, in particular, the activities envisaged and, where applicable, the other activities referred to in Article 77, § 2, and, in the case of the establishment of a branch, the structure of the branch organization, the domicile of correspondence in the State concerned and the name of the officers of the branch.
The Bank may object to the completion of the project by decision based on the adverse impact of the opening of the branch on the organization, financial situation or control of the electronic currency establishment.
The Bank's decision shall be notified to the establishment of electronic currency by registered letter or with acknowledgement of receipt no later than four weeks after the receipt of the complete file including the information provided in paragraph 2.
As long as it does not formulate an objection, the Bank shall, within one month of receipt of the notification referred to in paragraph 1^erthe information referred to in paragraph 2 to the authority responsible for the control of electronic currency institutions in the country concerned.
This section also applies, with the exception of paragraph 5, to the opening of branches in a non-EEA State, regardless of the activities that these branches intend to operate. In this case, the Bank may agree with the control authority of the electronic currency institutions of that State the terms and conditions for the opening and control of the branch and the exchange of information desirable between the two authorities.
The electronic currency establishment that opened a branch abroad shall notify the Bank at least one month in advance of changes affecting the information provided under paragraph 2. »
Art. 49. In the same section 3, an article 76 is inserted as follows:
"Art. 76. § 1^er. Without prejudice to section 63, paragraph 3, electronic currency institutions are authorized to distribute and refund electronic currency through distributors.
§ 2. Where an electronic currency establishment wishes to distribute electronic currency in another EEA Member State through a distributor established in that State, section 75 shall apply by analogy.
§ 3. Electronic currency institutions are authorized to provide the payment services referred to in Article 77, § 2, 1°, through agents. In this case, section 20 applies by analogy.
Electronic currency institutions are not allowed to issue electronic currency through agents.
§ 4. Electronic currency institutions are fully responsible for the actions of their distributors and agents. »
Art. 50. In the same section 3, an article 77 is inserted as follows:
"Art. 77. § 1^er. Electronic currency institutions are authorized to carry out activities other than electronic currency issuance, with the prior authorization of the Bank.
Without prejudice to Article 81, § 3, if the Bank authorizes an electronic currency institution to carry out activities other than the issuance of electronic currency, it may, for the purpose of sound and prudent management and appropriate risk control by the establishment of electronic currency, or for the needs of a cautious control adapted to the said institution, provide for certain additional conditions the exercise of activities other than the issuance of electronic currency §
In addition, the Bank may require that the exercise of the electronic currency issuance activity and, where applicable, payment services be housed in a separate legal entity of the entity carrying on other activities.
§ 2. By derogation from § 1^erParagraph 1^er, and without prejudice to Article 72, § 2, paragraph 3, e-currency institutions are also authorized to carry out the following activities:
1° the provision of payment services listed in Appendix I^re of this Act;
2° the provision of operational and auxiliary services closely related to the issuance of electronic currency or the provision of payment services referred to in point 1°;
3° the management of payment systems, without prejudice to section 49;
§ 3. Electronic currency institutions may not issue a credit related to payment services referred to in items 4, 5 or 7 of Schedule I^re of this Act only under the conditions referred to in Article 21, § 3.
The credits referred to in paragraph 1^er cannot be granted on the basis of funds received in exchange for electronic currency and held in accordance with Article 78, § 1^er.
§ 4. Electronic currency institutions are not authorized to carry out the receipt activity of money deposits or other refundable funds within the meaning of section 1^er Bank law.
§ 5. Funds received from electronic currency holders by electronic currency institutions are exchanged without delay against electronic currency.
These funds are not deposits or other repayable funds within the meaning of section 1^er the bank law, provided that the obligation referred to in the preceding paragraph is met.
÷ failure to comply with the obligation referred to in paragraph 1^er, the receipt of these funds is assimilated to a receipt of deposits of money or other illicit reimbursable funds in violation of § 4 and article 68bis of the Act of 16 June 2006 on public tenders of investment instruments and admissions of investment instruments to negotiations in regulated markets.
§ 6. Section 21, §§ 4 and 5 applies to funds received in the activities referred to in § 2, 1°, which are not related to the activity of e-money issuance.
§ 7. Electronic currency institutions may not, except prior authorization from the Bank, hold interest in commercial companies or borrowed the form of a commercial corporation.
Prohibition referred to in paragraph 1^er does not apply to participations in companies operating in whole or in part of the activities relating to the issuance of electronic currency, payment services, auxiliary services to the issuance of electronic currency or the provision of payment services, or the management of payment systems, referred to in § 2, or in companies whose purpose is primarily to hold participations in such companies.
With a view to sound and prudent management and adequate risk control, the Bank can subject participation to conditions. "
Art. 51. In the same section 3, an article 78 is inserted as follows:
"Art. 78. § 1^er. Funds received by an electronic currency institution in exchange for the emitted electronic currency shall:
(a) be distinctly identified in accounting and never mixed with other funds, and
(b) where these funds are still held by the establishment of electronic currency at the end of the working day following the day they were received:
(i) be deposited in a separate global or individualized account with one or more entities having the status of credit institution under the right of a member state of the EEA, or of credit institution established in the EEA and falling under the right of a non-member State of the EEA, or
(ii) be invested in low-risk, liquid and safe assets, as defined by the Bank, in accordance with the provisions of Article 7.2. of Directive 2009/110/EC by regulation;
(c) or to be covered, in a manner deemed satisfactory by the Bank, by insurance, guarantee or bond of an insurance company or credit institution under the law of a member State of the EEA or having an institution in the EEA and falling under the right of a non-member State of the EEA, which insurance company or which credit institution may not belong to the same group
Entities referred to in paragraph 1^er, (b), (i) may not, on the funds deposited in a separate account, assert any right arising out of any specific claims on the establishment of electronic currency that has opened that account. Similarly, these accounts and their balances are not subject to any arrest by creditors of the electronic currency establishment.
The Bank may authorize the funds referred to in paragraph 1^er, (b), be deposited with a credit institution under the law of a non-EEA State and does not have an establishment in the EEA, or the insurance, guarantees or bonds referred to in paragraph 1^er, c), be provided by an insurance company or a credit institution under the law of a non-EEA State and does not have an establishment in the EEA, if that credit institution or insurance company is subject to a control exercised by a control authority that is equivalent to the prudential control of credit institutions and insurance companies defined in the European regulations.
When the electronic currency is acquired by means of a payment instrument, the protection of funds received in exchange for the electronic currency shall be ensured only from the time the funds are credited to the payment account of the electronic currency establishment or made by any other means available to the electronic currency establishment, if any, in accordance with the enforcement period provisions set out in the Act of 10 December 2009. In any event, these funds must be protected no later than five working days after the issuance of the electronic currency.
The regulations referred to in paragraph 1^er, point (b), (ii) are taken in accordance with Article 12bis, § 2, of the Law of 22 February 1998.
§ 2. Where a portion of the funds received in exchange for the emitted electronic currency is potentially intended to be used in other activities of the electronic currency establishment, that part of the funds does not fall within the obligations under § 1^er. If this part is variable or cannot be determined in advance, electronic currency institutions may calculate this amount by assuming that a representative part of the funds will be used for the issuance of electronic currency, provided that, based on historical data, it is reasonably possible to estimate this representative part in a manner deemed satisfactory by the Bank.
§ 3. Article 22 applies to electronic currency institutions for the activities referred to in Article 77, § 2, 1° that are not related to the activity of e-money issuance.
§ 4. In the event of insolvency proceedings against the establishment of electronic currency, the species deposited in a separate account under § 1^erParagraph 1^er(a) and (b) are assigned by special privilege to the reimbursement of funds received in exchange for the electronic currency issued.
§ 5. Electronic currency institutions shall inform the Bank in advance of any significant change affecting the measures taken pursuant to § 1^er. »
§ 6. Without prejudice to the powers vested in the legal body of administration with regard to the determination of general policy, as provided for in the Code of Companies, the persons responsible for the effective management of the establishment of electronic currency, if any the steering committee, shall take, under the supervision of the legal body of administration, the necessary measures to ensure compliance with § 1^er and 2.
The legal authority for the administration of the electronic currency establishment must control at least once a year if the establishment complies with the provisions of §§ 1^er and 2 and paragraph 1^er and takes note of the appropriate measures taken.
Effective management, where appropriate, the steering committee, shall report at least once a year to the legal body of administration, the Bank and the authorized commissioner on compliance with paragraph 1^er and on the appropriate measures taken.
This information is forwarded to the Bank and to the approved Commissioner as the Bank determines. »
Art. 52. In the same section 3, an article 79 is inserted as follows:
"Art. 79. Electronic currency institutions cannot outsource important operational tasks related to the e-currency activity, or the provision of payment services only under the following conditions:
(a) they inform the Bank beforehand;
(b) the outsourcing does not entail any delegation of the responsibility of the general management of the electronic currency establishment;
(c) the relationship between the establishment of electronic currency with electronic currency holders and its obligations under this Act and the orders and regulations made pursuant to this Act are not amended;
(d) compliance with the conditions that electronic currency establishment is required to complete to receive and retain its approval is not altered;
(e) none of the other conditions to which the approval of the electronic currency establishment has been subordinated is deleted or amended;
(f) the outsourcing cannot be done in a manner that seriously undermines the quality of the internal control of the electronic currency establishment and prevents the Bank from controlling the compliance by electronic currency establishment of its obligations.
In the outsourcing of activities, electronic currency institutions remain fully responsible for the actions of the service provider. »
Art. 53. In the same section 3, an article 80 is inserted as follows:
"Art. 80. Electronic currency institutions regularly communicate to the Bank a detailed financial situation. It is established in accordance with the rules established by the Bank, which also determines its frequency. In addition, the Bank may prescribe the regular transmission of other encrypted or descriptive information necessary to verify compliance with the provisions of this Act or the orders and regulations made pursuant to these Acts.
The effective management of the electronic currency establishment, if any the steering committee, declares to the Bank that the above-mentioned periodical statements transmitted to it by the establishment, if any, at the end of the first social semester and in any event at the end of the social year, are in accordance with accounting and inventories. For this purpose, it is required that the periodic reports be complete, i.e. that they mention all the data in the accounting and in the inventories on which they are established, and that they are correct, i.e. that they correspond exactly with the accounting and with the inventories on which they are established. Effective management confirms that it has made the necessary steps to ensure that the above-mentioned statements are prepared in accordance with the Bank's current instructions, as well as through the application of the accounting and evaluation rules for the preparation of the annual accounts, or, in respect of the periodic reports that do not relate to the end of the fiscal year, by applying the accounting and evaluation rules that presided over the preparation of the annual accounts for the last fiscal year.
The King shall determine, on the advice of the Bank, for all electronic currency establishments or by category of electronic currency establishments:
1° the rules that electronic currency institutions maintain their accounting, conduct inventory assessments and prepare and publish their annual accounts;
2° the rules to be followed by electronic currency institutions for the establishment, control and publication of their consolidated accounts, as well as for the preparation and publication of management and control reports relating to these consolidated accounts.
The Bank may, for certain categories of electronic currency establishments or in special cases, authorize derogations based on orders and regulations referred to in paragraphs 1^er and 3, for all electronic currency institutions in comparable circumstances.
Electronic currency institutions file their annual accounts and consolidated accounts with the Bank.
Orders and regulations referred to in this article shall be taken after consultation with electronic currency institutions, if any represented by their professional associations. »
Art. 54. In Book 3, Title 2, Chapter 1^er of the same Act, inserted by section 30, a section 4 entitled "Section 4. - Control of electronic currency institutions".
Art. 55. In Book 3, Title 2, Chapter 1^er, Section 4 of the Act, inserted by section 54, inserts an article 81 as follows:
"Art. 81. § 1^er. Electronic currency institutions are subject to Bank control.
The Bank shall ensure that each electronic currency institution operates continuously in accordance with the provisions of this Act and the orders and regulations made for its execution. The Bank's control is proportionate and adequate in terms of the nature, volume and complexity of the activities of the electronic currency establishment and the associated risks.
§ 2. The Bank may be provided by electronic currency institutions with any information relating to their organization, operation, financial situation and operations. To this end, the Bank may also be notified by agents or distributors of electronic currency establishments, by service providers referred to in Article 4, 17° and by other entities to which tasks are outsourced.
The Bank may conduct on-site inspections with electronic currency establishments and, without displacement, be aware of and copying any information held by the electronic currency establishment with a view to:
1° to verify compliance with the legal and regulatory provisions relating to the status of electronic currency institutions and the accuracy and sincerity of the annual accounts and accounts, as well as the statements and other information transmitted to it by the electronic currency establishment;
2° to verify the adequacy of management structures, administrative and accounting organization and internal control of the electronic currency establishment;
3° to ensure that the management of the electronic currency establishment is sound and prudent and that its situation or operations are not likely to jeopardize its liquidity, profitability or solvency.
To this end, the Bank may also conduct on-site inspections with agents or distributors of electronic currency establishments, service providers referred to in section 4, 17° and other entities to which tasks are outsourced, and be informed and copied, without displacement, of any information held by them.
§ 3. However, the Bank's control does not cover the activities of the establishment of electronic currency other than the activity of issuing electronic currency, the provision of activities referred to in Article 77, § 2, 1 and 2°, and the detention of participations referred to in Article 77, § 7, except to the extent required for the control of the establishment of electronic currency of the provisions of this Act and the orders and regulations made for its execution. "
Art. 56. In the same section 4, an article 82 is inserted as follows:
"Art. 82. The Bank is aware of the relationship between the electronic currency establishment, its agent or distributor and a specified client only to the extent required for the control of the electronic currency establishment. "
Art. 57. In the same section 4, an article 83 is inserted as follows:
"Art. 83. The Bank may carry out inspections referred to in Article 81, § 1 with branches of the Belgian electronic currency institutions, agents, distributors, service providers referred to in Article 4, 17° and other entities to which tasks are outsourced, established abroad, with the prior information of the authorities of the State concerned responsible for the control of electronic currency institutions.^er, paragraph 3, as well as any inspection to collect or verify on-site information relating to the management and management of the branch, as well as any information that may facilitate the control of the electronic currency establishment, especially in respect of its financial situation, administrative and accounting organization and internal control.
It may, for the same purposes, and after having notified the supervisory authorities referred to in paragraph 1^er, load an expert, whom she designates, to carry out useful audits and expertise. The remuneration and expenses of the expert are charged to the establishment of electronic currency.
It may also request such authorities to conduct the audits and expertise referred to in paragraph 1^er She tells them. "
Art. 58. In the same section 4, an article 84 is inserted as follows:
"Art. 84. Sections 28 to 32 apply to electronic currency institutions. "
Art. 59. In the same section 4, an article 85 is inserted as follows:
"Art. 85. Authorized Commissioners shall cooperate with the Bank ' s control under their personal and exclusive responsibility and in accordance with this article, the rules of the profession and the Bank ' s instructions. To this end:
1° they assess the internal control measures adopted by electronic currency institutions in accordance with articles 69, § 3, paragraph 1^er and 79, paragraph 1^er(f) and communicate their findings in this matter to the Bank;
2° they report to the Bank on:
(a) the results of the limited review of the periodical statements transmitted by electronic currency institutions to the Bank at the end of the first social semester, confirming that they are not aware of any facts that would appear to be that these periodic reports have not, in all significant respects, been prepared in accordance with the Bank's current instructions. They further confirm that the periodic reports issued at the end of the semester are, with respect to accounting data, in all significant respects, compliant with accounting and inventories, in that they are complete, that is, they mention all the data in the accounting and in the inventories on which they are established, and that they are correct, that is, they agree with the basis of which they are prepared, they also confirm that they are not aware of any facts that would appear to be that the periodical statements issued at the end of the semester were not prepared by application of the accounting and evaluation rules that presided over the preparation of the annual accounts for the last fiscal year; the Bank may specify which periodic reports are in this case;
(b) the results of the review of the periodic reports transmitted by electronic currency institutions to the Bank at the end of the social year, confirming that these periodic reports have, in all significant respects, been prepared in accordance with the Bank's current instructions. They further confirm that the periodic reports issued at the end of the fiscal year are, with respect to accounting data, in all significant respects, compliant with accounting and inventories, in that they are complete, that is, they mention all the data in the accounting and in the inventories on which they are established, and that they are correct, that is, they agree with the exact basis of which they are prepared. they also confirm that the periodic reports issued at the end of the fiscal year have been established by application of the accounting and evaluation rules for the preparation of annual accounts; the Bank may specify which periodic reports are in this case;
3° they shall make special reports to the Bank, at its request, on the organization, activities and financial structure of the electronic currency establishment, reports that are supported by the establishment of electronic currency;
4° as part of their mission to the establishment of electronic currency or a revisoral mission to a company related to the establishment of electronic currency, they report to the Bank as soon as they find:
(a) decisions, facts or developments that significantly influence or influence the situation of the establishment of electronic currency in the financial or in the context of its administrative and accounting organization or internal control;
(b) decisions or facts that may constitute violations of the Corporations Code, the statutes, this Act and the orders and regulations made for its execution;
(c) other decisions or facts that are likely to result in refusal or reservation to certify accounts;
5° they report at least every year to the Bank on the adequacy of the arrangements made by electronic currency institutions to preserve the funds they receive from electronic currency holders, pursuant to Article 78, §§ 1^er and 2.
No civil, criminal or disciplinary action may be brought or any professional sanction imposed against registered commissioners who have proceeded in good faith to an information referred to in paragraph 4(a) 1^erFour.
Authorized commissioners shall communicate to the executives of the electronic currency establishment their reports to the Bank pursuant to paragraph 1^erThree. These communications fall under the secret organized by section 35 of the Act of 22 February 1998. They transmit to the Bank copies of the communications they address to these leaders, which deal with issues of interest to the Bank's control.
Authorized auditors and certified auditors can perform audits and expertise related to their duties at the foreign branches of the establishment they control.
They may be charged by the Bank, at the request of the European Central Bank, to confirm that the information that electronic currency institutions are required to communicate to these authorities is complete, correct and established according to the rules that apply to them. "
Art. 60. In Book 3, Title 2, Chapter 1^er of the same Act, inserted by section 30, a section 5 entitled "Section 5 - Extraordinary Measures and Sanctions for Electronic Currency Establishments" is inserted.
Art. 61. In Book 3, Title 2, Chapter 1^er, Section 5 of the Act, inserted by section 60, inserts an article 86 as follows:
"Art. 86. The Bank shall, by a decision notified by registered letter or with acknowledgement of receipt, terminate the approval of electronic currency institutions that have not commenced their activities within twelve months of the approval, which renounce the approval, which have stopped their activities for a period of more than six months, which have been declared bankrupt or ceased to operate.
The Bank makes public, on its website, any decision to cancel an approval. "
Art. 62. In the same section 5, an article 87 is inserted as follows:
"Art. 87. § 1^er. When the Bank finds that an electronic currency establishment does not operate in accordance with the provisions of this Act and the orders and regulations made for its execution, that its management or financial situation are likely to jeopardize the successful termination of its commitments or offer sufficient guarantees in respect of its creditworthiness, liquidity or profitability, whether its management structures, administrative or accounting organization, its network of agents,
If, at the end of this period, the situation has not been resolved, the Bank may:
1st appoint a special commissioner.
In this case, the written, general or special authorization of the institution is required for all acts and decisions of all organs of the institution, including the General Assembly, and for those of persons responsible for the management; However, the Bank may limit the scope of operations subject to authorization.
The Special Commissioner may submit to the deliberation of all organs of the institution, including the General Assembly, any proposals that he considers appropriate. The remuneration of the Special Commissioner is fixed by the Bank and supported by the institution.
Members of the administrative and management bodies and those responsible for the management who perform acts or make decisions without having obtained the required authorization from the Special Commissioner are responsible in solidarity with the resulting harm to the establishment or third parties.
If the Bank has published to the Belgian Monitor the designation of the Special Commissioner and specifies the acts and decisions submitted to the Bank's authorization, the acts and decisions taken without that authorization while required are null unless the Special Commissioner ratifies them. Under the same conditions, any decision of a general assembly made without obtaining the required authorization of the Special Commissioner is null unless the Special Commissioner ratifies it.
The Bank may designate an alternate Commissioner;
2° suspend for the duration that it determines the direct or indirect exercise of any or part of the activity of the electronic currency establishment or prohibit that exercise; the suspension may, to the extent determined by the Bank, involve the total or partial suspension of the performance of the contracts in progress.
Members of the administrative and management bodies and those responsible for the management who perform acts or make decisions in violation of the suspension are responsible in solidarity with the resulting harm to the establishment of electronic currency or third parties.
If the Bank has issued the suspension to the Belgian Monitor, the actions and decisions against it are null and void.
The Bank may also enjoin an electronic currency institution to cede shares held by it, if any, in accordance with Article 77, § 7;
3° impose stricter requirements on solvency than those referred to in section 72;
4° enjoin the replacement of the administrators or managers of the electronic currency establishment within a time frame that it determines and, in the absence of such a replacement within that time limit, substitute one or more provisional directors or managers to all the administrative and management bodies of the establishment that have the powers of the replaced persons alone or collegially. The Bank publishes its decision to the Belgian Monitor.
The remuneration of the director(s) or provisional manager(s) is fixed by the Bank and supported by the establishment of electronic currency.
The Bank may, at any time, replace the director(s) or provisional manager(s), either on its own motion or at the request of a majority of shareholders or associates when warranting that the management of the persons concerned no longer presents the necessary guarantees;
5° revoke the approval. The Bank makes public, on its website, any decision to revoke an approval.
In the event of an extreme emergency, the Bank may adopt the measures referred to in this paragraph without prior adjustment.
§ 2. The decisions of the Bank referred to in § 1^er produce their effects on the establishment of electronic currency on the date of their notification to the electronic currency by registered letter or with acknowledgement of receipt and, in respect of third parties, on the date of publication in accordance with paragraph 1^er.
§ 3. § 1^erParagraphs 1^er and 2, 2°, and § 2 are applicable in the event that the Bank is aware that an electronic currency establishment, its agents or distributors have established a particular mechanism for the purpose or effect of promoting tax evasion by third parties.
When the Bank finds that the information referred to in Article 20, § 1^er, which has been communicated to it by an electronic currency institution under Article 76, § 3, are inaccurate or incomplete, it may suspend or remove the registration of the agent on the list referred to in Article 64.
§ 4. § 1^erParagraph 1^er, and § 2 are not applicable in the event of the cancellation of the registration of an electronic currency institution declared bankrupt. "
Art. 63. In the same section 5, an article 88 is inserted as follows:
"Art. 88. Where the control authorities of the electronic currency establishments of another EEA Member State in which an electronic currency establishment of Belgian law resorts to an agent, or plans to do so, inform the Bank that they have good reasons to suspect that an operation or attempt to money laundering or the financing of terrorism within the meaning of Directive 2005/60/EC is in progress or has taken place, or that the use of the agent concerned may increase the amount of money^er, that's right. Article 87, § 2, is also applicable.
The Bank may, in this case, require that the electronic currency establishment no longer use the agent concerned and may either refuse, or delete the registration of the agent referred to in Article 20, § 2.".
Art. 64. In the same section 5, an article 89 is inserted as follows:
"Art. 89. The Bank shall promptly inform the supervisory authorities of the electronic currency institutions of the other EEA member states in which an electronic currency establishment of Belgian law has established a branch or carries out activities under the free provision of services, of the decisions it has taken in accordance with Articles 86, 87 and 88. It keeps these authorities informed of the action taken against these decisions. "
Art. 65. In the same section 5, an article 90 is inserted as follows:
"Art. 90. Electronic currency institutions whose registration has been terminated or revoked under this Act, shall remain subject to this Act until the liquidation of their commitments to electronic currency holders, and if so, to the users of payment services, unless the Bank does not exempt them from certain provisions.
This section is not applicable in the event of the cancellation of the registration of an electronic currency institution declared bankrupt. "
Art. 66. In Book 3, Title 2 of the same Act, inserted by Article 29, a Chapter 2, entitled "Chapter 2. - Successes and service delivery activities in Belgium of electronic currency institutions under the law of another EEA Member State".
Art. 67. In Book 3, Title 2, Chapter 2, inserted by Article 66, an article 91 is inserted as follows:
"Art. 91. Electronic currency institutions under the law of another EEA Member State, which are empowered under their national right to issue electronic currency in their State of origin, may commence these activities in Belgium, either through the installation of branches or under the regime of the free provision of services, as soon as the Bank has notified to these institutions the receipt of the communication that was made to it by the control authority of the State The notification is sent by the Bank to the electronic currency institution concerned within three working days of receipt of the communication. ÷ failure to notify within this period, electronic currency establishment may commence the advertised activities, after informing the Bank. The Bank publishes on its website a list of electronic currency institutions that fall under the law of another EEA Member State and which operate in Belgium, or refers to the website of the competent authority in the State of origin of these electronic currency institutions.
These electronic currency institutions, in the exercise of their activity in Belgium, accompany their name of the mention of their State of origin and, in the event of free service, of their headquarters. "
Art. 68. In the same Chapter 2, an article 92 is inserted as follows:
Art. 92 § 1^er. The provisions of this chapter shall not prejudice the respect, when issuing electronic currency, or, where appropriate, in the provision and execution of payment services, of the legal and regulatory provisions applicable in Belgium to electronic currency institutions and their operations for reasons of general interest.
The Bank shall provide the electronic currency institutions referred to in Article 91 with such provisions as, to the Bank's knowledge, are such.
The provisions of this chapter do not further prejudice compliance with the applicable legal and regulatory provisions in Belgium for activities other than the issuance of electronic currency and the provision of payment services.
§ 2. The executives of the branch report at least once a year to the Bank and the approved reviewer or the approved reviewer company on the adequacy of the internal control measures adopted by the branches to comply with the provisions applicable under § 1^er. »
Art. 69. In the same Chapter 2, an article 93 is inserted as follows:
"Art. 93. The electronic currency institutions referred to in Article 91 shall transmit to the Bank, according to the periodicity determined by the Bank, periodic reports for statistical purposes relating to the transactions carried out in the country by their branches established in Belgium. Section 80, paragraph 2, applies by analogy.
The King shall determine, on the advice of the Bank, the rules that the branches referred to in section 91:
1° maintain their accounting and conduct inventory assessments;
2° establish annual accounts;
3° publish annual accounting information relating to their operations. »
Art. 70. In the same Chapter 2, an article 94 is inserted as follows:
"Art. 94. § 1^er. The branches referred to in section 91 shall be subject to the Bank's control for the purposes provided for in sections 92 and 93, to the extent that the substances covered by these provisions fall within the Bank's jurisdiction. Sections 81 and 82 are applicable to this measure.
The Bank may agree to undertake, at the request of the control authorities of the State of origin of the electronic currency establishment, inspections with these branches for the purpose of assisting these authorities, both concerning the substances referred to in paragraph 1^er of Article 83, paragraph 1^er. The costs of these inspections and audits are borne by the requesting authority.
In the event of an emergency and with a notice given immediately to the control authority of the State of origin of the electronic currency establishment, the Bank may verify that the activity of the branch in Belgium is in accordance with the legislation applicable to it.
§ 2. The competent foreign authorities for the control of electronic currency establishments that have opened a branch in Belgium referred to in section 91 may, with a prior notice given to the Bank, proceed or, at their own expense, carry out, by the experts designated by them, the verification of the information referred to in section 83, paragraph 1 of the Convention by such branches.^er. »
Art. 71. In the same Chapter 2, an article 95 is inserted as follows:
"Art. 95. § 1^er. The executives of the branches referred to in section 91 shall, for a renewable period of three years, designate one or more registered revisors or one or more revisors accredited by the Bank.
Articles 31 and 32 (1)^er to 4, are applicable to such reviewers and companies. The revocation of the functions of approved reviewers and approved reviewers is subject to the Bank's prior notice.
§ 2. Authorized reviewers or certified reviewers, designated in accordance with § 1^ercooperate in the Bank ' s control under their personal and exclusive responsibility and in accordance with this paragraph, the rules of the profession and the Bank ' s instructions. To this end:
1° they assess the internal control measures adopted by branches for compliance with the laws, orders and regulations applicable to branches under section 93, and communicate their findings to the Bank;
2° they report to the Bank on:
(a) the results of the limited review of the periodic reports transmitted by the branches referred to in section 91 to the Bank at the end of the first social semester, confirming that they are not aware of any facts that would appear to be that these periodic reports have not, in all significant respects, been prepared in accordance with the Bank's current instructions. They further confirm that the periodic reports issued at the end of the semester are, with respect to accounting data, in all significant respects, compliant with accounting and inventories, in that they are complete, that is, they mention all the data in the accounting and in the inventories on which they are established, and that they are correct, that is, they agree with the basis of which they are prepared, they also confirm that they are not aware of any facts that would appear to be that the periodical statements issued at the end of the semester were not prepared by application of the accounting and evaluation rules that presided over the preparation of the annual accounts for the last fiscal year; the Bank may specify which periodic reports are in this case;
(b) the results of the review of the periodic reports transmitted by the branches referred to in section 91 to the Bank at the end of the social year, confirming that these periodic reports have, in all significant respects, been prepared in accordance with the Bank's current instructions. They further confirm that the periodic reports issued at the end of the fiscal year are, with respect to accounting data, in all significant respects, compliant with accounting and inventories, in that they are complete, that is, they mention all the data in the accounting and in the inventories on which they are established, and that they are correct, that is, they agree with the exact basis of which they are prepared. they also confirm that the periodic reports issued at the end of the fiscal year have been established by application of the accounting and evaluation rules for the preparation of annual accounts; the Bank may specify which periodic reports are concerned.
They may be charged by the Bank, at the request of the European Central Bank, to confirm, as well, the information that the successors are required to communicate to these authorities by application of Article 93, paragraph 1^er;
3° they make periodic reports to the Bank or, at its request, special reports on the organization, activities and financial structure of branches in the areas of competence of the Bank in respect of them;
4° they make an initiative to report to the Bank in the areas of its jurisdiction as well as in collaboration with the central headquarters control authority, as soon as they find:
(a) decisions, facts or developments that significantly influence or influence the position of the branch from the financial angle or from the angle of its administrative and accounting organization or internal control;
(b) decisions or facts that may constitute violations of the provisions of this Act and the decrees and regulations made for its execution or other laws and regulations applicable to their activity in Belgium to the extent that the substances referred to in these provisions fall within the jurisdiction of the Bank;
5° they report to the Bank, at the request of the Bank, when it is seized by another Belgian authority of violations of general law applicable to the branch.
No civil, criminal or disciplinary action may be brought or any professional sanction imposed against registered reviewers who have made good faith an information at 4° to paragraph 1^erFour.
They communicate to branch managers the reports they send to the Bank pursuant to paragraph 1^erThree. These communications fall under the secrecy provided for in section 35 of the Act of 22 February 1998. They transmit to the Bank copies of the communications they send to these leaders on issues arising in the Bank's control area.
In branches where a board of business is established pursuant to the Act of 20 September 1948 on the organization of the economy, the registered reviewers or registered reviewers perform the functions provided by section 15bis of this Act.
They may, with the prior information of the Bank, agree to carry out, at the request and at the expense of the control authorities of the State of origin of the branch, checks with that branch for the purpose of assisting these authorities on matters referred to in Articles 83, paragraph 1^erand 94, § 1^er.
§ 3. Authorized reviewers or registered reviewers certify annual accounting information published under section 93, paragraph 2. »
Art. 72. In the same Chapter 2, an article 96 is inserted as follows:
"Art. 96. When the Bank finds that an electronic currency institution under the law of another EEA Member State operating in Belgium through a branch or through the delivery of services does not comply with the legal and regulatory provisions applicable in Belgium in the area of competence of the Bank, the Bank shall, within the time it determines, correct the situation.
If, at the end of this period, the Bank has not been remedied to the situation, the Bank shall consider its observations to the control authority of the State of origin of the establishment of electronic currency.
Where the Bank has good reason to suspect that an operation or attempt to laundering capital or financing terrorism within the meaning of Directive 2005/60/EC is in progress or has taken place in the head of an electronic currency institution officer or that its activities may increase the risk of money laundering or the financing of terrorism, it shall inform the authorities responsible for the control of the establishment of electronic currency in question. "
Art. 73. In the same Chapter 2, an article 97 is inserted as follows:
"Art. 97. The Bank may communicate to the supervisory authority of an electronic currency institution under the law of another EEA Member State the reasons it has to consider that the position of the branch in Belgium of that institution does not provide the necessary guarantees in respect of the proper administrative or accounting organization or internal control.
In the event of the cancellation or revocation of the approval of the establishment of electronic currency by the control authority of its State of origin, the Bank shall, after giving notice to that authority, order the closure of the branch established in Belgium. It may, if necessary, designate a provisional manager who is entitled to take all precautionary measures in the interest of creditors. »
Art. 74. In Book 3, Title 2 of the same Law, inserted by Article 26, a Chapter 3, entitled "Chapter 3. - Success in Belgium of electronic currency institutions under the law of states that are not members of the EEA".
Art. 75. In Book 3, Title 2, Chapter 3 of the same Act, inserted by section 74, an article 98 is inserted as follows:
"Art. 98. For the purposes of this chapter, it is necessary to hear, by electronic currency establishment, any enterprise under the law of a non-EEA State and whose activity is to issue electronic currency. »
Art. 76. In Book 3, Title 2, Chapter 3 of the same Act, inserted by section 74, a Section 1st entitled "Section 1^re. - Access to activity."
Art. 77. In Book 3, Title 2, Chapter 3, Section 1^re, inserted by section 76, an article 99 is inserted as follows:
"Art. 99. § 1^er. The following provisions apply:
1° Articles 61, 62 and 63 of the Act: on the understanding that before deciding on the application for approval of the branch, the Bank shall consult with the authorities of control of the State of origin of the electronic currency establishment;
2° Article 64, paragraph 1^er : on the understanding that the branches referred to in this chapter are listed in a special section of the list referred to in that section;
3° Article 65: However, may be approved from branches of electronic currency institutions with legal personality but not in the form of a commercial corporation;
4° Article 66: the initial capital being replaced by an endowment, the Bank has jurisdiction to assess the constituent elements of the endowment;
5° articles 67 to 69.
§ 2. The Bank may refuse to accept the branch of an electronic currency institution under the law of a State that does not grant the same access to its market to Belgian electronic currency institutions.
§ 3. The Bank may refuse the approval of a branch referred to in this chapter if it considers that the protection of electronic currency holders or the sound and prudent management of the establishment requires the establishment of a Belgian legal society. "
Art. 78. In Book 3, Title 2, Chapter 3 of the Act, inserted by section 74, a Section 2 entitled "Section 2. - Exercise of activity."
Art. 79. In Book 3, Title 2, Chapter 3, Section 2 of the Act, inserted by section 78, an article 100 is inserted as follows:
"Art. 100. The following articles shall apply:
1st Article 72;
2° Article 73, § 1^er; where the Bank has reasons to consider that the influence of natural or legal persons holding, directly or indirectly, qualified participation within the meaning of Article 3, § 1^er, 3° of the banking law, is likely to compromise the sound and prudent management of the electronic currency establishment, and without prejudice to the other measures provided for in this Act, the Bank may suspend or revoke, for the duration it determines the approval of the branch; Article 87, § 1^er2° and 5°, and § 2 applies to these decisions;
3° Articles 74, 76, § 1^er, 3 and 4 and 77 to 80. »
Art. 80. In Book 3, Title 2, Chapter 3 of the same Act, inserted by section 74, a Section 3 entitled "Section 3. - Control."
Art. 81. In Book 3, Title 2, Chapter 3, Section 3 of the Act, inserted by section 80, an article 100 is inserted as follows:
"Art. 101. Sections 81 and 82 are applicable. "
Art. 82. In the same section 3, an article 102 is inserted as follows:
"Art. 102. The officers of the branches referred to in this chapter are required to designate one or more approved revisers or one or more approved revisers in accordance with sections 84 and 28. They may designate, according to the same procedure, an alternate.
If a review company is designated, section 29 is applicable.
Articles 31, 32, subparagraphs 1^er to 4, and 85, paragraphs 1^er 3 and 5 are applicable.
The revocation of the functions of approved reviewers and approved reviewers is subject to the Bank's prior notice.
In branches where a board of business is established pursuant to the Act of 20 September 1948 on the organization of the economy, the revisors or companies of registered reviewers shall perform the functions provided for in section 15bis of that Act.
Authorized reviewers or registered reviewers certify the accounting information published under section 80. »
Art. 83. In Book 3, Title 2, Chapter 3 of the Act, inserted by section 74, a Section 4 entitled "Section 4. - Radiation of accreditation, exceptional measures and sanctions".
Art. 84. In Book 3, Title 2, Chapter 3, Section 4 of the Act, inserted by section 83, an article 103 is inserted as follows:
"Art. 103. Sections 86, 87, 90, 106 and 107 are applicable. "
Art. 85. In Book 3, Title 2 of the same Law, inserted by Article 29, a Chapter 4 entitled "Chapter 4. - Exchange of information and cooperation between authorities".
Art. 86. In Book 3, Title 2, Chapter 4 of the same Act, inserted by section 85, an article 104 is inserted as follows:
“Art. 104. § 1^er. For the purposes of sections 35 and 36/13 to 36/15 of the Act of 22 February 1998 concerning the exchange of information and cooperation between the Bank and the authorities of others EEA member states responsible for the control of electronic currency institutions, the activity of electronic currency institutions also means the activity they carry out by using distributors, agents, branches or service providers within the meaning of Article 4, 17°.
§ 2. The Bank provides initiative to the authorities of other EEA member states, referred to in § 1^er, all essential information and it provides all relevant information upon request. »
Art. 87. In Book 3, inserted by Article 25, it is inserted a Title 3, titled "ITTRE 3. - Exemption."
Art. 88. In Book 3, Title 3 of the same Law, inserted by Article 87, an article 105 is inserted as follows:
"Art. 105. § 1^er. The Bank may exempt from the application of all or part of the provisions of sections 1 to 3 of Chapter I of Part 2 of this Book and its enforcement orders the legal persons:
1° whose commercial activities as a whole generate an average electronic currency in circulation that does not exceed 5.000.000 euros; and
2° of which none of the natural persons responsible for the management or exercise of the activity was sentenced for offences related to money laundering, the financing of terrorism or referred to in Article 19, § 1^er, 1° and 2° of banking law.
The Bank cannot exempt these legal persons from the application of sections 77 and 78 of this Act.
Where an electronic currency establishment carries out activities referred to in Article 77, § 2, 1°, which are not related to the issuance of electronic currency or the activities referred to in Article 77, § 1^er, § 2, 2° and 3°, or § 3, and that the amount of the electronic currency in circulation cannot be determined in advance, this electronic currency institution may benefit from the application of the first paragraph, 1°, on the basis of a representative part of the funds that is presumed to be used for the issuance of electronic currency, provided that, on the basis of historical data, it is reasonably possible to estimate this representative part of a Bank. Where an electronic currency establishment has not completed a sufficiently long period of activity, this condition shall be assessed on the basis of the estimate of the outstanding electronic currency resulting from its business plan, and subject to any adjustment to that plan required by the Bank.
§ 2. Legal persons referred to in § 1^er, which are exempt, are listed in section 64. Section 64 applies by analogy to these legal persons with respect to the information provided on the Bank's website and their regular update. The website mentions that these legal persons are exempted under this section.
§ 3. Legal persons with an exemption under subsection 1^er :
1° must have their head office in Belgium, and effectively carry out their electronic currency issuance activities in Belgian territory;
2° does not benefit from the mutual recognition regime provided for in section 91 of this Act;
3° shall provide, in the contract governing the issuance of electronic currency, that the amount charged on electronic media storing the electronic currency cannot exceed 150 euros;
4° may provide non-electronic payment services issued in accordance with this Article only if the conditions set out in section 48 are met;
5° inform the Bank of any changes in their situation affecting the conditions set out in § 1^er and report periodically to the Bank on the average outstanding electronic currency. The Bank determines the frequency of this report;
6° shall apply the provisions of the Act of 11 January 1993 on the prevention of the use of the financial system for the purposes of money laundering and the financing of terrorism, which are applicable to electronic currency institutions, and the decrees and regulations made for its execution.
§ 4. The King may provide that a legal person with an exemption granted under § 1^er may exercise only some of the activities listed in Article 77, §§ 1^er 3.
§ 5 When the conditions laid down in §§ 1^er, and 3, 1°, 3°, 4° are no longer completed, the exempted electronic currency establishments request approval within thirty calendar days in accordance with sections 61 and following.
Institutions that have not requested approval within this period are prohibited, pursuant to section 59, from issuing electronic currency. "
Art. 89. In Book 3 of the same Act, inserted by Article 25, a Title 4, entitled "ITTRE 4. - Sanctions."
Art. 90. In Book 3, Title 4 of the same Law, inserted by Article 89, it is inserted a Chapter 1^er Chapter 1^er. - Administrative sanctions."
Art. 91. In Book 3, Title 4, Chapter 1^er of the same law, inserted by section 90, an article 106 is inserted as follows:
"Art. 106. § 1^er. Without prejudice to the other measures provided for in this Act, the Bank may publish that a Belgian or foreign electronic currency establishment has not complied with the injunctions that have been made to respect within the time limit it determines the provisions of this Act or the orders and regulations made for its enforcement.
§ 2. Without prejudice to the other measures provided for in this Act, the Bank may set a period within which:
(a) it shall comply with any specified provisions of this Act or any orders and regulations made for its execution, or
(b) it must make the necessary adjustments to its management structure, administrative and accounting organization or internal control.
The injunction referred to in paragraph 1^er, littera b), is not applicable to branches of electronic currency establishments under the law of another EEA Member State.
If the electronic currency establishment remains in default at the expiry of the period, the Bank may, the establishment heard or at least summoned, inflict a breach on it at a maximum of 2.500,000 euros per offence or a maximum of 50,000 euros per day of delay.
§ 3. Without prejudice to other measures provided for in this Act and without prejudice to the measures provided for by other laws, decrees or regulations, the Bank may, when it finds an offence under this Act or the measures taken pursuant to it, impose an electronic currency institution of Belgian or foreign law established in Belgium, an administrative fine which may not be less than 2,500 euros or greater, for the same fact or for the same set of euros,
§ 4. The trespasses and fines imposed pursuant to §§ 2 and 3 are recovered for the benefit of the treasury by the administration within the Federal Public Service. "
Art. 92. In Book 3, Title 4 of the same Law, inserted by Article 89, it is inserted a Chapter 2 entitled "Chapter 2. - Penal sanctions."
Art. 93. In Book 3, Title 3, Chapter 2 of the same Act, inserted by section 92, an article 107 is inserted as follows:
"Art. 107. Are punished by imprisonment from one month to one year and a fine of 50 euros to 10,000 euros, or only one of these penalties:
1° those who issue electronic currency in Belgium without complying with the provisions of articles 59, 91 and 99, § 1^er, 1° ;
2° those who contravene Article 68, § 2;
3° those who knowingly refrain from making the declaration provided for in section 71, paragraph 2, with respect to the information referred to in section 62, paragraph 1^er8°;
4° those who knowingly refrain from making the notifications provided for in Article 73 § 1^er, those who pass over to the opposition referred to in Article 73, § 2, or those who pass over to the suspension referred to in Article 73, § 4, 1°;
5° electronic currency institutions, as well as their directors, managers or directors, which contravene articles 74, 77 and 79;
6° electronic currency institutions, as well as their directors, managers or directors, who open a branch abroad or who use agents or distributors without having made the notifications provided by articles 75 and 76, § 2 and § 3 or who do not comply with articles 75 and 76, § 2 or § 3;
7° electronic currency institutions, as well as their directors, managers or directors, which contravene orders or regulations referred to in articles 72, 80, and 93;
8° electronic currency institutions, as well as their directors, managers or directors, which do not comply with articles 80, paragraph 1^er, 2 and 6, and 93, paragraph 1^er;
9° those who perform acts or operations against a suspension decision made in accordance with Article 87, § 1^er2°;
10° those who, as Commissioner, Certified Reviewer or Independent Expert, have certified, approved or confirmed accounts, annual accounts or consolidated accounts of electronic currency establishments, or periodic reports or any other information, while the provisions of the laws, decrees and regulations relating to the legal status of electronic currency establishments have not been complied with, or knowing that they have not done so, or having failed to do so,
11° those who obstruct inspections and audits in the country or abroad or refuse to provide information that they are required to provide under this Act and any orders and regulations made for its execution, or knowingly give inaccurate or incomplete information;
12° those who contravene Article 49, § 1^er. »
PART 3. - Other provisions
CHAPTER 1^er. - Other amendments
Section 1^re. - Amendments to the Act of 12 June 1991
on consumer credit
Art. 94. In section 74, paragraph 2, of the Act of 12 June 1991 on consumer credit, inserted by the Act of 11 February 1994 and amended by the Act of 10 December 2009, the words "and payment institutions referred to in the Act of 21 December 2009 relating to the status of payment establishments, access to the activity of payment service provider and access to payment systems" are replaced by the words ", payment institutions and
Art. 95. In section 75, § 6, of the same law, inserted by the law of 10 December 2009 and amended by the Royal Decree of 3 March 2011, the second paragraph is replaced by the following:
"The conditions referred to in paragraph 1 are also deemed to be met^er, payment institutions and electronic currency institutions subject to the control of the National Bank of Belgium in accordance with the Act of 21 December 2009 relating to the status of payment establishments and electronic currency establishments, access to the activity of payment service provider, the activity of e-money issuance and access to payment systems and to which an approval has been granted on the basis of which additional credit, related to the payment services referred to in the Appendix "
Art. 96. In section 75bis of the Act, inserted by the Act of 11 February 1994 and amended by the Acts of 24 March 2003, 24 August 2005, 10 December 2009 and the Royal Decrees of 4 April 2003 and 3 March 2011, the following amendments are made:
1° in § 1^erParagraph 1^erin the French version, the words "and payment institutions in accordance with section 39 of the Act of 21 December 2009 relating to the status of payment institutions, access to the activity of payment service provider and access to payment systems", are replaced by the words ", or in accordance with sections 39 or 91 of the Act of 21 December 2009 relating to the status of payment institutions and electronic currency institutions, to the
2° in § 2, the words "credit institutions, financial institutions and payment institutions" are replaced by the words "credit institutions, financial institutions, payment institutions and electronic currency institutions";
3° in § 3, paragraph 1^erthe words "credit institution, financial institution or payment institution" are replaced by the words "credit institution, financial institution, payment institution or electronic currency establishment".
Section 2. - Amendments to the Act of 11 January 1993 on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and the Financing of Terrorism
Art. 97. Article 2, § 1^er, of the Act of 11 January 1993 on the Prevention of the Use of the Financial System for the Purpose of Money Laundering and the Financing of Terrorism, last amended by the Royal Decree of 2 June 2012, the following amendments are made:
1° the 3° is replaced by the following:
"3° the anonymous public law company bpost for its postal financial services or the issuance of electronic currency; »;
2° to 4° ter, the words "Law of December 21, 2009 relating to the status of payment establishments, access to the activity of payment service provider and access to payment systems" are replaced by the words "Law of December 21, 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment service provider, the activity of electronic currency issuance and the activity of electronic currency issuance
3° it is inserted a 4° quater written as follows:
"4° quater. (a) the electronic currency issuers referred to in section 59, 4 and 5 of the Act of 21 December 2009 relating to the status of payment establishments and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems;
(b) electronic currency institutions of Belgian law;
(c) branches established in Belgium of electronic currency establishments referred to in Book 3, Title 2 of this Act;
(d) exempt institutions referred to in section 105 of the Act;
e) electronic currency institutions under the law of another Member State of the European Economic Area that issue electronic currency in Belgium through a person established therein and representing the establishment for that purpose. »
Art. 98. In Article 11, § 2, of the same Law, the 4th is replaced by the following:
"the issue of electronic currency within the meaning of Article 4, 33°, of the Act of December 21, 2009 relating to the status of payment establishments and electronic currency establishments, access to the activity of payment service provider, the activity of e-bill issuance and access to payment systems, provided that the maximum capacity of electronic loading of the support is not more than 250 euros if the support cannot be reloaded, However, sections 7 and 8 apply when the electronic currency holder requests the refund of at least 1,000 euros in the same calendar year pursuant to section 58/2 of the Act of 10 December 2009 on payment services; "
Art. 99. In section 18 of the Act, inserted by the Act of 18 January 2010, is supplemented by a paragraph written as follows:
"In the cases referred to in Article 2, § 1^er, 4ter, c) and 4 quater, e), a person responsible for the application of this Act must be established in Belgium. "
Section 3. - Amendments to the Act of 22 March 1993
Status and control of credit institutions
Art. 100. Article 1^er of the Act of 22 March 1993 on the Status and Control of Credit Institutions, as amended by the Act of 25 February 2003, the following amendments are made:
1° Paragraph 2 is replaced by the following:
"Belgian or foreign companies whose activity is to receive money deposits or other refundable funds from the public and to allocate credits for their own account are defined as a credit institution. »;
2° Paragraph 3 is repealed.
Art. 101. In section 2 of the Act, amended by the Acts of 30 October 1998 and 25 February 2003 and the Royal Decree of 3 March 2011, the following amendments are made:
1° to § 1^er, 1°, the words "La Poste (Postchèque)" are replaced by the words "the anonymous public law company bpost";
2° § 2, is repealed.
Art. 102. In section 3 of the Act, last amended by the Act of September 3, 2012, the following amendments are made:
(a) in § 1^er5°, the words "activities referred to in items 2 to 12 of the list reproduced in paragraph 2 of this article" are replaced by the words "activities referred to in items 2 to 12 and 15 of the list resumed in paragraph 2 of this article";
(b) in § 1^er7°, is repealed;
(c) in § 2, 4) the words "Law of December 21, 2009 relating to the status of payment establishments, access to the activity of payment service provider and access to payment systems" are replaced by the words "Law of December 21, 2009 relating to the status of payment institutions, access to the activity of payment service provider and access to payment systems and other laws insofar as they are in the measure »;
(d) in § 2, paragraph 1^er is completed by the 15) written as follows: "Emission of electronic currency".
Art. 103. In Part I of the Act, Chapter IIIbis, comprising sections 5bis to 5quater, inserted by the Act of 25 February 2003, is repealed.
Art. 104. In section 6 of the Act, last amended by the Royal Decree of 3 March 2011, the following amendments are made:
1° in § 1^erParagraph 1^erthe words "electronic currency establishment" are repealed;
2° § 2 is repealed.
Art. 105. In section 41, paragraph 1^er the same Act, as amended by the Act of 25 February 2003, the words "other than electronic currency institutions" are repealed.
Art. 106. In Article 43, § 1^erParagraph 1^er of the same Act, replaced by the Act of May 15, 2007 and amended by the Royal Decree of March 3, 2011, b) is repealed.
Art. 107. In Article 57, § 1^er, paragraph 2, 2°, amended by the law of 31 July 2009 and the Royal Decree of 3 March 2011, the first sentence is supplemented by the words "; this suspension may, to the extent determined by the Bank, involve the total or partial suspension of the performance of the contracts in progress".
Art. 108. In the same Act, Title IIbis, inserted by the Act of 25 February 2003, comprising sections 64bis to 64quinquies is repealed.
Art. 109. Section 66bis of the Act, inserted by the Act of 25 February 2003, is repealed.
Art. 110. In Part IV of the Act, Chapter V, inserted by the Act of 25 February 2003, containing section 84bis, is repealed.
Art. 111. In Article 104, § 1^er, 1° of the same Act, as amended by the Act of 25 February 2003 and by the Royal Decree of 3 March 2011, the words "that contravene section 5bis or" are repealed.
Art. 112. In section 110bis2, § 2 of the Act, paragraph 2, inserted by the Act of 25 February 2003, is repealed.
Art. 113. Section 152quater of the Act, inserted by the Act of 25 February 2003, is repealed.
Section 4. - Amendments to the coordinated law of 24 December 1996 on the organization of the public sector of credit and the detention of public sector participation in certain private financial companies
Art. 114. Section 57 of the Coordinated Act of 24 December 1996 on the organization of the public sector of credit and detention of public sector participation in certain private-sector financial companies is replaced by the following:
"Art. 57. Credit associations may resign from the Professional Credit network by simple notification addressed to the Board of Directors of SA Professional Credit, under recommended fold, with acknowledgement of receipt.
Credit associations may also, until 30 November 2013, decide voluntarily to no longer be subject to the provisions of this Act and thus exit from its scope, by simple notification addressed to the State, represented in the person of the Minister of Finance, under recommended fold, with acknowledgement of receipt.
Any decision voluntarily to leave the scope of this Act, taken pursuant to paragraph 2 by 30 November 2013, as well as any resignment voluntarily from the network, shall be subject to the sole condition of the association's compliance with a notice period expiring on 31 December of the year in which the resignation or exit decision was notified, provided that the resignation or exit was notified later on 30 November at the latest. If the resignation or release decision is not notified on or before 30 November, the resignation or exit will only produce its effect on or after 31 December of the year in which the resignation or decision to leave the scope of this Act has been notified. However, the Board of Directors of the SA Professional Credit or the State, represented in the person of the Minister of Finance, may, by reason of decision, authorize the resignation or exit decision to produce its effects at a later date.
The resigning association may adapt its statutes in the sense specified in article 56, paragraph 2.
The association that has decided to move out of the scope of this Act is no longer a member of the Professional Credit network and may adapt its statutes without being held by any restrictions provided for in the provisions of this Act.
Credit associations which are collectively subject to the control exercised on a consolidated basis by the National Bank of Belgium must jointly take the decision of voluntary exit. "
Art. 115. Article 58 of the Act, the existing text of which shall constitute § 1^er, is supplemented by § 2, which reads as follows:
“§2. The provisions of § 1^er does not apply to credit associations that are excluded from the Professional Credit network by December 31, 2013 because they do not respect or cease to comply with the conditions set out in section 54, (c), (e) or (f), or make a decision to withdraw voluntarily from the scope of this Act in accordance with section 57.
Exclusion, in a final manner, of the application of the provisions of Article 219bis, § 1^er, of the Income Tax Code 1992, any credit association referred to in paragraph 1 shall be required to pay to the State, within the month following the exclusion or notification, in accordance with section 57, of the exit decision, a special contribution equal to 28 per cent of the sum of the following accounting elements:
K' + R + M + (F x 0.50) + r - (E x 0.50)
where
K' = the total amount allocated by assignments and levies since 1^er January 1994 to the capital of the company, reduced by 150 per cent of the stock in the first January two thousand twelve of the commitments relating to the shares of co-operators held by the public (included in section IX, code 209.000);
R = reserves (Rubrical XII, code 212.000);
M = the amount that the credit association concerned has, prior to exclusion or exit decision, liquidated or provided for in its accounting under Article 219bis, § 1^erthe Income Tax Code 1992;
F = the general bank risk fund as at 31 December 2011 (Burk VII, code 207.000);
r = the positive result (+) or negative (-) deferred (Rubix XIII, code 213.000);
E = the stock of public broadcasts of subordinate securities to which the credit association will take place before the date of January 1 two thousand twelve (included in section VIII, code 208.000).
The accounting elements designated here by the letters K', R and O are those defined by the regulations on the annual accounts of the credit institutions, as recorded at the end of the last social year preceding the exclusion or exit decision.
The special contribution due under this provision shall, if any, be reduced from the amount actually paid to the credit association concerned prior to the exclusion or exit decision, pursuant to Article 219bis, § 1^er, Income Tax Code 1992.
When credit associations in the special contribution expressed their intention to merge, the special contribution is calculated on the basis of the balance sheet certified by the auditor-revisor.
The Commissioner-Revisor of each of the credit associations is responsible for informing the State of any circumstance that may result in an exclusion as referred to in paragraph 1^er.
The same credit association can only be held once to pay the special contribution to the State. »
Section 5. - Amendments to the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium
Art. 116. In article 36/1 of the Act of 22 February 1998 establishing the organic status of the National Bank of Belgium, inserted by the Royal Decree of 3 March 2011 implementing the evolution of the control structures of the financial sector, the following amendments are made:
(a) the 4th is replaced by the following:
"4° "electronic currency establishment": any establishment referred to in section 4, 31° of the Act of December 21, 2009 relating to the status of payment establishments and electronic currency establishments, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems";
(b) in the 9th, the words ", access to the activity of payment service provider and access to payment systems" are replaced by the words "and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems. »
Art. 117. In article 36/2, paragraph 1^er the same law, inserted by the Royal Decree of March 3, 2011, the words ", including electronic currency institutions" are repealed and the words "and payment institutions" are replaced by the words ", payment institutions and electronic currency institutions".
Art. 118. Article 36/14, § 1^er of the same law, inserted by the Royal Decree of 3 March 2011, is supplemented by the 17th written as follows:
"17° to agents commissioned by the Minister with the Economic Affairs in his or her powers, competent to investigate and determine the offences committed under sections 58/1, 58/2 and 58/3 of the Act of 10 December 2009, as part of their mission under section 72 of that Act. »
Section 6. - Amendments to the Act of June 16, 2006 relating to public tenders of investment instruments and admissions of instruments for trading in regulated markets.
Art. 119. In article 68bis, § 1^er, 1° of the Act of June 16, 2006 on public tenders for investment instruments and admissions of instruments for trading in regulated markets, inserted by the Royal Decree of March 3, 2011 implementing the evolution of financial sector control structures, the words ", with the exception of electronic currency institutions" are repealed.
Section 7. - Amendments to the Act of 10 December 2009 on payment services
Art. 120. In section 2 of the Payment Services Act of 10 December 2009, the following amendments are made:
(a) 2°, paragraph 1^er, b) is replaced by the following: "(b) electronic currency institutions as referred to in section 4, 31°, the Act of December 21, 2009 relating to the status of payment establishments and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems; »;
(b) in point 2°, paragraph 2, the words "or hand over electronic currency to an electronic currency holder" are inserted between the words "to a payment service user" and the words "without an approval";
(c) the article is supplemented by 29° to 33°, as follows:
"29° "electronic currency": a monetary value that is stored in an electronic form, including magnetic, representing a debt on the issuer, which is issued against the remittance for payment purposes and is accepted by a natural or legal person other than the electronic currency issuer;
30° "electronic currency issuer": the electronic currency issuer as referred to in section 4, 32° of the Act of December 21, 2009 relating to the status of payment establishments and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems;
31° "electronic currency establishment": the establishment of electronic currency as referred to in section 4, 31° of the Act;
32° "electronic currency holder": a natural or legal person who remits funds to an electronic currency issuer in exchange for the issuance of electronic currency by that issuer;
33° "Law of December 21, 2009": the Act of December 21, 2009 relating to the status of payment institutions and electronic currency institutions, access to the activity of payment service provider, electronic currency issuance activity and access to payment systems. "
Art. 121. Section 3 of the Act is supplemented by paragraph 3, which reads as follows:
“§3. This Act is also applicable to the issuance and reimbursement of electronic currency by electronic currency issuers. »
Art. 122. In article 44, § 2, paragraph 2, of the same law, the words "European Union" are replaced by the words "EEA".
Art. 123. In article 64, 11°, of the same law, the words "37, §§ 1^er to 4" are replaced by the words "37, §§ 1^er to 3".
Art. 124. In the same Act, a Title III/1, entitled:
"ITTRE III/1. - Emission and reimbursement of electronic currency. »
Art. 125. In Title III/1, inserted by Article 124, it is inserted a Chapter 1^erentitled “Chapter 1^er. - Emission and reimbursement."
Art. 126. In Chapter 1^er, inserted by section 125, an article 58/1 is inserted, as follows:
“Art. 58/1. Electronic currency emitters emit electronic currency at the nominal value against remittance. »
Art. 127. In Chapter 1^er, inserted by section 125, an article 58/2 is inserted, as follows:
Art. 58/2. § 1^er. The electronic currency issuers shall reimburse, at the request of the electronic currency holder, at any time and at the nominal value, the monetary value of the electronic currency held.
§ 2. The contract between the electronic currency issuer and the electronic currency holder clearly and visibly sets out the terms and conditions of reimbursement, including any related costs, and the electronic currency holder is informed of these conditions before it is bound by a contract or offer.
§ 3. Reimbursement may only take place if the contract provides for it in accordance with § 2 and only in one of the following cases:
(a) the refund is requested prior to the expiration of the contract;
(b) the contract specifies an expiry date and the electronic currency holder terminated the contract before that date, or
(c) the refund is requested more than one year after the expiration date of the contract.
The amount of costs must be proportioned and in relation to the actual costs incurred by the electronic currency issuer.
The King may determine the criteria for establishing actual costs incurred by the electronic currency issuer.
§ 4. When the refund is requested prior to the expiration of the contract, the electronic currency holder may claim the refund of the electronic currency in whole or in part.
§ 5. When the refund is requested by the electronic currency holder on the expiration date of the contract or within one year after the contract:
(a) the total monetary value of the electronic currency held shall be refunded or
(b) where the establishment of electronic currency carries out one or more activities in accordance with Article 77, § 1^er, the Act of 21 December 2009 and that the proportion of funds to be used in electronic currency is not known in advance, all funds to be reimbursed by the electronic currency holder are refunded.
§ 6. Notwithstanding §§ 3 to 5, the right to reimbursement of persons, other than consumers, who accept electronic currency is subject to the contractual agreement between electronic currency issuers and such persons. »
Art. 128. In Title III/1, inserted by Article 124, a Chapter 2, entitled "Chapter 2. - Prohibition of interest."
Art. 129. In Chapter 2, inserted by Article 128, an article 58/3 is inserted, as follows:
"Art. 58/3. Electronic currency issuers may not award interest or any other benefit related to the period in which the electronic currency holder holds electronic currency. "
Art. 130. In the same Act, an article 63/1 is inserted as follows:
“Art. 63/1. In the event of non-compliance by the electronic currency issuer with the obligations arising from Article 58/2 and without prejudice to the sanctions of common law:
- the electronic currency holder shall be exempted from payment of any costs related to the refund;
- the electronic currency holder may terminate without delay and without charge or penalty, by registered letter to the post and motivated, the electronic currency contract and, if applicable, the framework contract for payment services, from the time when he or she is aware of or should have known of his or her obligations. »
Art. 131. Section 64 of the Act is supplemented by the 20th written as follows:
"20° of articles 58/1 to 58/3 relating to electronic currency issuance activity, the reimbursable nature of electronic currency and the prohibition of awarding interest. »
Art. 132. In section 71 of the Act, the words "a payment service provider does not comply with one or more provisions of this Act, they communicate these findings to the control authority that has granted the authorization to offer payment services", are replaced by the words "a payment service provider or an electronic currency issuer does not comply with one or more provisions of this Act, they communicate these findings to the control authority that has granted the payment »
Art. 133. In section 75 of the Act, the following amendments are made:
1° Paragraph 1^er is replaced by the following:
"In order to resolve any disputes arising out of this Act and Regulation 924/2009 of the European Parliament and of the Council of 16 September 2009 concerning cross-border payments in the Community and repealing Regulation (EC) No 2560/2001, relating to the rights and obligations between the users of payment services, the holders of electronic currency and their payment service providers, their e-middler agencies, the latter shall establish a procedure »;
2° Paragraphs 1^er and 2, are inserted in two paragraphs, as follows:
"The payment service provider or the electronic currency issuer must either have adhered to such a complaints system or be a member of a professional association that has acceded to such a system. It must contribute to the financing of the system.
The King may create an extra-judicial complaints system whose mission is to help resolve disputes between payment service providers and electronic currency issuers respectively, and, on the other hand, payment service users and electronic currency holders, and other interested parties, including consumer associations, by providing advice on the matter or acting as a mediator. »;
3° In paragraph 2 of the previous paragraph, the words "or electronic currency holder" are inserted between the words "user of payment services" and the words "is a consumer".
Section 8. - Amendments to the Act of 28 July 2011 to transpose various guidelines on financial sector control and various provisions
Art. 134. "In section 34, paragraph 3, of the Act of 28 July 2011 to transpose various directives relating to the control of the financial sector and bearing various provisions, "2011" is replaced by "2012".
CHAPTER 2. - Transitional provisions and entry into force
Art. 135. § 1. Electronic currency institutions approved in Belgium prior to the entry into force of this Act are fully authorized for the purposes of Book 3 of the Act of 21 December 2009, introduced by this Act. They are listed under section 64 of the Act of December 21, 2009.
§ 2. Electronic currency institutions that had an exemption prior to the coming into force of this Act are exempted in full right for the purposes of Book 3 of the Act of December 21, 2009, introduced by this Act. They are listed under section 64 of the Act of December 21, 2009.
§ 3. Authorized electronic currency institutions and exempt legal persons referred to in §§ 1^er and 2 shall promptly notify the National Bank of Belgium of the activities referred to in Article 77, § 2 of the Act of 21 December 2009, as introduced by this Act, which they intend to exercise.
Art. 136. This Act comes into force on the day of its publication in the Belgian Monitor.
Promulgate this law, order that it be clothed with the seal of the State and published by the Belgian Monitor.
Given in Brussels, 27 November 2012.
ALBERT
By the King:
Deputy Prime Minister and Minister of Finance,
S. VANACKERE
Deputy Prime Minister and Minister of Economy, Consumers and the North Sea,
J. VANDE LANOTTE
Seal of the state seal:
Minister of Justice,
Ms. A. 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. - Opinion of the State Council, No. 53-2431/4. - Amendments, No. 53-2431/5 and 6. Report made on behalf of the commission, No. 53-2431/7. - Text adopted by the Commission, No. 53-2431/8. - Text adopted in plenary and transmitted to the Senate, No. 53-2431/9.
Full report. - 14 November 2012.
Senate
Parliamentary documents. - Project transmitted by the Chamber, No. 5-1841/1.
Annales. - 26 November 2012.