Law Amending The Law Of 22 March 1993 On The Status And Control Of Credit Institutions (1)

Original Language Title: Loi modifiant la loi du 22 mars 1993 relative au statut et au contrôle des établissements de crédit (1)

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Posted the: 2003-03-07 Numac: 2003003138 SERVICE PUBLIC FÉDÉRAL FINANCES 25 February 2003. -Act to amend the law of 22 March 1993 on the status and control of the business of credit (1) ALBERT II, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: chapter I:. -Provisions General Article 1. This Act regulates a matter covered by article 78 of the Constitution.
S. 2. this law transposes directive 2000/28/EC of the European Parliament and of the Council of 18 September 2000 amending directive 2000/12/EC on access to the activity of credit institutions and its exercise as well as directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the business of electronic money institutions and pursuit and prudential supervision of these institutions.
CHAPTER II. -Provisions relating to electronic money institutions art. 3A in article 1 of the law of 22 March 1993 on the status and control of credit institutions the following changes are made: 1 ° paragraph 2 is replaced by the following provision: "are defined as credit institution Belgian or foreign enterprises: 1 ° whose business is to receive deposits of money or other repayable funds public and to grant credits for their own account. , or 2 ° whose activity is to issue payment in the form of electronic money instruments. » 2nd article is supplemented by the following paragraph: "for the purposes of this Act, credit institutions whose only activity referred to in article 2, 2 °, are referred to as electronic money institutions. » Art.
4A section 2 of the Act, as amended by the law of 30 October 1998, including the current text will form the § 1, § 2, worded as follows is added: "§ § 2 2» The banking and Finance Commission may exempt from the application of all or part of this Act and its implementing orders of electronic money institutions: 1 ° the activity of issuing electronic money which generates a total amount of financial liabilities related to electronic money in circulation exceeding not normally 5 million euros and never six million euros, or 2 ° whose electronic currency they issue is accepted as payment instrument by companies with which it a link control with the issuing electronic money institution and if, with regard to their subsidiaries, they perform functions operational or accessories in connection with the issuance of electronic money, or 3 ° whose electronic currency they issue is accepted as payment only by a limited number of enterprises, which stand out clearly by the fact that they are in the same premises or in a small local area or that they are in a close financial relationship or commercial with the electronic money issuer, including in the form of a common marketing or distribution device.
Electronic money institutions benefiting from an exemption granted under this paragraph: 1 ° do not benefit from the mutual recognition arrangements provided for in articles 65 to 66bis of this Act;
2 ° shall include in the contract governing the issuance of electronic money, electronic storing electronic money may have a capacity exceeding EUR 150;
3 ° provide periodically to the National Bank of Belgium and the banking and financial Commission a report on their activities.
This is established in accordance with the rules laid down, on the advice of the Bank national of Belgium, by the banking and financial Commission that determines the frequency and focuses particularly on the total amount of their financial liabilities related to electronic money. » Art. 5. article 3, § 1, of the Act, as amended by laws of March 20, 1996 and March 9, 1999, is completed as follows: ' 7 ° by electronic money: a monetary value as represented by a claim on the transmitter, which is stored on an electronic medium, is issued on receipt of funds and is accepted as payment instrument by persons other than the issuer. ''
S.
6. in article 4, of the Act, as amended by the laws of 6 April 1995, 30 October 1998, and on May 22, 2001, the following changes are made: 1 ° in the paragraph 1, the words 'other than electronic money institutions' are inserted between the words 'credit institutions' and 'established in Belgium' so that between the words 'credit institutions', and "incorporated under the law of a Member State.
2 ° article 4 is supplemented by the following subparagraph: "the funds given to electronic money in Exchange for electronic money institutions are not considered deposits or other repayable funds provided that they be immediately exchanged against electronic money."
S. 7. There shall be inserted in title I of the Act, a chapter III bis, as follows "chapter IIIbis - the emission of electronic money s. 5bis. Apart from the central banks of the European system of central banks only credit institutions established in Belgium and credit institutions incorporated under the law of another State member of the European Community and which benefit from the rule system to articles 66 et seq. of this Act may exercise the activity of issuing electronic money.

S. 5b. The funds awarded against electronic money may be below the monetary value representing the claim on the issuer.
S. 5. Unused electronic money is, during its period of validity, repayable by transfer or in currency in circulation by the issuing institution at the request of the holder of the electronic money.
The contract governing the issuance of electronic money must clearly specify the conditions for this rebate unless they can provide for charges other than those strictly necessary for the operation of reimbursement. The contract may provide for reimbursement a minimum amount, which may not exceed EUR 10. Any clause in the contract limiting the right to reimbursement is void. » Art.
8 in article 6 of the same Act, amended by the royal decree of July 6, 1994 and March 20, 1996 and October 30, 1998, the current text of which laws will form the § 1, the following changes are made: 1 ° in the § 1, paragraph 1, the words 'electronic money institution' shall be inserted between the words "credit institution". "and"Bank ";
2 ° a § 2, worded as follows is added: "§ § 2 2»
By way of derogation to the § 1, paragraph 1, electronic money institutions may make public use in Belgium of the words "Bank", "Bank", "savings bank", «caisse d'Epargne» or «Bank Securities.
"Electronic money institutions exempted pursuant to article 2, § 2 are not from § 1, paragraph 1.
S. 9. in article 41, paragraph 1 of the Act, the words 'other than electronic money institutions' are inserted between the words 'Belgian credit institutions' and 'and which are eligible.
S. 10 A section 43 of the Act, the following changes are made: 1 ° paragraph 1, is completed as follows:'d) investments that can perform the electronic money institutions.'
2 ° in paragraphs 2 and 3, the words ' (referred to the litteras has) to c) ' shall be replaced by the words ' (referred to the litteras has) to d).
S. 11. in the same Act, it is inserted an IIbis title, as follows: 'title IIbis of electronic money under Belgian law institutions article. 64bis. With the exception of articles 28 and 32, the provisions of title II shall apply to electronic money institutions, through the following points: 1 ° article 13: electronic money institutions are listed in a special section of the list and their approval is not notified to the Commission of the European communities;
2 ° article 16: the capital is 1,000,000 euros;
3 ° article 20: the management structure, administrative and accounting organization and internal control shall correspond to the financial risks and non financial to which electronic money institutions are exposed, including the technical risks and those related to the procedure, as well as the risks associated with the activities carried out in cooperation with any undertaking performing operational functions or other accessories in connection with their business functions;
4 ° the articles 34 to 39: the pursuit of an activity abroad by a branch or by way of freedom to provide services takes into account the limitation of the activities foreseen in article 64ter and the regime of mutual recognition foreseen by articles 34 and 38 is limited to the activity of issuing electronic money.
S. 64ter. Commercial activities of money institutions electronics other than the issuance of currency electronics are limited: 1 ° to the provision of services financial and nonfinancial closely related to the issuance of electronic money, such as the administering of electronic money by the performance of operational and other ancillary functions related to its issuance, to the issuance and management of other instruments of payment but excluding the granting of any form of credit , and

2 ° to the storage of data on the electronic medium on behalf of other undertakings or public institutions.
S. 64quater. Electronic money institutions may hold any interest in another company, unless it exercises operational functions or other ancillary functions related to electronic money issued or distributed by the institution concerned.
S. 64quinquies. § 1 the electronic money institutions are required to make investments by an amount at least equal to their financial liabilities related to outstanding electronic money issuance. These investments comply with the conditions and limitations under article 43.
§ 2. For the sole purpose of the total elimination of market risk related to the issuance of electronic money and the investments they can make, electronic money institutions may use elements off balance enough liquid related to rates of interest or exchange rates, in the form of derivatives traded on an organised market and which are subject to requirements for margins daily or contracts in Exchange for an initial maximum rate fourteen days calendar. » Art. 12. an article 66bis, worded as follows, shall be inserted in the Act: «art.» 66bis. The electronic money institutions governed by the law of another State member of the European Community can benefit from the application of sections 65 and 66 of this Act in relation to their activity of issuing electronic money.
» Art. 13. There shall be inserted in title IV of the Act, a chapter V, as follows: 'chapter v '. Electronic money institutions art. 84A. When the credit institution is exclusively an electronic money institution, articles 64bis, 1 ° to 3 °, 64ter to 64quinquies are also applicable. » Art. 14. in article 104, § 1, 1 °, of the Act, "in article 4" shall be replaced by the words "in article 4 or in article 5bis.
S. 15A article 110a of the Act, introduced by article 4 of the Act of 23 December 1994 and amended by articles 20 and 21 of the Act of December 17, 1998, the following changes are made: 1 ° article 110a becomes article 110a 2;
2 ° the following subparagraph is inserted between paragraphs 1 and 2 of § 2: "for the purposes of this title, the unused electronic money so that one used but for which a final payment is not yet reached shall be regarded as a deposit of funds."
S.
16A 110a article 1 of the Act, introduced by article 4 of the Act of 23 December 1994, the words «Articles 110a to 110quinquies» are replaced by the words «articles 110 to 110quater.
S. 17. an article 152quater, worded as follows, shall be inserted in the Act: «art.» 152quater. Electronic money institutions which have started their business of issuing electronic money before April 27, 2002 are presumed to be approved. » CHAPTER III.
-Other provisions art. 18. article 64, 1 ° of the Act is replaced by the following provision: "1 ° their activity is refundable other than overnight deposits euro fundraising and place the product in euros from other credit institutions established in Belgium or governed by the law of a Member State of the European Community or in securities in euro noting receipt of funds repayable and issued or guaranteed by the communities Regions, international organizations including the Belgium is a member, the Member States of the European Community, of credit institutions established in Belgium or governed by the law of a Member State of the European Community.
Their activity can also consist of intermediation services credit and insurance subject to compliance with the specific laws applicable to these materials as well as in the provision of investment services consisting in the placement of programming of financial instruments, excluding any farm. » Art. 19. article 157, § 1, third paragraph, of the Act, as amended by the Act of 30 October 1998, is replaced by the following paragraph: "for the purposes of this paragraph, shall be assimilated to the credit institutions: 1 ° the State, communities, Regions, provinces, municipalities, other public authorities, public institutions, organizations of public interest and assimilated persons referred to in article 1. , paragraph 1 of the law of 2 January 1991 relating to the public debt market and the instruments of monetary policy, to the extent that they act within the framework of the management of the public debt;
2 ° the National Bank of Belgium;
3 ° the other central banks of the European system of central banks;
4 ° the European Central Bank. » Art. 20. this Act comes into force the day of its publication in the Moniteur belge.
Promulgate this Act, order that it itself coated seal to the State and published by le Moniteur.
Given at Brussels, 25 February 2003.
ALBERT by the King: the Minister of finance, D. REYNDERS sealed with the seal of the State: to the Minister of Justice, absent: the Minister of the Interior, A. DUQUESNE _ Notes (1) 2002-2003 Session.
House of representatives Documents. -Bill, no. 50 - 2122/1.
Report, nr. 50 2122/2. -Text adopted in plenary meeting and transmitted to the Senate, no. 50-2122/3.
Parliamentary Annals. -Discussion and adoption. Meeting of January 23, 2003.
Senate Documents. -Project not mentioned by the Senate, no. 2 - 1441.
Parliamentary Annals. -Adoption. Meeting of February 11, 2003.

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