Understanding payment services
The provision of payment services is a licenced activity in the EU. Payment services providers are regulated by the European Directive (EU) 2015/2366, better known as PSD2. In Belgium PSD2 is transposed by the Belgian Act of 11 March 2018 on the legal status and supervision of payment institutions and electronic money institutions, access to the business of payment service providers and to the activity of issuing electronic money, and access to payment systems.
In practice, it is not always easy to grasp (i) what type of activity these regulated payment services refer to and (ii) the scope of the related legal framework and licensing requirements. From basic principles such as possession of funds and payment accounts, to classic cash depositing services as well as the recently introduced account information services, this article aims at providing an updated overview and better understanding of the scope of the payment services framework.
You can read the full article that was published in Banking & Finance Law here.
As from 1 May 2022, the activities of certain virtual currency service providers in Belgium will be regulated. These service providers will have to meet a series of conditions, including ones relating to their professional integrity and anti-money laundering obligations.Read on
On 19 April 2021, a draft law on diverse financial provisions (the “Draft Law”) was published. The Draft Law was adopted by the Parliament at the end of May. Amongst other things, it amends the Belgian AIFM Law to integrate the ELTIF fund status. Together with its parliamentary works, the Draft Law finally provides some clarity on this vehicle’s place in the existing Belgian fund framework.Read on
In recent years, Special Purpose Acquisition Companies or “SPACs” have gained tremendous popularity in the United States. In 2020 alone, one hundred SPACs accounted for approximately $80 billion in US public fundraising.Read on