The new Act[i] repeals and replaces the Act of 21 December 2009 on payment institutions and electronic money institutions[ii].

As 'gold-plating' (i.e. providing for stricter or more specific rules) is not allowed by the directive, the government did not have much room to manoeuvre in respect of the transposition.

A separate law, amending Book VII of the Economic Law Code, will be drafted to implement various other provisions of the directive, which relate to consumer protection and codes of conduct.

[In the months following the entry into force of the new Act, all existing registrations and licenses will be reviewed by the National Bank of Belgium, in order to verify that all new obligations are complied with.]

The transposition deadline of directive (EU) 2015/2366 was 13 January 2018. The better part of the new Act will enter into force on the day of its publication in the Belgian Official Journal.