The Belgian law transposing the prudential requirements of Directive 2015/2366 on payment services in the internal market (PSD2) (the Title II and the provisions regarding access to accounts and security requirements (Articles 65 to 67 and 95 to 98)) was published on 26 March 2018 (law of 11 March 2018 on the status and control of payment and e-money institutions, on the access to the activity of payment service provider and of e-money issuing, and on the access to payment systems (the Law) (available here)).

The Law entered into force on the day of its publication, with the exception of the provisions regarding secure communication within the context of access to accounts, which will enter into force on 14 September 2019 – 18 months after the entry into force of the Regulatory Technical Standards on strong customer authentication, which were published in the Official Journal of the European Union on 13 March 2018 (available here).

In accordance with PSD2, the Law obliges providers of payment initiation services or account information services to obtain a licence as a payment institution.

It also clarifies the different regimes under which payment institutions and e-money institutions may perform their activities. Making use of the option given by PSD2 to national legislators, the Law requires that foreign payment institutions operating in Belgium through agents under the right of establishment appoint a central contact point.

Authorised payment institutions under the previous payment services directive (PSD1) have until 27 April 2018 to submit their reauthorisation file to the National Bank of Belgium.

Title III and IV of PSD2 in Belgium will be implemented in a separate act, which will amend Book VII of the Belgian Economic Law Code. The draft bill is currently under review by the Council of State for advice.