Un nouveau règlement européen relatif aux procédures d’insolvabilité est entré en vigueur le 26 juin 2015. Il remplacera le règlement n° 1346/2000 à partir du 26 juin 2017.

Article de Vanessa Marquette publié dans la R.D.C 2017/1 aux éditions Larcier: pdfLire l'article

It is often said that RegTech is the new FinTech. That does not seem entirely correct.

While FinTech companies are offering financial services to customers (often in competition with traditional financial service providers), RegTech companies are more to be seen as technical support service providers. They are at the service of both disrupting and traditional financial institutions. RegTech, such as FinTech, InsurTech, and many others, is however also an example of an industry that is being rapidly altered by the use of technology. The industry, in this case, is not so much regulation itself, but rather the need to comply with the ever-growing regulation (mainly) in the financial sector.

ARRÊT DE LA COUR DE CASSATION DU 13 JANVIER 2017 (n° 15.0226.N)

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La problématique

L’annulation d’un contrat, puisqu’elle est rétroactive, implique que les parties soient autant que faire se peut replacées dans la même situation que si le contrat n’avait pas été conclu. Le principe peut sembler simple : chacun rend à l’autre ce qu’il avait obtenu sur le fondement du contrat.

Les effets de la nullité sont néanmoins particulièrement malaisés à mettre en œuvre lorsque celle-ci frappe des contrats relatifs à des biens dont la valeur fluctue dans le temps, tels que des actions.

La problématique a récemment donné lieu à un arrêt de la Cour de cassation du 13 janvier 2017.

Introduction

Much has already been said and written about important new features of the PSD2 such as the introduction of new payment services, increased security measures, negative scope precision, incident reporting, improved home-host cooperation for agents / branches, etc.

For existing payment service institutions (“PSI”) (i.e. payment institutions which obtained their license prior to 13 January 2018 under the PSD1 regime) it is important to bear in mind that the license obtained under the former regime, will be put under review by the competent supervisor (i.e. the National Bank of Belgium or “NBB”).

The existing authorisation requirements under the PSD1 regime (programme of operations, business plan, safeguarding of funds, etc.) is completed under the PSD2 with additional requirements that are not only imposed on new applicants but also on already licensed PSI’s.

By Vanessa Marquette, Managing Partner

The Belgian act of 11 July 2013 with regard to security rights on movable assets (the “Security Act”) is not yet in force. Implementing regulations were expected to organize the pledges register and to correct some inaccuracies and loopholes.

The Belgian Law of 25 December 2016 (the “Law”) amends the Security Act to ensure its effective implementation and postpone (once more) its entry into force. In an effort to harmonize the regime of security rights on movable assets, the Law also amends other regulations such as the Law of 15 December 2004 concerning financial collateral arrangements, the Registration Duties Code and the Law of 3 August 2012 relating to various provisions in order to facilitate the mobilization of receivables in the financial sector.

Brussels, March 2017

Simont Braun assisted the Brussels-based FinTech mozzeno on the launch of the first Belgian digital platform enabling individuals to participate indirectly in the funding of other individuals’ consumer loans.

BAWAG PSK Bank für Arbeit und Wirtschaft und Österreichische Postsparkasse AG (‘BAWAG’) is a bank operating in Austria. It offers contracts for internet e-banking to its customers. One of the provisions in the general terms in such e-banking contracts grants BAWAG the right to communicate ‘notices of changes’ to the customer through the internal mailbox of its internet e-banking system. The Verein für Konsumenteninformation, a consumer association, requested BAWAG to cease the usage of these terms as it would not comply with the duty of a payment service provider (“PSP”) to  provide information on a ‘durable medium’ as set out in Directive 2007/64 on payment services (“PSD”).

To this regard, the Supreme Court of Austria addressed two questions to the European Court of Justice (“ECJ”) for a preliminary ruling.

On 26 January 2017 the ECJ delivered its judgment.

This news analyzes the ECJ’s ruling and compares it to an earlier decision of the court regarding the same notion of ‘durable medium’.

The new Belgian law on crowdfunding platforms of 18 December has been published in the Belgian Official Journal.

 Key features include:

  1. Alternative Finance Service: The introduction of a new type of financial service in the Belgian regulatory landscape. The service consists of commercializing, through an internet platform, investment instruments issued by entrepreneurs looking to attract financial means from the crowd.
  2. Alternative Finance Platform License: Next to traditional and already licensed entities such as credit institutions and investment firms, the new alternative finance service will be reserved for licensed platforms only. Candidates have to file a license application with the FSMA. Unlike other EU countries, Belgium has opted for a single license applicable on both lending based and equity based crowdfunding platforms. With the license come of course also rules of conduct to be complied with by the platforms.

Blache sousi

La contribution de Catherine Houssa, avocate associée et membre de notre groupe ‘Digital Finance’, sur « le droit bancaire européen et le défi de la finance numérique », a été publiée dans le Liber Amicorum du professeur Blanche Sousi. Pour le texte de la contribution cliquer ici :   pdfCHO_le_droit_bancaire_et_le_défi_de_la_finance_numérique.pdf