The European Commission has decided to refer Belgium to the Court of Justice of the EU for failing to implement the Directive on the taking up, pursuit and prudential supervision of the business of electronic money institutions. The Commission has also decided to ask the Court to impose daily penalty payments on Belgium until it fully implements the Directive.
The Directive 2009/110/EC was adopted in September 2009 and has the objective of “the objective of removing barriers to market entry and facilitating the taking up and pursuit of the business of electronic money issuance, the rules to which electronic money institutions are subject need to be reviewed so as to ensure a level playing field for all payment services providers.” The Directive focuses on modernising EU rules on electronic money, especially bringing the prudential regime for electronic money institutions, in line with the requirements for payment institutions in the Payment Services Directive 2007/64/EC.
Most Member States have adopted implementing legislation. However, Belgium has not yet notified to the Commission any national implementing measures. The Commission sent a reasoned opinion to Belgium in April 2012. It asked Belgium, among other countries, to update the Commission on the measures they were taking to update their legislation in conformity with the latest Directive on e-money. Now the Commission proposes that Belgium pay a daily fine of €59,212.80 from the date of the Court’s ruling.
The Commission argues that if the Directive is not implemented by all member states, companies cannot benefit “of a clear legal framework designed to strengthen the internal market while ensuring an adequate level of prudential supervision.”
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