FIG Bulletin, 25 March 2019

The European Union is implementing its most comprehensive overhaul of payment services regulation since PSD2, merging payment services and electronic money frameworks into a unified system through the new Payment Services Regulation and Third Payment Services Directive. This reform introduces mandatory fraud prevention measures, a harmonized authorization regime, and enhanced open banking requirements that will fundamentally reshape compliance obligations for financial institutions across the EEA.

Belgium has adopted its CRD VI transposition law, introducing a harmonised regime that requires non-EEA banking institutions to establish NBB-authorised branches when providing core banking services in Belgium. The new framework, which takes effect on 11 January 2027, marks a significant shift from Belgium's previous approach that generally permitted cross-border lending without local authorisation.

The Alternative Investment Fund Managers Directive (AIFMD II) was published in November 2023 and one area of evolution is an increased emphasis on open-ended alternative...

The Belgian legislator has completed the implementation of AIFMD II through the Law of 22 July 2026, introducing significant regulatory changes for investment funds and their managers. Beyond the mandatory transposition, Belgium has introduced welcome flexibilities including expanded permitted activities for UCITS management companies and AIFMs, streamlined share class creation processes, and relaxed fit and proper requirements for certain fund managers.

Non-EU lenders face new regulatory requirements when financing Belgian corporate borrowers, but several key exemptions exist that may preserve current lending practices. Understanding these exceptions—from reverse solicitation to intra-group lending—is crucial for determining whether licensing obligations apply to cross-border lending operations.

The European Union's new CRD VI directive fundamentally reshapes how US banks can conduct corporate lending across EU Member States, introducing mandatory branch licensing requirements that eliminate...

A key point that market participants should be clear on from the outset: AIFMD II brings changes to the regulatory framework applicable to both Alternative Investment Funds (AIFs)...

The Financial Services Duty of Care Bill 2019-20 has been reintroduced to the House of Lords. The Bill requires the Financial Conduct Authority (FCA) to make rules for authorised persons to...