Yesterday, 24 November 2020, the new law on basic banking services for businesses has been published in the Belgian Official Journal. This law voted on 22 October 2020 by the Belgian Parliament introduces a right to basic banking services for companies in Book VII of the Economic Law Code.
Recently a resolution on crowdfunding platforms has been adopted. This resolution introduces uniform rules at European level for European Crowdfunding Service Providers (ECSP). The aim is to address the obstacles to cross-border crowdfunding in order to foster cross-border business funding.
The National Bank of Belgium (NBB) has issued fifteen recommendations for cloud service providers in the insurance sector, which will apply as from 1 January 2021.
On 24 April 2020, the European Insurance and Occupational Pensions Authority (EIOPA) issued new guidelines on outsourcing to cloud service providers (the "Guidelines") which apply to insurance and reinsurance undertakings
Ce jeudi 16 juillet 2020, la Chambre des représentants a entériné le projet de loi « portant des dispositions diverses relatives à la prévention du blanchiment de capitaux et du financement du terrorisme et à la limitation de l’utilisation des espèces » (Doc. parl. n° 55-1324/009).
On 3 June 2020, ESMA published a Consultation Paper (“CP” which is available here) on draft guidelines for outsourcing to cloud service providers.
The health crisis caused by Covid-19 and the economic and social consequences it has for banks oblige these financial institutions to inform their regulator of the specific measures, both internal and external, that they implement to address the situation.
Pursuant to an agreement between the Belgian Federal State, the National Bank of Belgium and the financial sector (represented by Febelfin), Belgian financial institutions have undertaken to grant payment deferrals to those experiencing coronavirus-related repayment problems.
Be aware of the increased risk of default by debtors. With the spread of the virus, there is a heightened risk of financial difficulties leading to default or potentially
