We are happy to share that partner Philippe Campolini (Intellectual Property) and counsels Philippe De Prez (Banking & Digital Finance) and Martin Bassem (Real Estate & Construction) are considered as Next Generation Lawyers in the latest edition of the Legal 500.

Une nouvelle étape vient d'être franchie dans la réforme du droit belge des obligations.

The 2nd E-money Directive’s ambitions

The first e-money directive 200/46/EC was not as successful as initially expected. Some of its provisions limited the development of the European e-money market, notably due to certain over-demanding prudential requirements and uncertainties about its scope of application. The second e-money directive 2009/110/EC of 16 September 2009 (“2EMD”) was meant to solve these shortcomings and to give a fresh start to the e-money market. This objective was pursued through facilitating the application process for e-money licenses and bringing its provisions in line with the payment service directive 2007/64/EC (“PSD1”).

Article 17 of the 2EMD required the European Commission to present a report on the implementation and impact of this directive, accompanied, where appropriate, by a proposal for its revision. The deadline imposed by the 2EMD for this review was 1 November 2012

On 10 January 2018, the law of 3 December 2017 concerning the establishment of the Data Protection Authority was published in the Belgian’s official Gazette. This law, reforming the current Commission for the protection of privacy, is one of the necessary legislative efforts to anticipate the entry into force of the European Union’s General Regulation on the protection of natural persons with regard to the processing of personal data and of the free movement of such data (GDPR). As of 25 May 2018 all natural or legal persons, public authorities, agencies or other bodies which process personal data or organise such processing will have to comply with these new rules. What does this mean in practice?

This news aims at providing the reader with an overview of the changes entailed by the GDPR and to give some insight on the necessary measures to be taken to comply with the new legislation.

The EU should work on “a more future-oriented regulatory framework embracing digitalisation, with the aim of creating an environment where innovative FinTech products and solutions can be rapidly rolled out across the EU to benefit from the scale economies of the Single Market” (EU Commission draft FinTech Action Plan)

And to attain this ambitious objective, the EU Commission conducted a public consultation which highlighted three goals and the measures to be taken to reach them: the Fintech Action Plan (still under development[1]).

What’s in a name?

The term ICO stands for ‘Initial Coin Offering’, a rather obvious reference to IPOs (‘Initial Public Offering’). Like IPOs, ICOs can be described as a means of raising public funds. And quite a good one.  Although numbers vary from one analyst to another, in 2017 alone, approximately USD 3 billion would have been raised through ICOs[1].

In its judgment dated 7 December 2017 (case C-329/16), the Court of Justice of the European Union (CJEU) considered that software, of which at least one of the functions makes it possible to use patient-specific data for the purposes, inter alia, of detecting contraindications, drug interactions and excessive doses, is, in respect of that function, a medical device within the meaning of the Directive 93/42/EEC concerning medical devices (MDD).

As announced since several months, the new Belgian corporate income tax reform was recently enacted by the law of 25 December 2017 (hereafter: “Law”), as published in the Belgian State Gazette of 27 December 2017.

Hereunder you will find a summary of some of the major highlights of this reform.

Devant les difficultés pratiques de perception d’un impôt sur les plus-values des particuliers, le gouvernement s’est, assez étrangement, rabattu sur l’introduction, pour la première fois en Belgique, d’un impôt sur la fortune ou plutôt sur une partie de la fortune, à savoir sur les comptes-titres de plus de 500.000 euros détenus par des personnes physiques.

En raison de difficultés de procédure, ce projet n’a pu être voté en 2017 et sa discussion est donc reportée à 2018. Il n’empêche que l’introduction de cette nouvelle taxe est vraisemblable. Elle serait perçue au taux de 0,15 % sur les comptes-titres des habitants du royaume, où que ces comptes soient situés, et sur les comptes belges des non-résidents dès lors que la valeur moyenne totale des instruments financiers imposables déposés dans ces comptes dépasse 500.000 euros.