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

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].


La loi susvisée (la « Loi »), qui a transposé la directive européenne 2014/95/UE du 22 octobre 2014 modifiant la directive 2013/34/UE, a principalement modifié les articles 96 et 119 C. Soc. portant respectivement sur le contenu du rapport de gestion sur les comptes annuels et du rapport sur les comptes consolidés[1]. Les obligations résultant de la nouvelle loi devront être respectées à partir du rapport de gestion portant sur l’exercice 2017.

La Loi impose d’inclure dans le rapport de gestion annuel ou consolidé une série d’informations non financières, ainsi que des obligations complémentaires quant à la politique de diversité au sein de l’organe de gestion. Le champ d’application ratione personae de ces deux nouvelles catégories d’obligations n’est pas identique.

Discover - or rediscover - our Digital Finance team in this short video that we presented as a finalist of "Prix de l'Innovation" organised by Incubateur

We warmly thank our client Xavier Lahoureux (mozzeno) for his contribution!

For more information, visit our webpage dedicated to the Digital Finance team



The Digital Finance team is happy to share an article on the legal aspects of the robotization of finance, co-authored by Catherine Houssa, Philippe De Prez and Lucien Standaert.

On 9 November 2017, the Chamber of Representatives approved the draft law implementing MiFID II into Belgian law.

The draft law is now available on the Chamber’s website.

For more information on this major subject, please do not hesitate to contact our team.


A new Belgian Companies’ code is under preparation. It aims at modernizing the regime applicable to companies and associations.

One of the four legal scholars chosen as experts by the Minister of Justice Koen Geens to work on this project is Paul Alain Foriers. Hence, Simont Braun is well aware of what is to expect and when, and is able to guide companies through the upcoming challenges and opportunities.