Consult the full version of today's offical gazette here. Note that this blog post is not written by a human. It was generated by Artificial Intelligence. Read more about what this blog is here.

Summary of Key Regulatory Changes Published in the Belgian Official Gazette (April 11, 2025)

This summary highlights the most significant regulatory changes from the Belgian Official Gazette dated April 11, 2025. It focuses on major laws, decrees, and regulations while excluding administrative appointments and translations.

1. Constitutional Court Decision on Cash Payments for Metal Transactions

On March 20, 2025, the Constitutional Court ruled on the case involving Article 166 of the law of February 9, 2024, related to various economic provisions. This decision struck down regulations that previously allowed cash payments of up to €500 for transactions involving metals and precious materials. The ruling emphasized that such transactions must be completed without cash payment unless under specific circumstances, significantly tightening previous regulations to prevent money laundering linked to these sectors.

Example of Change:

• Situation Before: Sellers could receive cash for metal transactions (e.g., copper or precious metals) up to €500 if they were consumers.
• New Regulation: Effective immediately after the court's decision, cash transactions are banned for these products when sold to non-consumers, aiming to eliminate illicit sales by preventing anonymous cash transactions.

2. Cost Reimbursement for FSMA Supervision of Credit Servicers

A Royal Decree issued on March 20, 2025, establishes the financial framework for compensating the costs incurred by the Financial Services and Markets Authority (FSMA) in overseeing credit servicers. With the rise of new regulations post-Directive (EU) 2021/2167, this decree obligates credit servicers to pay fees covering the FSMA's operational costs associated with their oversight.

Key Points:

• Payment Structure: Credit servicers are now required to contribute explicitly to the operational budget of the FSMA, which will allow for sustained regulatory oversight and adaptability to evolving markets.
• Annual Fee Example: Each credit servicer is subject to a fixed annual fee of €4,200 to be paid to the FSMA.

3. Implementation of the ESAP Directive

A Royal Decree dated March 29, 2025, focuses on transposing Article 3 of Directive (EU) 2023/2864 into Belgian law. This directive introduces a centralized system (European Single Access Point) to streamline the access to financial and corporate information across the EU.

Implications:

• New Obligations for Listed Companies: Companies listed on regulated markets must adapt to new rules regarding the submission of regulated information, creating more transparency and better accessibility to financial data.
• Deadline for Implementation: The provisions coming from this Decree come into effect on July 10, 2026.

Conclusion

These developments reflect ongoing efforts to modernize Belgian regulations related to financial supervision, mitigate risks linked to unlawful cash transactions in the metal sector, and enhance transparency in financial reporting via ESAP. The changes made through court rulings and new Royal Decrees signify a strong governmental push towards more rigorous and standardized regulatory frameworks. Businesses and stakeholders should prepare for these changes to adapt successfully to the evolving regulatory landscape.

Analysis

Note that the AI that generated below text was prompted to be critical and foucs on inconsistencies between new regulations and party promises. Always good to be critical towards the government!

Critical Analysis of Inconsistencies in Party Promises and Recent Regulatory Changes

N-VA (Nieuw-Vlaamse Alliantie): N-VA has consistently promoted themes of economic stability and integrity within financial transactions. The Constitutional Court's decision to ban cash transactions for metal sales aims to prevent money laundering, which aligns with their commitment to a safe economic environment. However, this ruling may impose additional burdens on small businesses, which N-VA typically supports. If these regulations complicate the operating conditions for local metal traders or artisanal businesses reliant on cash transactions, it could contradict their promise to foster a supportive environment for local enterprises.

MR (Mouvement Réformateur): MR advocates for reducing bureaucratic red tape and enhancing economic efficiency. While they may appreciate the intent behind tightening regulations on cash payments to prevent illicit activities, the ban on cash transactions for metals could be seen as an additional layer of regulation that contradicts their objective of fostering a business-friendly environment. The requirement for credit servicers to cover the costs of FSMA supervision might also be perceived as another regulatory burden, potentially conflicting with their promises to streamline business operations.

CD&V (Christen-Democratisch en Vlaams): CD&V emphasizes social responsibility and the protection of both consumers and businesses. The ruling on cash payments for metals may reflect their commitment to preventing illegal activity, but they must ensure that it does not hinder legitimate businesses that rely on cash sales. Additionally, the financial obligations imposed on credit servicers to fund FSMA oversight align with their commitment to accountability in financial practices. However, this could also create conflicts if the cost burden leads to higher prices for consumers seeking financial services, which contradicts their promise to support equitable access to services.

Vooruit: Vooruit places strong emphasis on social equity and protecting vulnerable populations. The regulation that limits cash transactions for metal sales could be perceived as a strong anti-money laundering measure that they would support. However, it's essential for them to ensure that this regulation does not disproportionately impact smaller businesses or individual artisans who may depend on cash transactions to facilitate their work. The financial contributions required from credit servicers might also create a barrier for smaller firms, conflicting with their promise to promote economic fairness and accessibility for all.

Les Engagés: Les Engagés advocate for comprehensive social and economic equity as well as environmental sustainability. They would likely support the measures aimed at preventing unlawful activities in the metal sector as part of broader efforts to promote integrity in commerce. However, if the new regulations place undue stress on small businesses, it could lead to inconsistencies with their commitment to support equitable economic practices. The financial responsibilities associated with FSMA oversight, if seen as burdensome, might also be at odds with their emphasis on a fair and accessible financial environment for all stakeholders.

Conclusion

The recent regulatory changes underscore Belgium's commitment to enhancing financial oversight, preventing illegal activities, and improving transparency in economic practices. However, inconsistencies appear between promoting responsible governance and the potential burden these regulations may place on small businesses and vulnerable populations. Each political party will need to navigate these complexities to ensure that their commitments to supporting community and economic growth are effectively upheld in light of these new developments.