The European Commission has referred Belgium to the European Court of Justice because they have failed to implement an EU directive relating to the supervision of electronic money institutions. The Court has been asked to impose daily penalties of EUR59,212.8 (USD 76,168.07) on the country until it complies.
The directive, 2009/110/EC, aims to modernise EU rules on electronic money; allowing new e-money services to be designed, encouraging effective competition between market participants and providing market access to new companies.
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Adopted in September 2009, the directive should have come into force across all EU Member States by 30 April 2011. The Lowland country has failed to notify the Commission of any national legislation that would address this.
In April, the commission warned Belgium along with Spain, France, Cyprus, Poland and Portugal about their non-compliance giving them all a further two months implement related legislation. Belgium is the first country to be taken to Court since then.
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