On November 5, 2023, the Economic Omnibus Law introduced significant amendments to the Code of Economic Law and other economic regulations in Belgium. These legislative changes, which came into effect on December 21, 2023, aim to align Belgian economic legislation with recent European directives and promote efficiency.
Key changes include those related to basic banking services, the zeroing period for credits, and rules concerning bundled sales by banks. Basic banking services for enterprises are now more clearly defined, and a new arrangement for contributing to the operational costs of the basic banking service chamber has been established.
Additionally, there are significant revisions to the rules for bundled sales. These changes offer consumers more flexibility and protection when choosing insurance products linked to mortgage loans.
Moreover, the law includes adjustments in the WAM Law, the GAS Law, the Electricity Law, and the Law on Compensation for Physical and Moral Damages due to Technological Accidents. Major updates are also made in Books I, III, IV, VI, X, XI, XV, and XVI of the Code of Economic Law, enhancing the efficiency of competition procedures and strengthening consumer rights protections.
This series of reforms marks an important step in modernizing Belgian economic legislation and highlights the government's commitment to creating a more transparent and consumer-friendly economic environment.