1 Centre for International Business Law (CIBL), Aarhus School of Business, Aarhus BSS, Aarhus University2 Department of Business Law, Aarhus School of Business, Aarhus BSS, Aarhus University3 Department of Law, Aarhus BSS, Aarhus University4 Financial Law Institute, Ghent University5 Department of Law, Aarhus BSS, Aarhus University
In December 2007, the European Directive on payment services in the internal market was published in the Official Journal of the European Union. This directive, which has to be transposed into national legislation. This directive, which has to be transposed into national legislation before 1 November 2009, contains many rules on payments, including rules on the allocation of liability in case of fraudulent use of a payment instrument.The aim of this paper is to briefly discuss the regime concerning fraudulent payment transactions which is incorporated in the new directive and, further, to find out in what way the directive had or will have an impact on Danish and Belgian legislation. More specifically, we will examine how the rules incorporated in the European directive, which is based on the principle of maximum harmonisation, are implemented in Belgium and Denmark, whether the implementations are in accordance with the directive and, finally, whether the directive and the implementations reduce or strengthen the protection of payment service users in the two countries and promote the creation of a common internal market for payment services.
International Journal of Private Law, 2010, Vol 3, Issue 1/2, p. 179-196