The European Commission has requested Belgium to amend its law on the taxation of transactions in specific securities. Belgian law at present only allows credit institutions established in Belgium to operate settlement systems with tax clearing; credit institutions set up in other EU Member States are barred from the same business. The European Commission considers that Belgium should subject the non-Belgian institutions to the same rules, and ensure tax compliance through administrative cooperation. Belgium has two months to comply; the Commission may refer Belgium to the ECJ on any failure.