On 9 November 2017, the Chamber of Representatives approved the draft law implementing MiFID II into Belgian law.
The draft law is now available on the Chamber’s website.
For more information on this major subject, please do not hesitate to contact our team.
A new Belgian Companies’ code is under preparation. It aims at modernizing the regime applicable to companies and associations.
One of the four legal scholars chosen as experts by the Minister of Justice Koen Geens to work on this project is Paul Alain Foriers. Hence, Simont Braun is well aware of what is to expect and when, and is able to guide companies through the upcoming challenges and opportunities.
A RISK-BASED APPROACH, YOU SAID?
Un nouveau règlement européen relatif aux procédures d’insolvabilité est entré en vigueur le 26 juin 2015. Il remplacera le règlement n° 1346/2000 à partir du 26 juin 2017.
It is often said that RegTech is the new FinTech. That does not seem entirely correct.
While FinTech companies are offering financial services to customers (often in competition with traditional financial service providers), RegTech companies are more to be seen as technical support service providers. They are at the service of both disrupting and traditional financial institutions. RegTech, such as FinTech, InsurTech, and many others, is however also an example of an industry that is being rapidly altered by the use of technology. The industry, in this case, is not so much regulation itself, but rather the need to comply with the ever-growing regulation (mainly) in the financial sector.
ARRÊT DE LA COUR DE CASSATION DU 13 JANVIER 2017 (n° 15.0226.N)
L’annulation d’un contrat, puisqu’elle est rétroactive, implique que les parties soient autant que faire se peut replacées dans la même situation que si le contrat n’avait pas été conclu. Le principe peut sembler simple : chacun rend à l’autre ce qu’il avait obtenu sur le fondement du contrat.
Les effets de la nullité sont néanmoins particulièrement malaisés à mettre en œuvre lorsque celle-ci frappe des contrats relatifs à des biens dont la valeur fluctue dans le temps, tels que des actions.
La problématique a récemment donné lieu à un arrêt de la Cour de cassation du 13 janvier 2017.
Much has already been said and written about important new features of the PSD2 such as the introduction of new payment services, increased security measures, negative scope precision, incident reporting, improved home-host cooperation for agents / branches, etc.
For existing payment service institutions (“PSI”) (i.e. payment institutions which obtained their license prior to 13 January 2018 under the PSD1 regime) it is important to bear in mind that the license obtained under the former regime, will be put under review by the competent supervisor (i.e. the National Bank of Belgium or “NBB”).
The existing authorisation requirements under the PSD1 regime (programme of operations, business plan, safeguarding of funds, etc.) is completed under the PSD2 with additional requirements that are not only imposed on new applicants but also on already licensed PSI’s.
By Vanessa Marquette, Managing Partner
The Belgian act of 11 July 2013 with regard to security rights on movable assets (the “Security Act”) is not yet in force. Implementing regulations were expected to organize the pledges register and to correct some inaccuracies and loopholes.
The Belgian Law of 25 December 2016 (the “Law”) amends the Security Act to ensure its effective implementation and postpone (once more) its entry into force. In an effort to harmonize the regime of security rights on movable assets, the Law also amends other regulations such as the Law of 15 December 2004 concerning financial collateral arrangements, the Registration Duties Code and the Law of 3 August 2012 relating to various provisions in order to facilitate the mobilization of receivables in the financial sector.