On 19 December 2018, the Council of the EU and the Parliament reached an agreement on the proposal for a directive on “preventive restructuring frameworks, second chance and measures to increase the efficiency of restructuring, insolvency and discharge procedures”. The main objective of the directive is to enhance the rescue culture across EU. To do so, each Member State will be required to introduce into its substantive law effective preventive restructuring frameworks in order to help debtors experiencing financial difficulties to restructure at an early stage, with the objective to avoid insolvency and to improve the return for the creditors. 

Since the late 1990s, the Belgian legislator has been referring to the notion of ‘durable medium’ in order to indicate a bearer of information. The concept of ‘durable medium’ originally stems from European consumer law[1]. However, various definitions as well as different use cases, often in combination with a link to paper,  could be found spread across a variety of Belgian laws.

The Law of 20 September 2018[2], harmonising the concept of durable medium, should end this double shortage of legal coherence, with regard to the definition of a durable medium on the one hand and regarding its coexistence with paper on the other.

It happens that traders, operating in one EU Member State, block or limit access to their websites and applications by customers from other member states who would like to engage in cross-border transactions (a practice called ‘geo-blocking’). This, together with the practice of traders applying different general conditions of access to their goods and services or with regard to the means of payment, based on the customer’s nationality, place of residence or place of establishment, forms a barrier to the free movement of goods and services throughout the EU internal market.

These practices, if not objectively justified[1], are forbidden as from 3 December 2018, the date of applicability of the EU Regulation on Geo-blocking[2].  

De Commissie voor handels- en economisch recht van de Kamer heeft in tweede lezing het ontwerp van het nieuwe Wetboek van vennootschappen en verenigingen aangenomen.

Hier vindt u een overzicht van de voornaamste wijzigingen door Paul Alain Foriers, een van de vier deskundigen benoemd door het Ministerie van Justitie: pdfLa réforme du Code des sociétés - Quelques questions importantes (alleen beschikbaar in het Frans).

Voor meer informatie over de hervorming, aarzel niet om contact op te nemen met Paul Alain Foriers, Sandrine Hirsch of Nikita Tissot.

 

Although the Insurance Distribution Directive (“IDD”) was supposed to be implemented on 1st October 2018 at the latest, the Belgian transposition law was only adopted on 14 November 2018. This implementation law is characterised by an expected dose of gold-plating together with a few surprising good news for the industry. In this news, we give our two-cent on the upcoming changes we thought were the most interesting to the industry – and hopefully the less boring to read about. 

This article summarises the major changes entered into force on 1st November 2018.

Ingevolge de wet van 15 april 2018 houdende hervorming van het ondernemingsrecht, worden sommige wijzigingen betreffende zowel de benaming als de bevoegdheden van de rechtbank van koophandel op 1 november 2018 in werking getreden, waarvan de belangrijkste hieronder worden samengevat.

  1. Introduction

The public offer of investment instruments and their admission to trading on a regulated market used to be governed by the law of 16 June 2006 implementing the Directive 2003/71/EC of 4 November 2003 (the “Law of 2006”).

While mandatory disclosure of information is vital to protect investors and constitutes a necessary step towards completion of the so-called ‘EU Capital Markets Union’[1], the rules laid down in the Directive 2003/17/EC led to divergent approaches across Europe and resulted in significant impediments to cross-border offers of securities, multiple listings on regulated markets and to EU consumer protection rules.