Law Transposing Directive Eu-49-2014 On Deposit-Guarantee Schemes And Various Provisions (1)

Original Language Title: Loi transposant la directive 2014/49/UE relative aux systèmes de garantie des dépôts et portant des dispositions diverses (1)

Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2016003166&caller=list&article_lang=F&row_id=1&numero=15&pub_date=2016-05-12&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2016-05-12 Numac: 2016003166 FEDERAL finance PUBLIC SERVICE April 22, 2016. -Law transposing directive 2014/49/EU on deposit-guarantee schemes and amending various provisions (1) PHILIPPE, King of the Belgians, all, present and future, hi.
The House of representatives has adopted and we sanction the following: Chapter 1. -Provisions introductory Article 1. This Act regulates a matter referred to in article 74 of the Constitution.
S. 2. this Act partially transposes the 2014/49/EU Directive on deposit-guarantee systems.
CHAPTER 2. -Changes of status and control of Art. credit institutions act of April 25, 2014 3. section 3 of the Act of April 25, 2014 to the status and control of the credit institutions, amended in last place by the royal decree of December 26, 2015, the following changes are made: has) 22 ° is replaced by the following: "22 ° guarantee fund, guarantee for financial services Fund created by section 3 of the royal decree of 14 November 2008 implementing anti-crisis measures in the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium with regard to the creation of the guarantee fund for the services financial; ";
(b) in 68 °, the words "and the debt securities issued by a credit institution" are replaced by the words ", including preference bons de caisse and bons de caisse dematerialised and registered to registered accounts,";
(c) in 69 °, the words ", including preference bons de caisse and dematerialised and registered to registered accounts bons de caisse", shall be inserted between the word "deposits" and the word "who".
S. 4A article 380 of the Act, the following amendments are made: 1 ° in the paragraph 1, the words ", in relation to deposits held in Belgium or in a Member State" shall be inserted between the word "need" and the word "participate";
2 ° in the paragraph 1, the words "ensure compensation for certain categories of applicants who do not exercise a banking or financial failure of an institution" are replaced by the words "to compensate for certain categories of applicants when bankruptcy is pronounced or the supervisory authority took the decision referred to in article 381 paragraph 2 ";
3 ° the 1st paragraph is completed with the following sentences: "Furthermore, the deposit guarantee system seeks financing for resolution in accordance with article 384/1 credit institutions. The resolution authority determines, after consultation with the guarantee fund, the amount of the deposit guarantee system is liable. The financial resources of this deposit guarantee system can also be used to finance measures to preserve the applicants access to the insured deposits in the bankruptcy of the credit institution concerned. The King sets the terms and conditions of the adoption of these measures. ';
4 ° paragraph 4 is replaced by the following: "the depositors of branches established in Belgium by credit governed by the law of another Member State institutions are informed and reimbursed by the guarantee fund for the account of and in accordance with the instructions of the system of guarantee of deposits of that other Member State."
5 ° paragraph 5 is replaced by the following: "the guarantee fund shall conduct at least every three years, and more frequently if there is place, tests on its deposit protection system. The first of these tests is held in no later than July 3, 2017."
S. 5A article 381 of the Act, the following amendments are made: 1 ° in the paragraph 1, the words 'within the best delay' shall be inserted between the words "informed" and "guarantee fund";
2 ° in the first sentence of paragraph 2, the words "Noting the failure of a Belgian credit institution" are replaced by the words "Noting that, for reasons directly related to its financial situation, a Belgian credit institution does not appear able to return deposits and that the establishment has no close perspective it can do";
3 ° in the second sentence of paragraph 2, the words "as soon as possible, and in any case" are inserted between the words "is done" and the words "at the latest";
4 ° paragraph 3 is replaced by the following: "the guarantee fund shall put the refundable amounts available within a period of seven working days from the date of the decision referred to in paragraph 2 or the date of the bankruptcy of the credit institution. The King may allow a longer repayment period, which may not, however, exceed three months, where the applicant is not the person entitled to the sums held in an account. The King may also defer repayment when there is no certainty that a person is legally authorized to receive a refund, where the deposit made the object of a dispute or restrictive measures imposed by national Governments or international organizations, where the deposit made in any operation over the past twenty-four months, when the amount to be repaid is considered as part of a temporarily high balance , or when the amount to be refunded shall be paid by the system of deposit insurance of the Member State of origin. ";
5 ° the first sentence of paragraph 4 is replaced by the following: "the credit institution or, if it is in bankruptcy, the trustee communicates at any time and at the request of the guarantee fund all data including this last needs to repay deposits, including the markings made in respect of article 381/1 and the total amount of eligible deposits of each depositor.".
S. 6. in the same Act, it is inserted an article 381/1, as follows: "article 381/1. Credit institutions mark the eligible deposits in a way that allows to identify them immediately. The King is developing more precise rules for these markings. "."
S. 7. article 382 of the Act is replaced by the following: 'article 382. the deposit protection system established by the guarantee fund provides the refund of deposits, up to a ceiling of EUR 100 000 per applicant and institution adhering to this system, regardless of the currency in which they are denominated. The King adapted this amount to put in accordance with the amount fixed in order to take European Commission adjusted for inflation in the European Union.
In addition to paragraph 1, the following deposits receive coverage above 100,000 euros for a period determined by royal decree deliberated in the Council of Ministers, at least three months and up to twelve months after it amount has been credited or from the moment where these deposits can be legally transferred: has) deposits arising out of transactions relating to private residential property;
b) deposits which are linked to specific events in the life of an applicant and fulfilling social goals, appointed by royal decree deliberated in the Council of Ministers.
c) deposits resulting from payment of benefits of insurance or compensation to the victims of criminal offences or of judicial errors and which fulfil the objectives designated by a royal decree deliberated in the Council of Ministers.
The King determines, through a decree deliberated in the Council of Ministers, the amount, the terms and conditions for the award of this additional protection, for the categories of deposits referred to in the preceding subparagraph. "."
S. 8. article 383 of the Act is supplemented by two paragraphs worded as follows: "the commercial use of the information referred to in paragraph 1 is limited to a mere mention of the deposit guarantee system which guarantees the deposit referred to in advertising. The King may authorize the disclosure of additional information.
The FSMA must ensure respect for the application of this article and the orders taken for execution. "For the exercise of this monitoring mission, it has the competences referred to in articles 34, § 1, 1 °, 35, §§ 1 and 2, 36, 36A and 37 of the law of 2 August 2002."
S. 9. article 384 of the Act is repealed.
S. 10. article 419 of the Act is replaced by the following: 'article 419. for the period from the date of entry into force of article 419/2 to December 31, 2023, the period of reimbursement referred to in article 381, paragraph 3, is determined as follows: a) 20 working days for the period from the date of entry into force of article 419/2 to December 31, 2018.
(b) 15 working days for the period from January 1, 2019, to 31 December 2020;
c) 10 working days for the period from January 1, 2021, to December 31, 2023. "."
The King may, by way of derogation from the preceding paragraph, determine that the repayment period is reduced, since before December 31, 2023, than that stipulated in article 381, paragraph 3 "."
S. 11 (former article 12). In the same Act, an article 419/1 is inserted, worded as follows: "article 419/1. During the transitional period laid down in article 419 of this law up to December 31, 2023, when the deposits protection system established by the guarantee fund is not able to make available the amount to be reimbursed within a period of seven working days, it shall ensure that applicants have access to a sufficient amount of their insured deposits to cover the cost of living within a period of five days working an application.
This amount may not exceed the amount of insured deposits and will be deducted

the amount to repay defined in section 382. "The King shall determine the amount and the terms and conditions of this payment."
S. 12. in the same Act, a section 419/2 is inserted, worded as follows: "article 419/2. In the context of the application of article 382, obligations and other bank debt securities that were insured by the system of guarantee of deposits prior to the date of entry into force of article 419/2 and who have an original maturity, remain covered by the system of guarantee of deposits up to their maturity if they have been made or issued before July 2, 2014. This coverage can give rise to exceed the limit laid down in article 382, paragraph 1, and applies only to applicants who benefited from coverage before the date of entry into force of the provision which inserts article 419/2 in this Act. The King may set terms and conditions for this transitional coverage plan. "."
CHAPTER 3. -Modifications of the royal decree of 14 November 2008 implementing the law of 15 October 2008 on measures promoting financial stability and establishing in particular a guarantee of State concerning credits granted and other operations carried out in the context of financial stability, in relation to the protection of deposits, insurance on the life and the capital of approved co-operative companies , and amending the law of 2 August 2002 on the supervision of the financial sector and financial services s. 13. the title of the royal decree of 14 November 2008 implementing the law of 15 October 2008 on measures promoting financial stability and establishing in particular an on the credits granted State guarantee and other operations carried out in the context of financial stability, in relation to the protection of deposits, insurance on the life and the capital of approved co-operative companies , and amending Act of 2 August 2002 on the supervision of the financial sector and financial services, replaced by the royal decree of 10 October 2011, is replaced by the following: "royal decree of 14 November 2008 implementing anti-crisis measures included in the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium , in relation to the creation of the guarantee fund for financial services. "."
S.
14. the title of chapter I of the same royal decree, as amended by the royal decree of 10 October 2011, is replaced by the following: "chapter I. -Implementation of anti-crisis measures in the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium with regard to the creation of the guarantee fund for financial services. "."
S.
15. article 1 of the same order royal is replaced by the following: "Article 1. Articles of this royal decree transposing certain provisions of directive 2014/49/EU of the European Parliament and of the Council of April 16, 2014 on deposit guarantee systems. References in legislation, regulatory and administrative, to the directives repealed by directive EU-49-2014 shall be construed as references to directive EU-49-2014. "."
S. 16. article 2/1 of the same royal decree, inserted by the law of December 29, 2010, is repealed.
S. 17. at article 3 of the same royal decree, as amended by the royal decree of October 10, 2011, the following changes are made: 1 ° "Special protection fund deposits, life insurance and the capital of approved co-operative companies" shall be replaced by the words "Fund of guarantee for financial services, hereinafter referred to as"Guarantee fund"".
2 ° in paragraph 2, the word 'Fund' is replaced by the words "Guarantee fund".
S.
18 in article 4, section 2, paragraphs 2 and 4, § 3, clauses 4, 7, 9, of the same royal decree, amended by the royal decree of 10 October 2011, in article 5, paragraph 1, of the same royal decree, as amended by the royal decree of 10 October 2011, in article 7, of the same royal decree, amended lastly by the royal decree of October 10, 2011 , in article 8, § 1, 1st paragraph and § 2A, paragraph 1, of the same royal decree, as last amended by the royal decree of 10 October 2011, in article 9, § 1, paragraphs 1 and 2, § 2, paragraph 1, and § 6, of the same royal decree, modified in last place by the royal decree of October 10, 2011, at article 9/1, paragraph 1 and paragraph 3 of the same royal decree, inserted by the law of December 29, 2010 and as amended last by the royal decree of 10 October 2011, and article 11, of the same royal decree, as amended by the royal decree of 10 October 2011, "Special protection fund deposits, life insurance and the capital of approved co-operative companies" shall be replaced by the words "Guarantee fund".
S.
19. at article 4, § 2, paragraph 2, of the same royal decree, amended lastly by the royal decree of 10 October 2011, and article 8, § 1 (1 bis), of the same royal decree, inserted by the law of 28 December 2011 and amended by the programme act of 22 June 2012 and article 9, paragraph 2, subparagraphs 1 and 2 of the same royal decree as amended by the royal decree of 10 October 2011, and article 9/1, paragraph 1, of the same royal decree, inserted by the law of December 29, 2010 and as amended by the royal decree of 10 October 2011, "Special protection fund" shall be replaced by the words "Guarantee fund".
S. 20A article 6, § 2, paragraph 4, 2 °, of the same royal decree, as amended by the royal decree of 3 March 2011, "Special protection fund for deposits and life insurance" shall be replaced by the words "Guarantee fund".
S.
21A article 6, § 3, paragraph 2, of the same royal decree, as amended by the royal decree of 10 October 2011, and article 8/1, paragraph 3, of the same royal decree, inserted by the Act of December 23, 2009, and article 9, § 1, paragraph 2, § 2, paragraph 2, of the same royal decree, amended by the royal decree of 10 October 2011 , and in article 9/1, paragraph 3, of the same royal decree, inserted by the Act of July 28, 2011 and amended by the royal decree of 10 October 2011, the word 'Fund' shall be replaced by the words "Guarantee fund".
S. 22. in article 4, § 1, of the same royal decree, as amended by by the law of December 29, 2010, the following changes are made: has) 1 °, is replaced by the following: "1 ° of credit institutions referred to in article 380, paragraph 1, of the Act of April 25, 2014 the status and control of credit institutions;";
(b) 3 ° is repealed;
(c) the 4 ° is replaced by the following: "4 ° management of undertakings for collective investment companies and the collectives of OPCA, referred to in article 112 of the law of 6 April 1995 on the status and control of investment firms, provided that they ensure the investment of individual portfolio management service.".
S. 23. A section 5 of the same royal decree, as amended by the royal decree of October 10, 2011, the following changes are made: a) in paragraph 1, 1 ° is replaced by the following: "1 ° deposits including preference bons de caisse and bons de caisse dematerialised and registered to registered accounts, as defined in article 3, 68 ° status and control of credit institutions act of April 25, 2014";
(b) in paragraph 1, 2 ° is replaced by the following: "2 ° insofar as they are not included under 1 °, cash deposits held on behalf of investors waiting for assignment to the acquisition of financial instruments or waiting to return;";
(c) paragraph 3 is replaced by the following: "The King defines the categories of assets and applicants who are excluded from the scope of the protection of the guarantee fund.".
S. 24. in the same royal decree, it is inserted an article 5/1, as follows: "article 5/1. The King sets the terms for payment of refunds.
Depositors with branches established in Belgium by credit institutions of European law of another EEA Member State shall be reimbursed by the guarantee fund for the account of and in accordance with the instructions of the system of deposit insurance of the Member State where the credit institution is established.
The guarantee fund does to these reimbursements when he received the pre-financing and instructions of the system of deposit insurance of the Member State concerned. The responsibility of the guarantee fund is not engaged when it performs operations in accordance with such instructions.
Depositors of branches established by a credit institution Belgian in another Member State, are informed and reimbursed by the system of deposit insurance of the Member State where the branch is established, on behalf and in accordance with the instructions of the guarantee fund.
To facilitate cooperation with other States deposits guarantee schemes, the guarantee fund enters into agreements with them. "."
S. 25. at article 6 of the same royal decree, amended lastly by the royal decree of October 10, 2011, the following changes are made: 1 ° 1st paragraph is replaced by the following: "§ 1." In the case of bankruptcy of an institution referred to in article 4, § 1, 1 °, or decision on hotel taken by the authority in accordance with article 381, paragraph 2 of the Act of April 25, 2014, on the status and control of credit institutions, the maximum amount of the guarantee fund is determined in article 382 of the Act.
In the event of failure of an institution referred to in article 4, §.

1, 2 ° and 4 °, § 2 and § 3, the guarantee fund is up to maximum € 100,000. The King adapted this amount in accordance with the amount fixed in order to take European Commission adjusted for inflation in the European Union. "."
2 ° in paragraph 2, subparagraph 4, 2 °, "the authority of financial markets and services" shall be replaced by the words "the National Bank of Belgium".
3 ° paragraph 4 is replaced by the following: "§ § 4 4" The use of information for advertising purposes is limited to a mere mention of the deposit guarantee system which guarantees the product referred to in the advertisement.
The King may authorize the disclosure of information. "."
S. 26. in article 7 of the same royal decree replaced by the law of December 23, 2009, and amended by the royal decree of October 10, 2011, the following changes are made: 1 ° "by annual contributions" shall be replaced by the words "by the regular and extraordinary contributions";
2 ° '1 ° to 3 °' shall be replaced by the words "1 ° and 2 °".
S. 27 A article 8 of the same royal decree, amended as last amended by the Act of 22 June 2012, the following changes are made: 1 ° in the paragraph 1, paragraph 1, 1 °, the words "and 3" shall be deleted;
2 ° in the table contained in paragraph 1, paragraph 1, 1 ° bis, "Ratio of liquidity of the National Bank of Belgium" shall be replaced by the words "European requirement to cover the needs of liquidity provided for under the delegated Regulation (EU) No. 2015/61 Commission on October 10, 2014 supplementing Regulation (EU) No. 575/2013 of the European Parliament and of the Council with regard to the requirement to cover the needs of liquidity for institutions of" credit. ";
3 ° in the paragraph 1, paragraph 1, 1 ° bis, after the table containing the key indicators, it is inserted a sentence worded as follows: "The King may, by order deliberated in Council of Ministers, determine additional risk indicators to be used for the calculation of risk-based contributions.";
4 ° in the paragraph 1, paragraph 1, is inserted a 1 ° ter, as follows: "1 ° ter. For the establishments referred to in article 4, § 1, 1 ° and 2 °, with the exception of the management companies of fortune and investment advice, the basis is formed by the deposits covered, as defined by article 3, 68 °, of the law of 25 April 2014 on the status and control of credit institutions. Until May 31, 2016, the basis is formed by eligible deposits, such as these were determined before the date of entry into force of article 5/1.
No later than July 3, 2024 the means available under the guarantee fund resulting from contributions referred to in paragraph 1, must achieve at least a level target of 0.8 per cent of the amount of covered deposits.
This date is postponed six years if, after the target level has been reached for the first time, the financial means available from the guarantee fund following payments, are reduced to less than two-thirds of the target level.
The King may postpone for up to four years the date referred to in paragraph 2, if the guarantee fund has made cumulative repayments greater than 0.8 p.c. of covered deposits.
The King may decide that the available financial resources to take into account to achieve the target level include payment commitments and determine their implementing rules. The total of these commitments may not exceed 30 per cent of the total of the financial means available formed by contributions pursuant to this article. ";
5 ° in subsection 1, paragraph 1, there shall be inserted a 1 ° c worded as follows: "1 ° c. By derogation from article 8, § 1, 1 °, paragraph 2 the King may, if it is justified, and with the approval of the European Commission, authorize by order deliberated in Council of Ministers, a lower minimum target level provided that the following conditions are met: a) the reduction is based on the assumption that it is unlikely that a significant proportion of the financial resources available will be used for measures to protect depositors covered (as described in article 380, paragraph 1, last sentence of the law of April 24, 2014 on the status and control of the credit institutions, and b) the banking sector in which credit institutions affiliated to the deposit guarantee scheme operate is highly concentrated, with a large amount of assets held by a small number of credit institutions or of banking groups subject to supervision on a consolidated basis and which, given their size, will probably be a procedure of resolution failure.
The revised target level cannot be less than 0.5 per cent of the guaranteed deposits. ";
6 ° in the 1st paragraph, paragraph 2 is replaced by the following: "In the event of participation in the Fund of warranty one year, the amounts referred to in paragraph 1 are due pro rata temporis and calculated on the basis of assets covered upon accession.".
7 ° in paragraph 2A, the words "in article 7 of the law of 22 March 1993 on the status and control of credit institutions" are replaced by the words "in article 7 of the Act of April 25, 2014 to the status and control of credit institutions";
8 ° in paragraph 3, paragraph 2 is replaced by the following: "the King determines the assessment and calculation of the membership contribution payable by credit institutions and investment firms referred to in paragraph 1, participating for the first time from December 16, 2010 and for which are not paid sufficient contributions made by a deposit protection system to which they have acceded previously." It can determine the modalities of payment of this contribution of entry. "."
S.
28 A article 8/1 of the same royal decree, inserted by the law of December 23, 2009, and amended by the royal decree of October 10, 2011, the following changes are made: 1 ° 1st paragraph is replaced by the following: "the claims of the guarantee fund in principal, interests and accessories on a participant to the guarantee fund in respect of the protection systems resources referred to in article 7 are preferred on the generality of the personal property of the participant";
2 ° in paragraph 2, the word "hypothequaire" is replaced by the word "mortgage".
S. 29A article 9 of the same royal decree, amended lastly by the royal decree of October 10, 2011, the following changes are made: 1 ° paragraph 3, is replaced by the following: "§ § 3 3"
Insufficiency of the assets of the guarantee fund and in the event of default by a company of portfolio management and investment advice or a company referred to in article 4, § 1, 4 °, the Caisse des Dépôts et Consignations advance funds to reimburse customers of the defaulting institution. ";
2 ° in paragraph 4, paragraph 1, is replaced by the following: "§ § 4 4" Insufficiency of the assets of the guarantee fund, following the repayment of the clients of a defaulting institution referred to in article 4, § 1, 1 ° and 2 °, except corporations of investment advice and portfolio management, extraordinary contributions are due by these institutions, in order to cover the cost of the intervention of the guarantee fund or wiping out the advance made by the Caisse des Dépôts et Consignations , including financing interest at the market rate in effect for the corresponding repayment period.
Extraordinary contributions are calculated, as appropriate, on deposits or reserves for inventory of protected contracts, used for the calculation of regular contributions referred to in article 8.
The King determines, through a decree deliberated in the Council of Ministers, the level of extraordinary contributions based on the level of the financial resources required to cover the concerned intervention of the guarantee fund.
The King also determines the calculation and payment arrangements for the extraordinary contributions.
Extraordinary contributions cannot, by year calendar, exceed more than 0.5 p.c. of the bases of calculation used. ";
3 ° paragraph 5 is replaced by the following: "§ § 5 5" Insufficiency of the assets of the guarantee fund, following the repayment of the clients of a defaulting institution referred to in article 4, § 2, 50 p.c. of subsequent contributions are used to clear the advance made by the Caisse des Dépôts et Consignations. "."
S. 30. in article 9/1 of the same royal decree, inserted by the law of December 29, 2010, and amended by the decrees of 28 July 2011 and 10 October 2011, paragraph 2 is replaced by the following: "exception to the prohibition in paragraph 1 for the communication of information to national authorities and to the authorities of the European Union and other States who are in charge of the prudential supervision of institutions and businesses covered by this order" the Fund for the protection of deposits and financial instruments and the entities responsible for systems of protection of deposits or insurance on the life of other States, in the context of the necessary collaboration with these organizations. "."
S.
31. Chapter 2 of the same royal decree, with section 12 is repealed.
CHAPTER 4. -Amendment of the law of 17 December 1998 creating a Fund for the protection of deposits and financial instruments and reorganizing the systems of protection of deposits and financial instruments art. 32.

In article 3 of the law of 17 December 1998 creating a Fund for the protection of deposits and financial instruments and reorganizing the systems for the protection of deposits and financial instruments, a) is repealed.
CHAPTER 5. -Amendment of the Act of 2 August 2002 on the supervision of the financial sector and financial services s. (33. article 45, § 1, 3 °, of the law of 2 August 2002 on the supervision of the financial sector and financial services, as last amended by the Act of April 25, 2014, is complemented by a j), as follows: "j. section 383 of the Act, on April 25, 2014.".
CHAPTER 6. -Provisions finals s.
34. this Act comes into force the day of its publication in the Moniteur belge, except: 1 ° of article 10, whose entry into force will be determined by the King but held no later than May 31, 2016;
2 ° of article 27 (2), which comes into force on January 1, 2017.
Promulgate this Act, order that it be under the seal of the State and published by le Moniteur.
Given to Brussels, April 22, 2016.
PHILIPPE by the King: the Minister of finance, J. VAN OVERTVELDT sealed with the seal of the State: the Minister of Justice, K. GARG _ Note (1) House of representatives (www.lachambre.be): Documents: complete record 54-1656: 13 and 14 April 2016.