Law Supplementing, As Regards To Legal Remedies, Alternative Collective Investment Undertakings And Their Managers Act

Original Language Title: Loi complétant, en ce qui concerne les voies de recours, la loi relative aux organismes de placement collectif alternatifs et à leurs gestionnaires

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Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2014003233&caller=list&article_lang=F&row_id=600&numero=681&pub_date=2014-06-17&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2014-06-17 Numac: 2014003233 SERVICE PUBLIC FÉDÉRAL ÉCONOMIE, P.M.E., CLASSES averages and energy, FEDERAL Interior PUBLIC SERVICE, FEDERAL PUBLIC SERVICE JUSTICE and SERVICE PUBLIC FÉDÉRAL FINANCES April 10, 2014. -Law supplementing, as regards to legal remedies, the law on alternative collective investment undertakings and managers PHILIPPE, King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: chapter I:. -Provisions introductory Article 1. This Act regulates a matter referred to in article 77 of the Constitution.
S. 2. this Act provides the partial transposition of directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on investment fund managers and amending and alternative Directives 2003/41/EC and 2009/65/EC and regulations (EC) No 1060/2009 and (EU) No. 1095/2010.
CHAPTER II.
-Amendments to the law of April 19, 2014 on managers of hedge funds and their managers s. 3A article 321 of the law of April 19, 2014 on alternative collective investment undertakings and their managers, the following changes are made: 1 ° existing paragraphs 6 and 7 shall become respectively paragraphs 7 and 8;
2 ° there shall be inserted a new paragraph 6, reading as follows: "§ § 6 6"
In the case of forbearance to pre-export notifications prescribed by the § 1 or 5 or in the case of acquisition or increase participation despite the opposition of the FSMA referred to in § 3, the president of the tribunal de commerce in the jurisdiction of which the alternative collective investment management company is headquartered, acting as in interlocutory proceedings, may take the measures referred to in article 516 , § 1, of the Code of corporations, as well as decide the cancellation of all or part of the deliberations of the General Assembly held in the cases described above.
The procedure is initiated by citation from the FSMA.
Article 516, § 3 of the Code of corporations is enforcement."
S. 4. article 322 of the Act is supplemented by a paragraph, as follows: "when voting rights were exercised by the holder or by a person, other than the receiver, acting on behalf of the holder after the expiry of the period fixed in accordance with paragraph 1, 2 °, first sentence, notwithstanding a suspension of their exercise imposed pursuant to section 1 ", 1 °, the commercial court within the jurisdiction of which the company has its headquarters may, upon request of the FSMA, pronounce the invalidity of all or part of the deliberations of the General Assembly if, without illegally exercised voting rights, quorum of presence and majority required by such proceedings have not been met."
S.
5A article 360 of the Act, the following amendments are made: 1 ° paragraphs 7 and 8 existing become paragraphs 8 and 9;
2 ° there shall be inserted a new paragraph 7., to read as follows: "§ § 7 7" The commercial court decision at the request of any interested person, nullity provided for in paragraphs 2 and 3.
The action in nullity is directed against the investment company or the relevant management company. If are serious reasons, the applicant for invalidity may seek interim provisional suspension of the acts or decisions attacked. The suspension order and the judgment declaring the nullity have effect with respect to all. In the case where the Act or suspended or cancelled decision were the subject of a publication, the suspension order and the judgment declaring the nullity are published by extract in the same forms.
Where invalidity is liable to infringe the rights acquired in good faith by a third party against the OPCA or the management company, the Court may declare void the nullity with respect to these rights, subject to the right of the plaintiff to damages if there is place.
Nullification proceedings may not be initiated after the expiry of a period of six months from the date on which acts or decisions made are enforceable against the person alleging nullity or are known to him."
CHAPTER III. -Amendments of Act of 2 August 2002 on the supervision of the financial sector and financial services s. 6 A section 121 of the Act of 2 August 2002 on the supervision of the financial sector and financial services, as amended by the royal decree of November 12, 2012, the following changes are made: 1 ° in the 4th, the words "articles 110, 115, 151, 155, § 1, paragraph 3, 157, paragraph 2, 165, § 1, paragraph 1, 166" ", § 1, paragraph 3 and § 3 and 255 of the law of August 3, 2012 on certain forms of collective management of investment portfolios" are replaced by the words "articles 110, 115, 151, 155, § 3, 165, § 1, paragraph 1 and paragraph 2, 166, § 3 and 255 of the law of August 3, 2012 on collective investment undertakings which meet the conditions of Directive 2009/65/EC and to the investment in debt claims";
2 ° in the 4 °, the words ", articles 362 and 365 of the Act of April 19, 2014 alternative collective investment undertakings and their managers" shall be inserted between the words "of the law of August 3, 2012 relating to collective investment undertakings which meet the conditions of Directive 2009/65/EC and to the investment in debt claims" and the words" , article 22 § 1, or article 23, § 1 of the law of 22 March 2006 ";
3 ° in 5 °, the words "166 of the law of August 3, 2012 on certain forms of collective management of investment portfolios" is replaced by the words "166, § 1stmini the law of August 3, 2012 on collective investment undertakings which meet the conditions of Directive 2009/65/EC and to the investment in debt claims";
4 5 ° ° is supplemented by the words "and of articles 232, 233, paragraph 2 and 267, paragraph 1 of the Act of April 19, 2014 alternative collective investment undertakings and their managers".
S.
7. at section 122 of the Act, as amended by the Act of July 31, 2013, the following changes are made: 1 ° to 21 ° "the law of August 3, 2012 on certain forms of collective management of investment portfolios" are each time replaced by the words "the law of August 3, 2012 on collective investment undertakings which meet the conditions of Directive 2009/65/EC and investment in" claims";
2 26 ° ° is replaced by the following: "26 ° to the collective investment management company, against decisions of the FSMA taken under article 250 § 1, paragraph 2, 1 °, 2 °, 3 °, 4 ° and 5 ° of the Act of August 3, 2012 or the orders referring." An appeal is open against the FSMA taken pursuant to decisions of § 1, 1 °, article 250, or orders which refer to it, when the FSMA has notified the management company that it will release these decisions. The appeal is suspensive decision and its publication unless, because of a serious risk for investors, the FSMA said its binding decision notwithstanding appeal; ";
3 ° the 26 1 to 26 ° 6 shall be inserted, worded as follows: "26 ° 1 to the applicant, against the refusal of registration decided by the FSMA under section 199 of the Act of April 19, 2014 the undertakings for collective investment alternative and to their managers, or when the FSMA has not acted in the time limits referred audit section 199. In the latter case, the application for registration is expected to rejected. An appeal is open to the Agency against the refusal of registration decided by the FSMA under section 259, § 2, paragraph 2, of the aforementioned Act of April 19, 2014;
26 ° 2 to the OPCAS, against the refusal of authorisation, refusal of approval or the non-acceptance by the FSMA by virtue of articles 201, 203, paragraph 1, 211, paragraph 1 or 213, paragraph 2 of the Act of April 19, 2014, or when the FSMA has not acted within a period of three months from the date of the introduction of a complete dossier. In the latter case, the request for registration, approval or acceptance is supposed to.
26 ° 3 to the OPCAS, against decisions of the FSMA taken under article 360, § 1, paragraph 2, 1 °, iii) and vi) of the Act on April 19, 2014. The appeal suspends execution of the decision unless the FSMA decides otherwise in the case of serious risk to creditors or the participants;
26 ° 4 to the applicant, against the decisions taken by the FSMA for authorisation under articles 16, 137, § 2, paragraph 2, 139, § 1 and 140, §§ 1 and 2 of the Act of April 19, 2014, supra. An appeal is open to the applicant when the FSMA has not acted within the period laid down in article 16, § 1, paragraph 1. In the latter case, the use is treated as if it had been a rejection of the application;
26 ° 5 to the plaintiff, against the decisions taken by the FSMA accreditation under article 310 or 334 of the aforementioned Act of April 19, 2014. An appeal is open to the applicant when the FSMA has not acted within the time limits established in paragraph 1 of article 310. In the latter case, the use is treated as if it had been a rejection of the application;
26 ° 6-management of OPCA, against decisions of the FSMA taken under article 360, § 1, paragraph 2, 2 °, ii), iii), iv), v) of the Act of April 19, 2014 or orders which refer to. A same appeal is opened against decisions of the FSMA taken under article 360, § 1;

subparagraph 2, 1 ° supra, or orders which refer to when the FSMA to notified the management company that it will release these decisions. The appeal is suspensive decision and its publication unless, because of a serious risk for investors, the FSMA said its binding decision notwithstanding appeal; "."
CHAPTER IV. -Entry into force art. 8 this Act comes into force the day of the entry into force of the Act of April 19, 2014 alternative collective investment undertakings and their managers.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given to Brussels, April 10, 2014.
PHILIPPE by the King: the Minister of the economy, J. VANDE LANOTTE the Minister of the Interior, Ms. J. MILQUET. the Minister of Justice, Ms. A. TURTELBOOM. the Minister of finance, K. GARG sealed with the seal of the State: the Minister of Justice, Ms. A. TURTELBOOM _ Note House of representatives (www.lachambre.be): Documents: 53-3433 full report: March 20, 2014 Senate (www.senate.be) : Documents: 5-2778 annals of the Senate: April 3, 2014.