An Act To Amend The Law Of 22 February 1998 Establishing The Organic Statute Of The National Bank Of Belgium, Act Of 2 August 2002 On The Supervision Of The Financial Sector And Financial Services, Act Of 22 March 1993 On The Status And Control

Original Language Title: Loi modifiant la loi du 22 février 1998 fixant le statut organique de la Banque nationale de Belgique, la loi du 2 août 2002 relative à la surveillance du secteur financier et aux services financiers, la loi du 22 mars 1993 relative au statut et au contrô

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Read the untranslated law here: http://www.ejustice.just.fgov.be/cgi/article_body.pl?numac=2014003234&caller=list&article_lang=F&row_id=700&numero=727&pub_date=2014-05-28&dt=LOI&language=fr&fr=f&choix1=ET&choix2=ET&fromtab=+moftxt&trier=publication&sql=dt+=+'LOI'&tri=pd+AS+RANK+

Posted the: 2014-05-28 Numac: 2014003234 SERVICE PUBLIC FÉDÉRAL ÉCONOMIE, P.M.E., CLASSES averages and energy, FEDERAL PUBLIC SERVICE JUSTICE and SERVICE PUBLIC FÉDÉRAL FINANCES April 25, 2014. -Act to amend the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, the law of 2 August 2002 on the supervision of the financial sector and financial services, the law of 22 March 1993 on the legal status and control of credit institutions, the law of 9 July 1975 on the control of insurance undertakings Act of February 16, 2009 on reinsurance, Act of 6 April 1995 on the status and control of investment firms, Act of December 21, 2009 on the status of payment institutions and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment systems the law of 28 April 1999 aimed to transpose Directive 98/26/EC of 19 May 1998 concerning the finality of the regulation in payment and securities settlement systems and law of 15 December 2004 on secured financial and various tax provisions in security and loans relating to financial instruments PHILIPPE constituent conventions , King of the Belgians, to all, present and to come, hi.
The Chambers have adopted and we endorse the following: Chapter Ier. - provisions General Article 1. This Act regulates a matter referred to in article 78 of the Constitution.
S. 2. the chapter IX partially transposes Directive 98/26/EC of 19 May 1998 concerning the settlement finality in payment and securities settlement systems.
CHAPTER II. -Amendments to the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium art. 3. at article 36/1 of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, inserted by the royal decree of 3 March 2011 and amended by the Act of November 27, 2012 and the royal decree of 12 November 2013, the following changes are made: 1 13 ° ° is replaced by the following : "13 °. ("central counterparty": a central counterparty as defined in article 2, 1) of the Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; "."
2 ° article is supplemented by the 22 °, 23 ° and 24 ° worded as follows: ' 22 ° "regulation 648/2012": Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories; "
23 ° "financial contribution": a counterparty as defined in article 2, 8) of the regulation 648/2012;
"24 °"non-financial consideration"(: a counterparty as defined in article 2, 9) of the regulation 648/2012.".
S.
4. in article 36/2, paragraph 1, of the same Act, inserted by the royal decree of 3 March 2011 and amended by the Act of November 27, 2012, 'compensation bodies' shall be replaced by the words "central counterparties".
S. 5. in article 36/10, § 3, of the Act, inserted by the royal decree of 3 March 2011, paragraph 1erest supplemented by the words: ", except in the case where the transaction is proposed regulation for offences under articles 4, 5 and 7 to 11 of regulation 648/2012 and this disclosure would seriously jeopardise the financial markets or cause harm disproportionate to the relevant central counterparties or their members."
S. 6. in article 36/11, § 6, of the same Act, inserted by the royal decree of March 3, 2011, a paragraph worded as follows shall be inserted between paragraphs 1 and 2: "sanctions on violations of articles 4, 5 and 7 to 11 of regulation 648/2012 will not be made public in cases where disclosure would jeopardise seriously the financial markets or cause harm disproportionate to the relevant central counterparties or their members."
S. 7. in article 36/14, 6 °, of the same Act, inserted by the royal decree of 3 March 2011, the words ' compensation bodies or "are replaced by the words"central counterparties or organizations".
S. 8. in article 36/22, 23 °, of the same Act, inserted by the royal decree of 3 March 2011, the words "article 36/25, § 2" are replaced by the words "article 36/25, § 3".
S. 9. the title of chapter IV/2 of the same Act, inserted by the royal decree of 3 March 2011, is replaced by the following: "Provisions relating to authorisation, control and monitoring of central counterparties, the control of financial and non-financial regulations 648/2012 counterparties and relating to the control of the bodies of liquidation and institutions assimilated to settlement institutions".
S. 10A article 36/25 of the same Act, inserted by the royal decree of March 3, 2011, the following changes are made: 1 ° the § 1erest replaced by the following: "§ 1."
Approved as a central counterparty in their State of origin or recognised as such under regulation 648/2012 can provide services as a central counterparty in Belgium or from Belgian territory. ";
2 ° § 2 is replaced by the following: "§ § 2 2" Under article 22 of the regulation 648/2012, the Bank is the competent authority designated to carry out the tasks resulting from the regulation 648/2012 in relation to licensing, control and monitoring of central counterparties, without prejudice to the powers vested in the FSMA to article 22 of the law of 2 August "2002;
3 ° § 3 is replaced by the following: "§ § 3 3" The Bank authorised in accordance with the provisions of regulation 648/2012, the bodies established in Belgium who intend to provide services as a central counterparty.
The Bank shall decide on the application for approval on the advice of the FSMA in accordance with article 22 of the law of 2 August 2002.
The Bank exercises control of compliance with the conditions for approval by a central counterparty and shall carry out the review and assessment of central counterparties, in accordance with article 21 of the regulation 648/2012. ";"
4 ° a § 3bis worded as follows is inserted between § 3 and § 4: "§ 3A." The Bank shall decide on the interoperability agreements such as governed by title V of regulation 648/2012. The Bank ensures in addition, compliance by central counterparties, rules for interoperability agreements";
5 ° in § 4, the words 'compensation bodies' shall be replaced by the words "central counterparties";
6 ° § 4 is supplemented by two paragraphs worded as follows: "the Bank monitors compliance by central counterparties to the provisions of chapters 1 and 3 of title IV of regulation 648/2012, with the exception of article 33 of regulation 648/2012 which of the skills of the FSMA.
Under Chapter 2 of title IV of regulation 648/2012, the Bank controls the admission criteria and their application under section 37 of the regulation 648/2012 in order to ensure that they are sufficient to manage the risk which these central counterparties are exposed and, without prejudice to the powers of the FSMA under article 22 , § 5, of the law of 2 August "2002;
7 ° § 5 is replaced by the following: "§ § 5 5" The Bank shall communicate to the FSMA any relevant and useful information relating to the operational requirements defined in Chapter 1 of title IV of regulation 648/2012, enabling the FSMA to exercise its competence under article 31, paragraphs 1 and 2 of regulation 648/2012.
The Bank consults the FSMA during the assessment of the professional repute individuals called to be members of the legal administration of the central counterparty, the Committee of management or, in the absence of Management Committee, individuals to be responsible for the effective management, if these persons are proposed for the first time for such a function in a financial company controlled by the Bank pursuant to article 36/2.
Any natural or legal person who decides either acquire, directly or indirectly, a qualifying holding in a central counterparty, or increase, directly or indirectly a qualifying holding in a central counterparty shall, under regulation 648/2012, notify its decision to the Bank. The Bank proceeded to the assessment of the notification in accordance with the provisions of regulation 648/2012 and on consultation of the FSMA if the acquirer is a regulated company subject to the control of the FSMA.
The Bank makes public the list referred to in article 32, paragraph 4 of regulation 648/2012. ";"
8 ° to § 6, the words "of the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium" shall be replaced by the words "this Act".;
9 ° § 7 is replaced by the following: "§ § 7 7" Pursuant to article 22, paragraph 1, paragraph 2 of regulation 648/2012, the Bank coordinates the cooperation and the exchange of information with the Commission, the European authority of financial markets (ESMA), the competent authorities of the other Member States, the authority European banking (ABE) and the members concerned of the European system of central banks (ESCB) in accordance with articles 23, 24, 83 and 84 of regulation 648/2012. ";
10 ° paragraphs 8 and 9 of article 36/25 of the Act are repealed.
S. 11. in the same Act, it is inserted an article 36/25 bis as follows:

"Art. 36/25A. The Bank is competent to ensure compliance with the regulation 648/2012 by the financial counterparties and financial falling under its control under article 36/2 of this Act.
The Bank is particularly responsible compliance control by the counterparties referred to the paragraph 1, of the title II of regulation 648/2012 on the obligation of compensation, the reporting obligation and techniques for mitigation of the risks of derivatives OTC non-compensated by a central counterparty, as well as article 37, paragraph 3 of regulation 648/2012 in what concerns financial resources and operational capacity required to carry out the activity of clearing in Member virtue of the regulation 648/2012. "."
S. 12. in the same Act, it is inserted an article 36/25B as follows: "article 36/25B. The non compliance with the provisions of regulation 648/2012 or the provisions adopted in implementation thereof by a central counterparty, a financial contribution or in-kind consideration which falls under the control of the Bank under article 36/2 of this Act, may give rise to the application by the Bank measures and the imposition of periodic penalty payments and administrative fines provided for by this Act and the specific laws applicable to institutions that the Bank controls."
S. 13. in article 36/29 of the same Act, inserted by the royal decree of 3 March 2011, "bodies of compensation or liquidation" shall be replaced by the words 'central counterparties, settlement institutions'.
S. 14A article 36/30, § 1, of the Act, inserted by the royal decree of March 3, 2011, the following changes are made: 1 ° to the paragraph 1, the words "any compensation or liquidation organization" are replaced by the words "any central counterparty, any body in liquidation";
2 ° to paragraph 2, the words "the body of compensation or liquidation" shall be replaced by the words "the central counterparty, the body of liquidation";
3 ° to paragraph 2, 3 °, the words "a compensation or liquidation organization" are replaced by the words "central counterparty, of a body of liquidation".
CHAPTER III. -Amendments of Act of 2 August 2002 on the supervision of the financial sector and financial services s.
((15 A article 2, paragraph 1, Act of 2 August 2002 on the supervision of the financial sector and financial services, as last amended by the royal decree of 12 November 2013, the following changes are made: 1 ° to 1 °, g) and j), the words "recognised clearing organisations" are each time replaced by the words "recognized central counterparties".
2 16 ° ° is replaced by the following: "16 °"central counterparty"(: a central counterparty as defined in article 2, 1) of the Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;"
3 ° 1st paragraph is supplemented by the 46 °, 47 ° and 48 ° written as follows: "46 °" regulation 648/2012 ": Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories;"
47 ° "financial contribution": an undertaking as defined in article 2, 8) of the regulation 648/2012;
48 ° "non-financial consideration": an undertaking as defined in article 2, 9) of the regulation 648/2012.
S. 16. the title of chapter II, section 6 of the Act is replaced by the following: "agencies of liquidation, central counterparties and provisions relating to the control of financial and non-financial counterparties under regulation 648/2012".
S. 17. article 22 of the same Act, repealed by the royal decree of 3 March 2011, is restored in the following wording: "art. 22 § 1. When it approved a central counterparty in accordance with article 36/25, § 3, of the organic law of the Bank, the latter provides the FSMA information referred to in article 17, paragraph 2 of regulation 648/2012 that are useful for the exercise of its powers as well as any changes made to this information which would be communicated to him subsequently.
§ 2. Opinion of the FSMA referred to in article 36/25, § 3, of the organic law of the bank deals: a) the adequacy of the Organization of the central counterparty, in terms of compliance with the rules referred to in article 45, § 1, paragraph 1, 1 ° and 3 °, and § 2;
b) the adequacy of the integrity policy of the central counterparty, in terms of compliance with the rules referred to in article 45, § 1, paragraph 1, 1 ° and 3 °, and § 2;
c) repute professional individuals called to be members of the legal administration of the CCP, the Executive Committee or, in the absence of Management Committee, individuals to be responsible for the effective management, if these persons are proposed for the first time for such a function in a financial company controlled by the Bank pursuant to article 36/2 of the law of 22 February 1998.
The FSMA makes his opinion no later than within one month of receipt of the request for an opinion on the basis of the information referred to in paragraph 1. The absence of notice within that period is considered to be a positive opinion.
If the Bank does not account of the opinion of the FSMA on the above subject to the paragraph 1, it shall state this and the reasons mentioned in the grounds of the decision on the application for approval. Notice on items FSMA a) and b) paragraph 1erest attached to the notification of the decision on the request for approval referred to in article 17, paragraph 2 of regulation 648/2012.
§ 3. The FSMA attends the college referred to in article 18 of regulation 648/2012. Opinion within the college is without prejudice to the jurisdiction of the opinion of the FSMA under article 36/25, § 3, of the organic law of the Bank.
§ 4. The FSMA is associated with the angle of his skills the review and evaluation referred to in article 21 of regulation 648/2012.
§ 5. The FSMA controls and monitors the angle of his skills central counterparties established in Belgium. In particular, without prejudice to the powers of the Bank under article 36/25, § 4 of the organic law of the Bank, the FSMA ensures compliance by central counterparties established in Belgium of article 33 of the chapter I of title IV of regulation 648/2012, of the chapter II of title IV of regulation 648/2012 as well as article 48 of regulation 648/2012 insofar as the protection of assets and positions of clearing members
and customers is concerned.
§ 6. In accordance with article 29, paragraph 3, of the regulation 648/2012, a central counterparty puts at the disposal of the FSMA, on request, the information referred to in paragraphs 1 and 2 of article 29.
§ 7. When a central counterparty shall inform the Bank of a change to the level of its governing bodies in accordance with article 31, paragraph 1 of the regulation 648/2012, the Bank shall consult the FSMA in order to assess the professional integrity of the members of the legal governing body the central counterparty and the members of the Committee of management or, in the absence of Management Committee of those responsible for the effective management If these persons are proposed for the first time for such a function in a financial company controlled by the Bank pursuant to article 36/2 of the law of 22 February 1998. "."
S. 18. in the same Act, it is inserted an article 22A as: "art. 22A. The FSMA is competent to ensure compliance with title II of regulation 648/2012 by the financial counterparties and financial which are outside the control of the Bank under article 36/25A of the organic law of the Bank. "."
S. 19. in the same Act, it is inserted an article 22B as follows: "article 22B. the provisions of articles 36 and 37 of this Act are applicable in the event of failure to fulfil the obligations and prohibitions arising out of regulation 648/2012 and arrangements on the basis or in pursuance thereof, as well as in the event of infringement of the measures taken by the FSMA thereunder by the financial counterparties and financial falling under the control of the FSMA under section 22A. "."
S. 20. in the Act, it is inserted an article 22quater as follows: "article 22quater. the FSMA is competent to perform the specific tasks of monitoring that may delegate the ESMA in accordance with article 74 of the regulation 648/2012. "."
S. 21. in rule 23C(b), § 1, of the Act, inserted by the royal decree of 27 April 2007 and renumbered by Act of June 2, 2010, the words "in liquidation and clearing organizations" are replaced by the words "in liquidation and compensation systems".
S. 22. in chapter II, section 7, of the Act, the title of subsection 4, inserted by the royal decree of 3 March 2011, is replaced by the following: "lien of qualified intermediaries and settlement institutions, and exception of game".
S. 23. at section 31 of the Act, as amended by the royal decree of December 19, 2010, the following changes are made: 1 ° § 2 is replaced by the following: "§ § 2 2" Settlement institutions have a privilege on financial instruments, funds, currencies and other rights that they hold into account as have own of a participant in the settlement system

that they manage. This privilege guarantees any debt of the Organization on the participant born on the occasion of the liquidation of subscriptions of financial instruments or transactions on financial instruments or futures on foreign currencies, including claims arising from loans or advances. The same organizations also have a lien on the financial instruments, funds, currencies and other rights that they hold as having clients of a participant in the settlement system that they manage. This privilege exclusively guarantees the debts of the Organization on the participant arising on the occasion of the liquidation of subscriptions of financial instruments or transactions on financial instruments or futures transactions on currencies made by the participant on behalf of clients, including claims arising from loans or advances".
2 ° in § 4, paragraph 1, the words "and organizations compensation or liquidation" shall be replaced by the words "and settlement institutions";
3 ° in § 4, paragraph 3, the words "the body of compensation or liquidation" are each time replaced by the words "the body of liquidation";
4 ° in § 4, paragraph 4, the words "the bodies of compensation or liquidation' are replaced by the words" settlement institutions'.
S.
24. in article 33 of the same Act, as amended by the royal decree of 3 March 2011 and by the Act of July 30, 2013, the words "by articles 8, 63 and 64 of the Organic Act of the Bank" are substituted by the words "articles 8, 12bis, 36/25 and 36/26 of the Organic Act of the Bank".
S. 25A article 34 of the same Act, replaced by the law of May 2, 2007 and amended by the royal decree of 3 March 2011 and by the Act of July 30, 2013, the following changes are made: 1 ° in the § 1, 1 °, the words "the bodies of compensation or liquidation' are replaced by the words"central counterparties, settlement institutions";
2 ° in § 4, paragraph 2, the words "compensation and liquidation, as well as agencies in the" shall be replaced by the words "central counterparties, settlement institutions and to the". ""
S. 26 in article 36A of the Act, inserted by the royal decree of March 3, 2011, the following changes are made: 1 ° in the § 1, paragraph 1, the word "or" between the words "referred to in article 26, paragraph 1, 1 °, 3 ° and 5 °,"and "insurance undertaking" shall be deleted and the words "or a central counterparty' shall be inserted between the words", an insurance undertaking"and the words"seriously violates the rules referred to in article 45 , § 1, paragraph 1, 3 °, or § 2, ";
2 ° to the § 1, paragraph 2, the words ", a central counterparty' shall be inserted between the words"an insurance company"and the words"or a firm";
3 ° to § 2, 1 °, the words ", central counterparty services" shall be inserted between the words "banking services" and "or assurance to its customers services";
4 ° to §2, 2 °, the words ", a central counterparty ' shall be inserted between the words"of a society of scholarship"and the words"or an insurance undertaking";
5 ° to § 2, 3 °, the words ", a central counterparty ' shall be inserted between the words"of an insurance undertaking"and the words"or a society of scholarship".
6 ° to § 3, paragraph 1, the words ", a central counterparty ' shall be inserted between the words"of a society of scholarship"and the words"or an insurance company".
S. 27. in article 45, § 1, paragraph 1, 3 °, of the same Act, replaced by the royal decree of 3 March 2011, and as last amended by the Act of July 30, 2013, 'compensation bodies' shall be replaced by the words "central counterparties".
S. 28. article 61 of the Act, replaced by the royal decree of 3 March 2011, is supplemented by a paragraph 3 as follows: "§ § 3 3" The Executive Committee may delegate to one or more of its members or to one or more members of the staff designated by him, the power to represent the FSMA within colleges, committees or other groups established by or under the European legislation and to which the FSMA is required to participate, and, within the limits defined by the Steering Committee , the power to rule on decisions or votes to express for the FSMA within these colleges, committees or other groups. These delegations at any time may be revised or revoked by the Executive Committee."
S. 29. in article 75, § 1, 7 °, of the Act, as amended by the royal decree of 3 March 2011, "bodies of compensation or liquidation" shall be replaced by the words 'central counterparties and settlement institutions' and the words 'and counterparties"shall be inserted between the words" in order to ensure the regular functioning of these bodies' and the words "in relation to breaches".
CHAPTER IV. -Amendments of Act of 22 March 1993 on the status and control of Art. credit institutions
(30A article 103 of the law of 22 March 1993 on the legal status and control of credit institutions, as amended as last amended by the law of 15 May 2007, the following changes are made: 1 ° in the § 1, paragraph 1 is supplemented by the c) as follows: "c) [he or she] must comply with the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of July 4, 2012 on products" derivatives of OTC, central counterparties and trade repositories. ";
"2 ° in § 2, the words"or when it finds a violation of the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories"shall be inserted between the words"or measures taken in pursuance thereof"and the words" impose on a credit institution".
Chapter V. - Amendments to the law of 9 July 1975 on s. insurance companies control 31. in article 82, § 1, paragraph 1, of the law of 9 July 1975 on the control of insurance undertakings, as last amended by the royal decree of March 3, 2011, the words "or with Regulation No. 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories" shall be inserted between the words "so that it snaps in good standing with the law and" the orders and regulations,"and the words" [it can], if the company remains in default, impose on it an administrative penalty ".
CHAPTER VI. -Amendments to the Act of February 16, 2009 on reinsurance article (32A article 74 of the law of February 16, 2009 on reinsurance, amended by the royal decree of March 3, 2011, the following changes are made: 1 ° in the § 1, paragraph 1 is supplemented by the c) as follows: "c) it must comply with the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives" , central counterparties and trade repositories. ";
"2 ° in § 2, the words"or when it finds a violation of the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories"shall be inserted between the words"or measures taken in pursuance thereof"and the words" impose on a reinsurance undertaking'.
CHAPTER VII. -Amendments of Act of 6 April 1995 on the status and control of investment firms article (33A article 109 of Act of 6 April 1995 on the status and control of the investment firms amended for the last time by the Act of July 30, 2013, the following changes are made: 1 ° in the § 1, paragraph 1 is supplemented by the c) as follows: "c) it must comply with the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of July 4, 2012 on derivatives of" OTC, central counterparties and trade repositories";
2 ° in § 2, the words "or when it finds a violation of the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories" shall be inserted between the words "or measures taken in pursuance thereof", and the words ' , imposed on an investment firm '. "
CHAPTER VIII. -Amendments to the law of December 21, 2009 on the status of payment institutions and electronic money institutions, the access to the activity of service provider payment, the activity of issuing electronic money and access to payment Art. systems 34 A section 50 of the Act, December 21, 2009, relating to the status of settlements of payment and electronic money institutions, the access to the activity of service provider payment, to the activity of issuing electronic money and access to payment systems, as amended by the royal decree of March 3, 2011, the following changes are made: 1 ° to § 2 (, the paragraph 1 is supplemented by the c) as follows: "c) it must comply with the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories.";
2 ° in § 3, the words "or when it finds a breach of the provisions of title II of Regulation No. 648/2012 of the European Parliament and of the Council

"July 4, 2012 on products derived from OTC, central counterparties and trade repositories" shall be inserted between the words "or measures taken in pursuance thereof' and the words ', impose on a payment institution".
CHAPTER IX. -Amendments to the law of 28 April 1999 aimed to transpose Directive 98/26/EC of 19 May 1998 concerning the settlement finality in payment and settlement of securities s. systems 35. article 8, § 1, of the law of 28 April 1999 aimed to transpose Directive 98/26/EC of 19 May 1998 on settlement finality of regulation in systems of payment and settlement of securities transactions, amended by law of September 26, 2011, is supplemented by a paragraph worded as follows: "when a system operator has provided a guarantee to another operator of system in connection with an interoperable system , its rights with respect to the warranty provided are not affected by insolvency proceedings against the system operator that received them. "."
Chapter x. - Amendments to the law of 15 December 2004 on secured financial and various tax provisions in constituent conventions of security and loans relating to financial instruments art. 36. in article 10, § 1, of the law of 15 December 2004 on secured financial and tax provisions in the constituent agreements of security and loans relating to financial instruments, 'clearing and winding up bodies' shall be replaced by the words 'winding-up bodies'.
S.
37. in article 17, § 3, of the Act, the words "or the compensation or liquidation organization" are replaced by the words ", the central counterparty or the Organization's liquidation".
CHAPTER XI. -Provisions various arts. 38. any reference to the compensation under Belgian law bodies covered by the Act of 2 August 2002 in all other laws, orders or regulations shall be read as referring to 'central counterparties' within the meaning of this Act.
S. 39. the royal decree of 12 November 2013 amending various laws for the partial transposition of Directive 78/2010/EU of 24 November 2010 in relation to the powers of the European supervisory authorities (European banking authority, European insurance and occupational pensions authority and European financial markets authority) is confirmed with effect from the date of its entry into force.
S.
40 § 1. To meet the obligations of the Belgian State under European legislation and more particularly of the texts resulting from the proposal of the European Parliament and of the Council on improving the regulation of securities in the European Union and the central security depositories (CSDs) and amending directive 98/26/EC (hereinafter referred to as 'the DCT regulation'), the King may on the advice of the FSMA and the Bank, by deliberate order in Council of Ministers, take all necessary measures in order: 1 ° to organize into Belgian law the status of the CSDS as referred by the DCT regulation and, in particular, organize a requirement of prior approval to the exercise of the activities of DCT and the conditions for granting such approval procedures , the obligations inherent in this status on conditions for the exercise of the activity, the control regime, and to provide for measures of relief, periodic penalty payments, the plan for a resolution and the sanctions in case of breach of these rules;
2 ° in accordance with regulation DCT, designate one or more competent authorities for the approval, monitoring and control of the central depositaries of securities, and for the control of compliance with the other provisions of the regulation DCT;
3 ° to organize, if necessary, the distribution of competences between the designated authorities and to determine their respective roles in related tasks for approving, monitoring and control of the central securities depositories and to compliance with the other provisions of the regulation DCT;
4 ° more generally, to ensure the effective implementation of the provisions of the regulation DCT in Belgian law.
§ 2. The orders made pursuant to paragraph 1 may change, Supplement, replace or repeal the legal provisions in force, in particular the law of 22 February 1998 establishing the Organic Statute of the National Bank of Belgium, Act of 2 August 2002 on the supervision of the financial sector and financial services, the Act of 2 January 1991 public debt securities market and the monetary policy instruments , the law of 22 July 1991 relating to tickets for cash and certificates of deposit, Book VIII, title III, chapter II, section III, of the code of companies, the royal decree No. 62 relating to the deposit of fungible financial instruments and the settlement of transactions in these instruments, coordinated by the royal decree of 27 January 2004 and the law of 28 April 1999 aimed to transpose Directive 98/26 / EC of 19 May 1998 on settlement finality of regulation in payment and securities settlement systems. They cease to have effect if they were not confirmed by the law within two years from the date of their entry into force.
Confirmation is effective on the date of entry into force of orders. The powers granted to the King by this subsection shall expire June 30, 2015.
Promulgate this Act, order that it self under the seal of the State and published by le Moniteur.
Given to Brussels, April 25, 2014.
PHILIPPE by the King: the Minister of the economy, J. VANDE LANOTTE 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: 53-3395 full record: 26 and 27 March 2014 Senate (www.senate.be): Documents: 5-2808 annals of the Senate : April 3, 2014.